The story of Timothy Dexter is an example of how having business nous, intuition and some luck can help you outperform even the most highly-educated individuals. In the 18th century, Timothy Dexter was a renowned entrepreneur. He was famous for making several questionable investments, which, in hindsight, proved to be a major success.
Dexter started as a poor, uneducated leather craftsman. This article will detail his life, career, and net worth and explain how Timothy Dexter became the wealthiest in Boston at his time.
Timothy Dexter’s Life Story
Timothy Dexter was a businessman from Malden, Massachusetts, born in 1747. He had little education and dropped out of school at eight to work at a farm. At the age of sixteen, Dexter secured an apprenticeship with a leather dresser in Boston as he aspired to become a leather craftsman. Even though the profession was considered one for the lower class, Dexter saw potential because of the increased demand for Moroccan leather that his Boston mentors skillfully crafted.
He ventured into business when he completed his apprenticeship at 21 and started producing leather gloves and moosehide. The situation in Boston deteriorated due to British taxation and the infamous Boston Tea Party.
Dexter decided to move to the capital of leather in Boston – Charlestown, where he met Elizabeth Frothingham, a wealthy 32-year-old widow. The couple married and secured a prosperous alliance, despite some opposition from Elizabeth’s acquaintances.
Timothy Dexter’s Career
At the end of the American Revolutionary War, Timothy Dexter’s career took a turn. He purchased significant amounts of continental currency despite it being worthless to the extent that there was the phrase “not worth a continental.” Furthermore, Timothy had no expertise in currency trading. Eventually, the government appreciated the currency and Dexter got the first of many fortunate windfalls. He used the money to start a shipping company, trading with Europe and the West Indies.
Despite his business success, he faced several challenges in Boston’s elite neighborhood. He was considered an outsider and an uneducated man lucky enough to marry into money. The attitude towards him drove him to politics. He vied for a seat in public office to gain recognition among his peers. Dexter submitted several petitions to the governing body of neighboring Malden, MA. They eventually created a position for him called “Informer of Deer.” This role entails keeping track of the fawn populations in the town even though the last deer had disappeared from the woods about two decades earlier.
Other Successful Deals by Timothy Dexter
Dexter bought a lot of bed warmers that people in New England used to heat their beds in the winter with the idea to sell them to the West Indies, a tropical paradise where the temperature in January dips to the chilling lows of 75°F. His shipping captain managed to sell them as ladles for the local molasses industry for a substantial profit.
People pranked him by telling him to ship coal to Newcastle, a coal mining town in England. That’s why the old English saying “to ship coal to Newcastle” is used to describe something useless. Dexter went through with this endeavor during a miners’ strike, making a significant profit.
Later, his trusted advisers told him to sell gloves to the South Sea Islands (modern-day Polynesia). He traded them to the Portuguese, who later sold them in Asia.
Dexter’s company shipped Bibles to the East Indies before Christianity became popular in the region. Fortunately, arriving missionaries bought his entire supply.
Timothy Dexter also shipped stray cats to the Caribbean, which were sold to fight the rat problems. He also purchased a large amount of whalebone, selling it to corset makers for profit just as French corsets became popular.
Timothy Dexter’s Writing
At the age of 50, he wrote a book about himself called “A Pickle for the Knowing Ones.” The book succeeded, despite having random capitalization, wrong spellings, and no punctuation.
The book’s first edition was self-published in 1802 in Salem, Massachusetts, and was distributed for free. However, it became a hit and was therefore reprinted eight times.
Due to the complaints about the lack of punctuation, Dexter added a page of only punctuation in the second of eight printings and told people to “peper and solt it as they plese.”
Timothy Dexter’s Net Worth
Dexter’s estate was valued at $35,027.39 by the Probate Office. This equates to $825,452.03 today. After his death, his Newburyport house was turned into a hotel.
In 1984, a Newburyport native, Professor William Quill, purchased Timothy Dexter’s house for $200,000. He started a journey to preserve this piece of historical significance by undertaking its restoration.
Takeaway: Timothy Dexter Had a Remarkable Life and Career
Timothy Dexter had an exciting life and career filled with many U-turns, unconventional decisions, and remarkable business successes. Despite his humble beginnings, he amassed a significant fortune by going into daring endeavors. He left an inspiring legacy and exemplifies how ingenuity, business nous, and some luck can play a major role in one’s path to success.
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