Subseries II: Currency , 1776 - 1874
Sub-Series
Dates
- 1776 - 1874
Disclaimer for Name and Subject Authorities
Some of the name and subject authority tags have been assigned by educated guessing and estimation of persons and subjects by region, age, profession, and familial relationships. They have been thoroughly researched by using primary and secondary sources available digitally, and named in each description, or in some cases linked directly to the person tag.
Access:
All series and subseries within this collection are open for research, with the exception of a few files within the Academia series that are restricted. The Academia series contains financial and sensitive institutional records from Wilkes College, and financial report records from Princeton University that will remain restricted for 80 years upon creation.
Extent
From the Collection: 17 Cubic Feet
Language of Materials
From the Collection: English
Subseries II: Currency, 1776-1874
Subseries II: Currency, 1776-1943, there are paper bills, international and domestic, from Austria, Italy, France, Russia, and various states within the United States. There are also a couple of vouchers for toll passage with the Easton and Wilkes-Barre Turnpike Company and the Wilkes-Barre Bridge Company. These would permit the passage of persons over the bridge or along the turnpike. The currencies include various iterations of currency, including the following:
Continental currency, which was printed during the period following the onset and outcome of the American Revolutionary War. Like that of colonial currency, which was produced to support the local governments and needs of the colonies they served, this evolution of currency was created to support the American Revolution efforts. The Continental Congress created paper money to fund the needs of the army because they lacked the other financial powers held by the crown, such as taxing, thus they formed their own system to pay soldiers and purchase supplies. However, with nothing to back the foundation of the borrowing power in the currency, it quickly dissolved in effectiveness. Congress ended up printing past their abilities, and the value depreciated as no one in the towns or traveling merchants would accept it without the backing of gold or silver.
An assignat, which was printed shortly after the First Republic was established as government. The First Republic was the government formed after the Monarchy was disbanded during the French Revolution. The French Revolution was a major movement by the people during a societal and political pushback against the monarchy. During this period of revolution for France, we see the Declaration of the Rights of Man and of the Citizen, and the execution of Louis XVI, giving rise to Napoleon Bonaparte in 1799. The assignat faced a similar history as the Continental Currency of the American Revolution, as it was overprinted with nearly no substantial investment by the Revolutionary government. As a result, the assignat faced a steadily increasing inflation as the French Revolution continued over the next decade, from 1789-1799.
A Kreuzer, which was a currency system that predated the German gold mark’s introduction in 1871-1873. These currencies were worth roughly 4 Pfennige and there were 60 Kreuzer to a gulden. K.K. Hauptmünzamt was a “located east of the Wien River and today's Stadtpark , marks the end of the rich and eventful history of the Vienna Mint, whose beginnings are likely to be linked to the coinage of the silver bars delivered as ransom for Richard the Lionheart (1193) and the founding of the body of the Vienna household members” (Wien Geschichte Wiki).
Confederate States bills, which were created just before the onset of the American Civil War, whereby the newly formed Confederate States issued the bills to support their succession efforts and support their end of the war. The first of this money was issued in March of 1861, collecting interest as a circulation of $1,000,000 was issued. These bills are called “Greybacks,” thus distinguishing them from the U.S. dollar, known as “Greenback,” which was also started in circulation at the same period to support the Union and its army during war efforts. As the war progressed, and the outcome of the South’s loss became more apparent, the greyback and confederate bills lost their value quickly. The bills contained numerous iconographies, including engravings of leading Confederates, gods and goddesses, trains, ships, and enslaved persons. The haste with which these bills were printed means that they have some anomalies that make them unique, such as hand cut scissor edging and signatures from clerks.
Fractional currency, which first began its issuing at the onset of the American Civil War as a response to the shortage of coins in circulation. The public at large sought the stability of the metal coins, choosing to hold on to them, and as a result, the government began printing these fractional notes, whose denominations amounted to less than $1. “These notes were known as postage notes because their designs were taken from existing postage stamps. Later issues of such notes in denominations under $1 had designs more in keeping with the appearance of currency notes. These issues were known as Fractional Currency and were authorized in 1863” (The History List).
The Russian ruble has evolved through many forms, created once as silver coins and transitioning into paper notes. The name originated from the word rubit which refers to the division of larger currency units for smaller coins. The word itself means to chop. The 1865 edition of the ruble, which is in our collection, coincides with the establishment of the State Bank of the Russian Empire in 1860. This became the dominant financial institution and would authorize banknotes to circulate alongside the silver coins already in circulation. The Bank of Russia has an extensive historical sketch of the History of the Bank of Russia where the 1865 ruble note appears.
