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La Banque (Royale), January 1, 1720, John Law Paper Currency Note From Ford Collection.

Currency:USD Category:Coins & Paper Money / Paper Money - United States Start Price:640.00 USD Estimated At:800.00 - 1,600.00 USD
La Banque (Royale), January 1, 1720, John Law Paper Currency Note From Ford Collection.

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Auction Date:2011 Nov 14 @ 10:00 (UTC-4 : AST/EDT)
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Mississippi and France, 1720, 1000 Livres, P-A20a, Printed on watermarked “Billet de Banque” laid paper, no signatures as usual, 151 by 85 mm, Uniface, typeset text, embossed bank seal on lower middle, S/N 105142. Vertically folded lightly with one diagonal fold, the note appearing AU, Scarce denomination. Partial indent on left. In May 1716, John Law, by royal edict, was allowed to establish the Banque Generale. In August 1717 John Law acquired a controlling interest in the derelict Mississippi Company. To finance the company, shares were issued and paid for in government debt. In December 1718 the Banque Generale was re-chartered as the Banque Royale In 1720, the bank and company were united and Law was appointed Controller General of Finances to attract capital. Law's pioneering note-issuing bank was successful until the French government was forced to admit that the number of paper notes being issued by the Banque Royale were not equal to the amount of metal coinage it held. The “bubble” burst at the end of 1720, when opponents of the financier attempted en masse to convert their notes into specie, forcing the bank to stop payment on its paper notes. By the end of 1720, Law was dismissed from his positions by Philippe d'Orléans, regent of France for Louis XV. Law then fled France for Venice at this time. (Ex. Wayte Raymond Estate, 1957-58, Ex John J. Ford Collection, Part 8, 2005).