LOT #18001 |
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Serial Number 3 $100,000 United States Treasury Bond Due August 15, 1963 PCGS Choice New 63.. ...
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Sold on Apr 26, 2013 for:
$10,575.00
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Description
Serial Number 3 $100,000 Bond
Serial Number 3 $100,000 United States Treasury Bond Due August 15, 1963 PCGS Choice New 63.Issued on December 15, 1954 to the First National Bank of Boston, this bond and the one that follows have a storied past. Shortly after Fidel Castro's rise to power in Cuba, he started seizing United States held assets on the island. Hundreds of thousands of acres of United States held land that was mainly used in the production of sugar cane was nationalized along with many United States owned business holdings. One of the last United States owned interests to be nationalized were the banks, including branches owned and operated by the First National Bank of Boston, the First National Bank of New York City, and Chase Manhattan Bank. However, the banks had large deposits on hand, with many of them in the form of Treasury Bonds. The bonds on deposit in the banks proved to be challenging. The Bureau of Public Debt was ordered to cancel the bonds stored in the bank vaults in Cuba and to prevent any unnecessary loss to the American banks. Therefore, the bonds were reissued in absentia to each institution.
The two unredeemable bonds in this auction were locked away in the vault of the First National Bank of Boston in Havana. They were eventually repatriated back to the States. Serial number 3 graces this $100,000 face value bond. A portrait of President Grant is at upper left and there is a deep red Treasury Seal as used on United States large size paper money prior to 1929. This bond is well centered with full margins and paper originality. A great item that will cost its new owner a fraction of its face value.
Auction Info
2013 April 24 - 26 & 28 Currency Signature Auction - Chicago #3522 (go to Auction Home page)
Auction Dates
April, 2013
24th-28th
Wednesday-Sunday
Bids + Registered Phone Bidders: 3
Lot Tracking Activity: N/A
Page Views: 2,489
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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