Colonial Currency Signed by
Adam Hubley
of Lancaster, Pennsylvania

INTRODUCTION

The early paper money of America has the unique distinction of being the first authorized paper money issued by any government in the Western World. Our very first issue by Massachusetts in 1690 was four years earlier than the Bank of England's initial issue. As a signature collector of these Colonial notes, I zeroed in on Adam Hubley. In 1972 the Red Rose Coin Club of Lancaster, PA issued a medal honoring Hubley as the only signer of Colonial Currency from Lancaster. During his tenure, Hubley signed two Pennsylvania issues and two Continental issues of paper currency. The purpose of this display is to exhibit one note of each issue in the finest condition known to me. This is a type set.

ADAM HUBLEY

Adam Hubley was born in Lancaster, PA on Jan. 9, 1743. He was the only signer of Colonial Currency born in Lancaster, PA. Hubley served in the Revolutionary War as a Lt. Col., and was Commander of the 1lth Pa. Regiment. Hubley moved to Philadelphia in 1772 and was appointed to be a signer of paper currency. That same year he was married to Mary Evans. His brother-in-law, Joel Evans, was also a signer of paper currency and signed three issues with Hubley. Hubley was a signer of two PA issues of Colonial Currency (April 3,1772) and (July 20,1775). Additionally, he signed two Continental issues of Feb. 17, 1776 and May 9, 1776. In 1787 Hubley was appointed to be Auctioneer for the District of Southwark in Philadelphia. Hubley died on Oct. 13, 1793 in the yellow fever epidemic and was buried in St. Peters P.E. Church grounds at 3rd and Pine Streets.

THE PENNSYLVANIA CURRENCY

From the beginning of the American Revolution, each state considered itself free of all English restraints on the issuance of paper money. A generous amount of emissions by each state to cover its own governmental and military expenditures kept engravers and printers quite busy. These emissions were entirely separate from those which were issued by the Continental Congress. Surprisingly enough, Pennsylvania, New Jersey, and Delaware dated their authorizations of Revolutionary War issues by a reference to the reign of King George III in the text of the bills. The bills were issued in pounds, pence and shillings, but the Colonists soon began trading in dollars like the Americans they were to become. Adam Hubley signed two issues of Pennsylvania currency dated April 3, 1772 and July 20, 1775. His co-signers on the 1772 issue were Joel Evans and John Mifflin, while on the 1775 issue he signed with James Mease and William Allen, Jr.,

THE CONTINENTAL CURRENCY

Continental Currency was the first Federally issued paper money in The United Colonies. Issued by The Continental Congress in Philadelphia from 1775 to 1779, its purpose was to help pay for the initial war expense. It was to be redeemed with taxes to be levied separately by each of the thirteen Colonies. The states were urged to support the value of the Continental Currency by giving it legal tender status and to control prices. Anyone who did not accept the paper money was declared a traitor, an enemy, or a Tory, Beginning in 1775 Continental Currency did circulate at par for about a year and a half. However, with the ravages of war, inflation and extensive British controlled counterfeiting, by Jan, 1777 the paper money began to circulate at a discount. By Jan. 1780 the Continental Currency had depreciated to 1/40th of its face value. The worthlessness of Continental Currency prompted such remarks as the American colloquialism, "Not worth a Continental". Finally, however, Continental Currency became exchangeable from 1790 to 1798 into U.S. Treasury Bonds for 1% of its face value.

APRIL 3, 1772

Denomination--18 Pence, also signed by John Mifflin & Joel Evans. Evans was Hubley's brother-in-law. The back of the note depicts a leaf nature imprint of a rose, a process devised by Ben Franklin to foil the counterfeiter. Additional notes of this issue signed by Hubley are; 3, 4, 6, & 9 pence, 1 & 2 Shillings, 2 Shillings & 6 Pence, and 40 Shillings, which is quite rare.

JULY 20, 1775

Denomination--40 Shillings, also signed by James Mease and William Allen, Jr. The back of the note depicts a leaf nature print of an elm. This was known as the Resolve issue as approval of the Royal Governor was not given although the English Coat of Arms is shown on this issue. Additional notes of this issue signed by Hubley are the 10, 20, and 30 Shillings.

FEBRUARY 17, 1776

Denomination--Four Dollars, also signed by Joel Evans. Very patriotic emblems and mottoes were used on our Continental Currency. The $4 note depicts a wild boar charging into a spear. The Latin motto translates as--(Either death or an honorable life). The back of the $4 note features a nature print of skeletonized maple fruit. Additional notes of this issue signed by Hubley are $1/6, $1/3, $1/2, $2/3, $1, $2, $3, $5, $6, $7, & $8. It took me 25 years to get one of each.

MAY 9,1776

Denomination--Eight Dollars, also signed by Joel Evans. The emblem is a harp with 13 strings representing the 13 colonies, The Latin motto translates as (The large colonies are in harmony with the small colonies). The back of the $8 note is a nature print of a henebit and 2 buttercups. Additional notes of this issue include each whole dollar amount from $1 to $7.

SIGNATURES

In March of 1776 Hubley was officially nominated by treasury officials and elected by a ballot of the Continental Congress which authorized him to sign Continental Currency. The notes of one dollar and over were hand signed by two appointees, one signature in brown ink and one in red ink. Most signers were private citizens. They were paid for their work either on a piece work or on an hourly basis. They were also required to number the bills in ink. The Continental notes signed by Hubley appear to be a family affair as the second signature is that of his brother-in-law, Joel Evans,

CONDITION

Most of the early paper money is not found in choice condition. New money to exchange for damaged or worn bills was not available during Revolutionary times. Thus, some bills were permitted to circulate in tattered condition. They are often found folded, with torn corners, or sewn and pinned together. The same condition standards used for a coin should not be used in an equally old paper product. Paper money had no intrinsic value, therefore, no one saved paper money as one would accumulate coins.

SOURCE OF INFORMATION

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