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Auction: 317 - The Collector's Series
Lot: 463

Bank of New-York. August 27, 1789. $250. 20cm x 8cm. Partially printed receipt for "….the first Moiety of One Share subscribed to the said Bank." Issued to Daniel Crommelin Verplanck. Signed by William Seton, Cashier. Extremely Fine. Bold embossing and premium paper quality.

William Seton (1746-1798) came to America from Scotland. He was a New York City importer with the firm of William Seton & Co. Seton was admitted to the New York Chamber of Commerce at the age of 23. He was the vice-president of the St. George's Society of New York, Cashier of the Bank of New York, and also a Director. It was Seton who corresponded with Hamilton during the Crisis of 1791 and the Panic of 1792.

The Bank of New York was founded by Alexander Hamilton in April of 1784, just months after British forces sailed away from New York City, and only four months before this receipt was issued. Like the New-York Manufacturing Society, it started out as a joint stock company and did not receive a corporate charter until 1791. The Bank was immediately profitable, perhaps because if had no major competitors in New York.

An early, attractive, and high grade piece of financial history relating to an historic and important institution.

Sold for
$14,000