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four-pence paper note
Pennsylvania
Item number: A177
Year: AD 1772
Material: Paper
Size: 71.0 x 59.0 mm
Provenance: Heritage Auctions 2024
This object is identified as a four-pence paper currency originating from Pennsylvania, bearing the date of April 3rd, AD 1772. The obverse showcases wording “Four-pence 3243. According to an Act of General Assembly of Pennsylvania, passed in the 12th Year of the Reign of his Majesty George the 3rd. Dated the Third Day of April, Anno Domini(AD) 1772. A Groat” with the coat of arms of William Penn, the founder of the colonial Pennsylvania. While the reverse featured inscriptions “Printed by D.Hall and W.Sellers AD 1772.”
Pennsylvania’s colonial history is deeply intertwined with the vision and endeavors of William Penn, who established the colony as a refuge for Quakers and championed principles of religious tolerance and self-governance. In March AD 1681 Charles II of England signed a charter giving any unoccupied regions to William Penn in payment of a debt owed by the king to Penn’s father, Adm. Sir William Penn. The charter, which was officially proclaimed on April 2, AD 1681, named the territory for Admiral Penn and included also the term sylvania (“woodlands”), at the son’s request. His efforts culminated in the establishment of a robust governmental structure based on democratic principles and equitable treatment of Native American populations. By the onset of the American Revolution, Pennsylvania had evolved into a hub of revolutionary activity, hosting pivotal events such as the Continental Congresses and the signing of the Declaration of Independence, thereby solidifying its role in shaping the trajectory of American nationhood.
The Pennsylvania pound served as the primary currency within the region until its discontinuation in AD 1793. Denominations of this AD 1772 version encompassed various values, including the three pence, four pence, six pence, nine pence, eighth pence, two shillings, two shillings and six pence, and forty shillings increments. This currency system owes its conceptualization to Francis Rawle, a prominent Quaker and colonial figure in Philadelphia, who advocated for its implementation to address the financial challenges confronting the colonial government. Rawle’s concerns primarily pertained to the difficulties faced by the impoverished populace in acquiring sufficient silver or copper coinage to meet their essential needs. The idea was widely popular, and in AD 1723, the provincial assembly authorized issuance of the paper money.
Pennsylvania economic depression:
By AD 1720, the colony was in the midst of a full-blown depression, exacerbated by both local and transatlantic factors. While the collapse of the South Sea Bubble contributed to this downturn, other significant influences included the termination of Pennsylvania’s flour trade dominance and the imposition of high interest rates in Britain following the South Sea Bubble crisis. Moreover, the scarcity of currency within the colony impeded domestic trade, resulting in adverse effects on various sectors such as shipping, iron-working, agriculture, and artisanal endeavors.
Katie A. Moore, “America’s First Economic Stimulus Package: Paper Money and the Body Politic in Colonial Pennsylvania, 1715–1730”, Pennsylvania History: A Journal of Mid-Atlantic Studies, Vol. 83, No. 4 (Autumn 2016), pp. 529-557
