| Pay Notes were issued to soldiers during the American Revolutionary War in place of any type of federal currency. It was intended that the soldier would not cash in the paynote until some time thereafter, allowing the colony issuing the note to acquire the necessary funds in common specie to be able to actually redeem the note. Emphasis is on the word "intended"; the soldiers rarely could wait that long to redeem the notes. The one illustrated above was issued in the year 1780, but take notice that it is payable five years later, in 1785. Also notice that there is a large hole punched out of the note. That reveals that the note was actually redeemed, and could not be re-used. |
