May 1776 Issue of May 1786

The Greysheet Catalog (GSID) of the Issue of May 1786 series of Rhode Island Colonial Currency in the U.S. Currency contains 1 distinct entries with CPG^® values between $40.00 and $425.00.

£100,000 in legal tender Bills of Credit issued pursuant to May, June and Aug. 1786 Acts for amortizing 4% 7 year loans on realty and known as the Tenth Bank. The legal tender provision was to be enforced by courts summarily without jury trial. In the celebrated proceeding of Trevett vs. Weeden the law was declared invalid for denying trial by jury and establishing the common law principle of trial by jury as a fundamental right of United States citizenry. By the Dec. 1786 Act the illegal features were repealed but the legal tender status was retained. Legal tender was finally repealed by the Sept. 1789 Act by which time the issue had depreciated down to 10% of its original value. Over 96% of the issue was burned by the State between 1793 and 1803. “Death to Counterfeit” was required to be placed on all bills, but was omitted on the four lowest denominations which had blank backs. By the Dec. 1786 Act the four lowest denominations were approved in their original form. The bills are similar to the Sept. 5, 1776 issue but farm equipment in the State Arms was included on some denominations. Printed by Southwick and Barber on bluish and cream paper. Signers were Samuel Allen, Elijah Cobb, Job Comstock, Jonathan Hazard, and N. Knight. Three signers were required on the three highest denominations and two signers on the others.