This is the blog entry description of transaction #7 for Project Bitcoin. A picture of the Paul Revere-owned statue is below. If you're interested in buying it, PM me or reply to the thread. Also, huge thanks and appreciate to the support of the bitcoin community with this project!
Bitcoin Meets Paul RevereIn 1775, a Massachusetts silversmith named Paul Revere was given notice of the British Army's decision to disarm American colonist rebels and imprison their leaders.
What happened next is an oft-told American tale: Paul Revere risked his life and took a "Midnight Ride" through enemy patrols to warn families and militiamen of the British Army's advance.
The result: his actions arguably saved the militia leaders' lives and allowed them to beat back the advancement of the British troops.
Why am I telling this story? Well, now, after completing Project Bitcoin's seventh transaction, I am the proud - albeit temporary - owner of a statue once owned by Paul Revere himself (certificate of authenticity included).
The statue is solid bronze, about two feet tall, and weighs about 40 pounds. It is an exquisite, original, handmade piece depicting a man thrusting a woman into the air, while standing atop another man. The metaphors for the statue are numerous... but I'll leave them up to you to decipher.
Michael S. - an American entrepreneur and collector currently living in Amsterdam - made the transaction with me. The cost: the one bitcoin that I earned on the sale of the Casascius coins to Daniel from Austria (transaction #6).
When I asked Michael why he wanted to sell the Paul Revere statue to me, he answered "For years I've looked at that statue and wondered what its purpose was - more than being a historical art piece. When I read about your project, I finally understood...."
He paused, somewhat dramatically. I scooted to the edge of my chair and waited.
"Two hundred and thirty-five years ago, Paul Revere risked his life to take a ride. He rode for democracy, freedom, separation of powers, and even the right to have a currency unregulated by ruling England [see the Currency Act, 1765]...
"The promise of bitcoin isn't so different from the promise of that revolution. It's about a currency unattached to political and economic powers that sometimes use and sometimes misuse currency. It's about a currency of the people - one that simplifies our transactions and removes unnecessary middlemen.
"For me, with this transaction, I get to earn my first bitcoin after months of sitting on the fence, thrust a piece of Paul Revere's magic into the bitcoin revolution, and help move forward a project that - I believe - is helping to tell the real story of bitcoin... the story of the people involved."
I paused for a minute after Michael finished. I let his words seep in, and I understood that this is an important transaction for Project Bitcoin. Until now, all six transactions have been items created for bitcoin - they've told the story of the future promise of bitcoin. But they haven't told the story of the historical roots of that promise.
Michael reminded me that value of bitcoin may be revolutionary, but it isn't new. Whether the American revolution or so many other revolutions large and small, people have sought to disentangle currency from political and economic systems before. People have sought to tear down the barriers of trade and ownership before. There is precedent for bitcoin. And with this seventh transaction, I have the opportunity to honor that precedent!
Now, of course, I have new questions: Who will be the next owner of this amazing, beautiful, original, and historic new piece of the bitcoin story? What will his or her story be? And how close will that transaction move me to the ultimate destination of that house....?
Here they are:
I'm actually fine with the decline in BTC value relative to most fiat since the beginning of this Project Bitcoin. One of my own commitments was to make these transactions in BTC, regardless of where BTC stood relative to fiat markets. I understood that there was a good chance - especially after the steep rise in value relative to fiat October through December - that there was a good chance of a market correction. 
The general problem with offers of items with a relatively fixed value is that unless we have a buyer like jbreher, it's difficult to figure out how to support the project in increasing in value. In a sense, the project needs to have items, experiences, etc. with flexible value so as to allow me to buy at one price and find a buyer who values it at a different price OR it needs to be something (like the first coin) that I can do something to add a lot of value to it. In the case of the coin, I brought it to a metal worker and he etched the bitcoin logo into it, increasing its perceived value significantly.