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Second Federal Issue

 

The Second Federal Issue was placed in use on March 1, 1801, and was in use through June 30, 1802.  The tax rates during this period were the same as for the First Federal Issue (tax rate information); however, the distribution procedures changed.  The Act of April 6, 1802 repealed the taxes paid by the embossed revenue stamps, effective June 30, 1802. 

 

Dies for the Second Federal Issue embossed revenues were prepared in the same 13 denomination and 2 rates viz.: 4¢, 10¢, 20¢, 25¢, 30¢, 50¢, 75¢, $1, $2, $3, $4, $5, and $10, and Six Mills per Dollar and Ten Cents Percentum.  The $2, $3, $5, Six Mills per Dollar, and Ten Cents Percentum are not known to exist.  The designs of the Second Federal Issue revenues are similar to the First Federal Issue, except there are no state names, and the denomination, which was at the top of the stamp in the First Federal Issue is at the bottom on the Second Federal Issue. The other change is that there is an embossed counterstamp below the revenue.  The counterstamp consists of a wreath encircling 13 stars with "COM[MISSIONER]. REV[ENUE]. C[ounter]. S[tamp]." above the wreath, and the value in roman numerals below. 

 

The Act of April 23, 1800 established a General Stamp Office, which was responsible for embossing the revenue stamps upon Government issued paper or private paper.  Two types of Government paper exist, laid paper with a watermark in italics, and wove paper with a watermark in Roman lettering.  The counterstrike was applied separately in the office of the Commissioner of the Revenue as an accounting control. 

 

 

(RM260)

10¢

(RM261)

20¢

(RM262)

25¢

(RM263)

30¢

(RM264)

50¢

(RM265)

75¢

(RM266)

 

 

Boston, July 12, 1801, promissory note in the amount of $26.29.  Taxed 4¢ (RM260c) as a note above $20 and not exceeding $100 payable within 60 days.

Philadelphia, December 1, 1801, promissory note in the amount of $31.85.  Taxed 10¢ (RM261a) as a note above $20 and not exceeding $100 payable in more than 60 days.  This tax rate was in error as notes payable "on demand" were considered to be payable within 60 days.  Thus, this note qualified for the reduced 4¢ tax rate.

New York, September 22, 1801, promissory note in the amount of $1,000.  Taxed 20¢ (RM262a) as a note above $500 and not exceeding $1,000 payable within 60 days.

August 5, 1801, promissory note in the amount of 8 pounds 2 shillings, 5 pence.  Taxed 25¢ (RM263a) as a note above $100 and not exceeding $500 payable in more than 60 days.  This note was overpaid, as 8 pounds was certainly less than than $100 (many notes from the period use a conversion rate of one pound equal to $2, in which case this note would be below $20 and would not be subject to tax).

Portsmouth, July 14, 1801, promissory note in the amount of $1,200.  Taxed 30¢ (RM264a) as a note above $1,000 payable within 60 days.

Washington, March 15, 1802, promissory note in the amount of 628 pounds 18 shillings, 5 pence.  Taxed 50(RM265b) as a note above $500 and not exceeding $1,000 payable in more than 60 days.  This document appears to be undertaxed as 628 pounds was the equivalent of more than $1,000. 

Philadelphia, June 23, 1801, promissory note in the amount of $1670.02.  Taxed 75¢ (RM266b) as a note above $1,000 payable in more than 60 days.