In the midst of the American Revolution, the State of Connecticut issued this treasury note on February 1, 1781, as part of the state’s efforts to fund the war. The note, valued at £9, 5 shillings, and 10 pence, promised repayment in gold or silver coins—or their equivalent—one year after the war’s end or the cessation of hostilities between Great Britain and the United States. The note also bore 6% annual interest, incentivizing citizens like Elisha Babcock—a prominent Hartford businessman and publisher—to lend their money to the state during these turbulent years.
The note itself tells a story of use and preservation. It features contemporary repairs with sealing wax and paper lamination, likely to prevent it from deteriorating before it could be redeemed. Interestingly, while many similar notes were canceled with punch holes once redeemed, this one remains intact, adding to its rarity. The reverse side holds a log of annual interest payments, recorded from 1782 through 1791, showing that Babcock or subsequent holders were diligent in collecting the promised returns during the fragile post-war economy.
Elisha Babcock was no ordinary noteholder—he was an influential figure in Connecticut’s printing and publishing industry. Alongside Joel Barlow, he co-published the influential American Mercury newspaper and operated one of Connecticut’s first paper mills. His involvement in the financial and media landscape reflects the interconnected nature of early American society, where businessmen supported both the war effort and the fledgling economy through notes like this one.
This surviving note, with its preserved records and unusual repairs, provides a rare glimpse into the financial mechanisms and personal efforts that helped sustain the American Revolution—one meticulously accounted interest payment at a time.
Estimated Value Range:
Given that the note bears the name of Elisha Babcock, along with its uncut margins, intact condition, and recorded payments, the potential value could rise from $8000 to $12,000 or more.
Front Side (Printed and Handwritten Text):
- Printed Text:State of CONNECTICUT, Treasury Office, February 1, A.D. 1781.
The State of Connecticut doth owe unto, and hereby acknowledge the Receipt of Nine pounds five shillings lawful money from
[Elisha Babcock](handwritten name)
of Hartford, which they promise to pay unto the said Elisha Babcock, or his Order, in Spanish Milled Dollars, at the rate of Six Shillings each, or other Gold or Silver Coins equivalent, at or before the End of one Year after the Expiration of the present War, or a Cessation of Hostilities between Great Britain and these United States, with the Interest at Six per Cent. per Annum, which Interest shall be annually paid in Gold and Silver, in pursuance of, and agreeable to the Directions of an Act of the General Assembly, held at Hartford, on the 29th Day of November, 1780.- Number:
(Handwritten) 3517 - Amount:
(Handwritten) £9 : 5 : 10
(Nine pounds, five shillings, and ten pence)
- Number:
- Handwritten Annotations:
- Across the top: “Holder’s Note £9 : 5 : 10”
- Below the recipient’s name:
Red wax seal mark and crossed lines, part of the original attempt to secure the note.
- Signature:
- J. Lawrence, Treasurer (Handwritten)
Back Side (Interest Payment Record & Additional Annotations):
- Interest Payment Records(Handwritten):
- Int[erest] paid to 1st February 1782
- Int[erest] paid to 1st February 1783
- Int[erest] paid to 1st February 1784
- Int[erest] paid to 1st February 1785
- Int[erest] paid to 1st February 1786
- Int[erest] paid to 1st February 1787
- Int[erest] paid to 1st February 1788
- Int[erest] paid to 1st February 1789
- Int[erest] paid to 1st February 1790
- Int[erest] paid to 1st February 1791
- Additional Handwritten Calculations and Figures:
- Near the middle:
100 : 3
33 : 34
11 : 11
44 : 45 - Another set of figures:
44 : 46 / 22 : 23 / 33 : 34
(These seem to be calculations, possibly related to interest or payments.)
- Near the middle:
- Other Notes at the Top Left(Possibly later annotations or notes by the holder):
- “£9 : 5 : 10”
- “No. 22 / 1:82”
Observations:
- Signature:
- The Treasurer’s signature (J. Lawrence) confirms authenticity. John Lawrence served as Treasurer of Connecticut during this period, which further roots this note in the Revolutionary War era.
- Red Wax Seal:
- The red sealing wax at the center was used to reinforce or secure the note, possibly indicating a contemporary repair.
- Full Interest Log:
- This note was actively used for over a decade, with interest payments tracked from 1782 to 1791. It’s rare to find notes like this with such complete payment records.
- No Cancellation Punch:
- As mentioned, many similar notes were canceled by punching holes after they were redeemed, but this one was not punched, adding to its uniqueness.
This transcription captures the key elements of the note and annotations, emphasizing both its financial function and historical significance.