Bank of the United States Related. GREAT LOCO FOCO JUGGERNAUT, A NEW CONSOLE-A-TORY SUB-TREASURY RAG MONSTER... 12-1/2 CENTS [or] GOOD FOR A SHAVE. ND (1830s). PCGS Currency Very Fine 35.(Rulau HT-N21 (page 252); Similar to Schingoethe Part 9: Lot 2656. Similar to Ford X: Lot 4199 (different paper type); Similar to Leidman Sale lot 4040). An illustrious tradition has followed collecting this type with Hard Times Tokens and Obsolete Currency. Much is known about the issue and much is unknown. However, graphically it stands above all the 1837 satirical issues that relate to Bank of the United States. It is essential for any well defined collection of Bank of United States notes and Hard Times Tokens. Printed on thin onion skin-like paper, similar to some other satire notes and scrip of the period.. Large format, slightly more than banknotes of the period. A defining satirical cartoon in the form of a slightly oversized obsolete banknote of the period. Engraved by David Claypool Johnston, without imprint. The designs and texts are extremely detailed (easily the most complex of the period). As if the composition were a cacophonous symphony, there are three major vignette suites featured on the note. At the top center is a Martin Van Buren faced cat, atop bank deposits, riding a 200,000 JACK ASS POWER wagon being pulled to the left as a juggernaut by the Loco Foco radical Democrats wearing their yokes of OFFICE. Others sacrifice themselves underneath the chaos. Behind them are Jackson and John Bull congratulating themselves on the situation. The Tories to be consoled were British bankers who were to profit from Jacksons fiscal policies. At the far right is Jackson dressed as an old maid trampling on VOTE OF CONGRESS, PEOPLES RIGHTS, and COMMON SENSE in small type. Hes holding the flag of CONSTITUTION and an oar of VETO is projecting from the globe to his left. This is a clear reference to the influential and detested Kitchen Cabinet of Jacksons first administration. The left end vignette faces outwards and sideways with framed title GLORY ENOUGH. The jackass has the head of Jackson and behind is Van Buren as a monkey, hat in hand. The sign points TO RUIN and in fine print underneath Treading in the footsteps of his illustrious & c. The vignette is flanked by two different satirical counters. In the bottom center, underneath the juggernaut is ornate text. In the center, a human faced dung beetle (most likely Thomas Hart Benton) pushes back on a ball titled 12-1/2 CENTS/SHINPLASTER over a re-creation of the Greek legend of Laocoön, priest of Apollo crushed by a serpent for warning the Trojans of the danger of the massive hollow horse left on the battlefield by the deceitful Greeks. TREASURY CIRCULAR strangles Van Buren (who could be said to have taken a licking but keeps on ticking on this note!). The left text in eight lines: Thou monster slayer, BENT ON gold, Who every bank WOULD-BURY; Who KENND ALL things in the womb of Time. And wiser grew sage Dogberry Endowd with WIT-KNEE deep in love. Mongst learned pundits, in the VAN Thou standst, a learned financier, And learned seer without finan.The text to the right reads: For thou didst see Mississippi bank, (The only bank devoid of rags.) Oerflow with shining yellow gold, Instead of HICKORY leaves and snags. Then in thy yellow current, see Thou pay the bearer TWELVE & A HALF CENTS At sight and charge the same to me. Yours with respect, an expense, [engraved signature in cursive] Loco Foco.A high grade example and one of the finer examples seen or cataloged by us. The 1986 Leidman Sale example was also printed on this onion skin type paper and was later sold in the 1990 Memphis Sale by NASCA division of R.M. Smythe (lot 1779). Originals are very rare. We have seen less than ten other originals including one printed on rag paper (The Ford-Alan York Collection example). The Schingoethe Collection also contained an example which was sold in December 2006 for $6,325.00. The Rulau Plate Note is not pedigreed and might be the Leidman Sale note (location unknown, but last publicly sold in the 1990 NASCA-Smythe Memphis Sale for $1,980.00). The Ford note was on the rarer rag paper and had some rough edges. We have handled one finer than this in the 2012 ANA Sale that realized $8,812.50. Sales records over the years have traditionally been high as observed here. Recent trends make this handsome, problem-free, example an excellent opportunity to obtain a historic rarity in desirable condition.
