NY-168 - 1sh - PMG AU-58EPQ - 1st New York City Note!

NY-168 - 1sh - PMG Choice AU-58EPQ - 1st New York City note and very first Water Works issue.

High Grade:

 A superb example of a very rare yet popular note. Deep ink strike, bright red front, double signed with clear and strong inks, deep embossing, perfect centering on front, a little tight on reverse at right side. Looks to be a 63 to me but they were very tight on this grade.

A True Rarity!
Why are notes from this series so rare? The total of all bills printed for this emission was extremely small, a total of 2,400 pounds sterling ($4,800) in bills of credit (Promissory notes). That's a total of four different denominations included in that figure, the 1, 2, 4, and 8 Shillings.
This is the first paper currency emitted by a city in colonial America. All previous general emissions had been issued by the authority of a colony.

Some important history about this note: 
Known as the first of four "Water Works" issues.
The series is known as the Water Works issues because the back of each note has an engraving of a steam powered water pump proposed by the engineer Christopher Colles.
Printed by Hugh Gaine with red and black ink on the obverse, and black ink only on the reverse.
The front has a border cut at the top with the other three sides are typeset with an ornamental design. The cut is by Elisha Gallaudet, who also cut the borders and devices for the Continental Congress "fugio" denominations of February 17, 1776 and cut the dies for the so called "1776 Continental Congress Dollar."
Gallaudet also did the illustration on the reverse of a steam operated water pump.

This is the only Water Works issue to have single layer paper. All later issues had a dark and coarse paper sandwiched on the reverse as an anti-counterfeiting measure.


This is a rare and magnificent note, worthy of the world's finest collections.


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