Tuesday, November 16, 2010

An Outgoing Bill of Exchange to Hungary

Lewis Johnson & Co. Bill of Exchange (check) for 59 Kronur
to Jeanette Friedman, Kaschau, Hungary

L. J. & CO.
(note inverted year date)

Unlike inbound Bills of Exchange which were taxed at a flat rate of 2-cents per $100 in face value or fraction thereof when paid, outgoing Bills of Exchange instead were taxed when written. If written singly they were taxed a flat rate of 4-cents per $100 in value or fraction thereof or, if written in sets, each bill in the set was taxed 2-cents per $100 in value.

The above bank check from the Washington, DC banking house of Lewis Johnson & Co. , the first of a set of two, was properly taxed 2-cents; 59 Kronur(sic.) being worth much less than $100.

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