Mayor and Common Council of New Jersey City 5 cents - 1862 dated Fractional Obsolete Paper Money

5 cents, J-84, W876. Printed by National Bank Note Company. In 1804, Alexander Hamilton, now a private citizen, was focused on increasing manufacturing in the greater New York City area. To that end, he helped to create the Associates of the Jersey Company which would lay the groundwork for modern Jersey City through private development. The consortium behind the company were predominantly Federalists who, like Hamilton, had been swept out of power in the election of 1800 by Thomas Jefferson and other Democratic-Republicans. Large tracts of land in Paulus Hook were purchased by the company with the titles owned by Anthony Dey, who was from a prominent old Dutch family, and his two cousins, Colonel Richard Varick, the former mayor of New York City (1789–1801), and Jacob Radcliff, a Justice of the New York Supreme Court who would later become mayor of New York City (twice) from 1810 to 1811 and again from 1815 to 1818. They laid out the city squares and streets that still characterize the neighborhood, giving them names also seen in Lower Manhattan or after war heroes (Grove, Varick, Mercer, Wayne, Monmouth and Montgomery among them).

Despite Hamilton's untimely death in August 1804, the Association carried on, though the enterprise was mired in a legal dispute between New York City and the state of New Jersey over who owned the waterfront. The unresolved dispute would continue until the Treaty of 1834 where New York City formally ceded control of Jersey City to New Jersey. Over that time though, the Jersey Company applied to the New Jersey Legislature to incorporate the Town of Jersey. The legislature enacted "An Act to incorporate the City of Jersey, in the County of Bergen" on January 28, 1820. Under the provision, five freeholders (including Varick, Dey, and Radcliff) were to be chosen as "the Board of Selectmen of Jersey City", thereby establishing the first governing body of the emerging municipality. The city was reincorporated on January 23, 1829, and again on February 22, 1838, at which time it became completely independent of North Bergen and was given its present name. On February 22, 1840, it became part of the newly created Hudson County. Read more at https://en.wikipedia.org/wiki/Jersey_City,_New_Jersey

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