Italian Consortium Tickets are an Italian paper banknote currency that was established “with law n.1920 of 30 April 1874, was established a consortium (hence the name consortium tickets) composed of Banca Nazionale nel Regno d'Italia, Banca Nazionale Toscana, Banca Toscana di Credito, Banca Romana, Banco di Sicilia and Banco di Napoli. These institutions advanced the budget money (940 million) to the State and in exchange could issue these forced tender notes. Initially the installation and printing work was commissioned to a printing house in Frankfurt, and then they decided to create a paper and valuables workshop in Rome with the latest printing machines. This change of program lengthened the printing time, in fact the first tickets were printed in 1875, with decree of 1874, and series of nine notes was completed in 1877. The Consortium ceased to exist on 30 June 1881 as provided for by Law n.133 of the previous 7 April, and the remaining debt (340 million) was borne by the State” (Numista)
Continental currency, which was printed during the period following the onset and outcome of the American Revolutionary War. Like that of colonial currency, which was produced to support the local governments and needs of the colonies they served, this evolution of currency was created to support the American Revolution efforts. The Continental Congress created paper money to fund the needs of the army because they lacked the other financial powers held by the crown, such as taxing, thus they formed their own system to pay soldiers and purchase supplies. However, with nothing to back the foundation of the borrowing power in the currency, it quickly dissolved in effectiveness. Congress ended up printing past their abilities, and the value depreciated as no one in the towns or traveling merchants would accept it without the backing of gold or silver.
An assignat, which was printed shortly after the First Republic was established as government. The First Republic was the government formed after the Monarchy was disbanded during the French Revolution. The French Revolution was a major movement by the people during a societal and political pushback against the monarchy. During this period of revolution for France, we see the Declaration of the Rights of Man and of the Citizen, and the execution of Louis XVI, giving rise to Napoleon Bonaparte in 1799. The assignat faced a similar history as the Continental Currency of the American Revolution, as it was overprinted with nearly no substantial investment by the Revolutionary government. As a result, the assignat faced a steadily increasing inflation as the French Revolution continued over the next decade, from 1789-1799.
A Kreuzer, which was a currency system that predated the German gold mark’s introduction in 1871-1873. These currencies were worth roughly 4 Pfennige and there were 60 Kreuzer to a gulden. K.K. Hauptmünzamt was a “located east of the Wien River and today's Stadtpark , marks the end of the rich and eventful history of the Vienna Mint, whose beginnings are likely to be linked to the coinage of the silver bars delivered as ransom for Richard the Lionheart (1193) and the founding of the body of the Vienna household members” (Wien Geschichte Wiki).
Confederate States bills, which were created just before the onset of the American Civil War, whereby the newly formed Confederate States issued the bills to support their succession efforts and support their end of the war. The first of this money was issued in March of 1861, collecting interest as a circulation of $1,000,000 was issued. These bills are called “Greybacks,” thus distinguishing them from the U.S. dollar, known as “Greenback,” which was also started in circulation at the same period to support the Union and its army during war efforts. As the war progressed, and the outcome of the South’s loss became more apparent, the greyback and confederate bills lost their value quickly. The bills contained numerous iconographies, including engravings of leading Confederates, gods and goddesses, trains, ships, and enslaved persons. The haste with which these bills were printed means that they have some anomalies that make them unique, such as hand cut scissor edging and signatures from clerks.
Fractional currency, which first began its issuing at the onset of the American Civil War as a response to the shortage of coins in circulation. The public at large sought the stability of the metal coins, choosing to hold on to them, and as a result, the government began printing these fractional notes, whose denominations amounted to less than $1. “These notes were known as postage notes because their designs were taken from existing postage stamps. Later issues of such notes in denominations under $1 had designs more in keeping with the appearance of currency notes. These issues were known as Fractional Currency and were authorized in 1863” (The History List).
The Russian ruble has evolved through many forms, created once as silver coins and transitioning into paper notes. The name originated from the word rubit which refers to the division of larger currency units for smaller coins. The word itself means to chop. The 1865 edition of the ruble, which is in our collection, coincides with the establishment of the State Bank of the Russian Empire in 1860. This became the dominant financial institution and would authorize banknotes to circulate alongside the silver coins already in circulation. The Bank of Russia has an extensive historical sketch of the History of the Bank of Russia where the 1865 ruble note appears.
Italian Consortium Tickets are an Italian paper banknote currency that was established “with law n.1920 of 30 April 1874, was established a consortium (hence the name consortium tickets) composed of Banca Nazionale nel Regno d'Italia, Banca Nazionale Toscana, Banca Toscana di Credito, Banca Romana, Banco di Sicilia and Banco di Napoli. These institutions advanced the budget money (940 million) to the State and in exchange could issue these forced tender notes. Initially the installation and printing work was commissioned to a printing house in Frankfurt, and then they decided to create a paper and valuables workshop in Rome with the latest printing machines. This change of program lengthened the printing time, in fact the first tickets were printed in 1875, with decree of 1874, and series of nine notes was completed in 1877. The Consortium ceased to exist on 30 June 1881 as provided for by Law n.133 of the previous 7 April, and the remaining debt (340 million) was borne by the State” (Numista)
Creator
- From the Series: Pickering, Timothy, 1745-1829. (Person)
- From the Series: Pennsylvania Economy League (Organization)
- From the Series: George III, King of Great Britain, 1738-1820 (Person)
Repository Details
Part of the Wilkes University Archives Repository
Contact:
84 W South St.
Wilkes-Barre PA 18701 US
570-408-2000
570-408-7823 (Fax)
ask.archives@wilkes.edu
84 W South St.
Wilkes-Barre PA 18701 US
570-408-2000
570-408-7823 (Fax)
ask.archives@wilkes.edu