Church Money, One Penny, 1792
In 1789, during the presidency of George Washington, a growing loss of confidence in copper coins led to them being rendered virtually worthless and sparking the Copper Panic of 1789.
In response to the Copper Panic of 1789, the German Reformed Church of “Schohary” (now the Old Stone Fort Museum) issued this note in 1792.
A person would barter something to the Church or perhaps exchange a silver dime or 1-real coin for 10 of these. In turn, they would be able to place one in the collection plate each Sunday or use them to trade locally.
The paper value of this note is a New York penny (1d under the British accounting notation still in use at the time) which would be about 50 cents now. Learn more about historical money equivalents here.
Today, this 1792 Reformed Church of Schohary One Penny Note is displayed on the first floor of the Old Stone Fort Museum. It was donated to the Schoharie County Historical Society by Michael, Cynthia and Zachary West in 1999.