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United States 1877 4% Loan of 1907 $50 Consols Bond Hessler X166A.. ...
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Sold on Aug 3, 2017 for:
$28,200.00
Bid Source: Live: Floor bidder
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Description
Museum Quality 1877 4% $50 Consols Bond
United States 1877 4% Loan of 1907 $50 Consols Bond Hessler X166A.A very elusive registered bond which is the first time to our knowledge, an example of the issue is appearing at public auction. These consolidated bonds were first authorized by the Act of 14 July 1870 and issued in the first fiscal quarter of 1878. $1,000,000,000 was the amount authorized to be sold. Interestingly, according to Hessler the Four Percent Consols were offered to the public a bit prior to the Refunding Certificates of 1879 and were selling well above par causing long lines in many cities in the east to purchase the Refunding Certificates since the Consols were outperforming other loans. This gorgeous surviving example depicts a portrait of William H. Seward engraved by Charles Schlecht at left and an engraving of the U.S. Treasury Building at center. An example has been observed at the Bureau of the Public Debt. It is a delightful piece with very bold blue anti-counterfeiting swaths on the back. Restorations have been noticed, but are well executed and on a rarity such as this easily overlooked. The grade of Very Fine 30 as awarded by PCGS seems right on the money. Hessler's R7 rating (4-12 survivors) must be seriously questioned as this may possibly be the only $50 example available in private hands. As is so often the case with rare fiscal documents such as this, our estimate may well prove conservative when the final hammer falls this evening.
Auction Info
2017 August 3 ANA Currency Signature Auction - Denver #3556 (go to Auction Home page)
Auction Dates
August, 2017
3rd
Thursday
Bids + Registered Phone Bidders: 4
Lot Tracking Activity: N/A
Page Views: 2,477
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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