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Stack’s Bowers and Ponterio   |   The August 2018 ANA Auction   |   23 August 2018 Sort by Lot-NumberSort by Estimate
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Session 1, Lot 10023

Estimate: 7'500 USD   |   Starting price: 3'800 USD Price realized: 4'920 USD
Historically Important First Series $1000 "Five-Twenty" of 1862
Issued to Jay Cooke's FNB of Washington, D.C.
United States of America. Act of February 25, 1862. $1000 6% Registered Bond. Hessler X130D. Issued and Cancelled. Fine.
An important Civil War authorized loan certificate that was fully issued and apparently became a stub cancellation example long after. That is fortunate, as this is a historically important document related to U.S. National Bank notes and Jay Cooke's role in Civil War finance as lead broker for the sale of these bonds on behalf of the Federal government. These were referred to as "five-twenties" since they were redeemable "at the pleasure of the government after five years," and had to be fully paid at the end of 20 years. The interest was paid semi-annually; $30 every six months as engraved in the right border. This loan was used for funding American Treasury notes. In this case, a first series certificate issued on May 3, 1867 directly to First National Bank of Washington, D.C. (Charter 26) to back up their circulation of Original Series banknotes. The first Nationals numbered were $5 Originals from the bank whose president was Henry D. Cooke, Jay Cooke's brother and Salmon P. Chase's son-in-law. Jay Cooke also owned Charter 1 the FNB of Philadelphia. It was transferred at a later date with that on the back. This certificate is printed on bond paper by the American Bank Note Co., New-York. 25.0cm by 15.5cm. Top center, George Washington in oval flanked by flags on both sides, all cupped into the title. Gray LOAN of 1862 across bottom. The back with brown transfer form using style similar to most Federal loans commencing in the 1840s. No. 27859. Issued as specified and transferred later. Signed on behalf or "for" the Register of the Treasury. This particular type was not confirmed by Hessler in 1988 when he published. Amazingly, this type is not unique in issued form. There is at least one other known. A similar example was sold at the January 2017 FUN auction. It was also shaved inward at the left end like this bond. That piece was brighter, but it was not issued to this important bank with the Jay Cooke historical content. This bond is a bit short of margins on the top and bottom. The left end was apparently shaved from a transfer book after cancellation and is trimmed in at the left to the end of the serial number. Single hole cancel bottom center. Petty pinholes and a minor bald scalp on back. The condition faults are overshadowed by the historic context of this bond. The bond that sold last in January 2017 achieved only its start price of $17,250, but sold. Offered is an essential instrument associated with the foundation of United States National banknotes. This is cataloged for the first time in the context of its importance and will prove to be one of John Herzog's more astute acquisitions over his 50 years of collecting. This is conservatively estimated due to its technical grade and not the magnitude of its importance.

From the John E. Herzog Collection; obtained in August 1992.

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