00 1861 Trevorton Coal Company Mortgage Bond – Pennsylvania

Description

00 1861 Trevorton Coal Company Mortgage Bond – Pennsylvania
Offered for your consideration is a 00 bond issued by a Pennsylvania coal company just after the outbreak of the American Civil War. The beautifully executed central vignette features a representation of the Pennsylvania state seal (two horses flank a shield, atop which is a spread-winged eagle, with the legend “
VIRTUE,
LIBERTY & INDEPENDENCE
” at the bottom). Printed at the top is “
UNITED
STATES OF AMERICA
”, with the serial number, denomination, and “
STATE OF
PENNSYLVANIA
” to the sides. In bold letters below is “
Mortgage Bond of the Trevorton Coal Company
”, followed by a lengthy financial obligation printed in lovely italic script. This obligation states (in part) that “
The Trevorton Coal Company … do hereby acknowledge, that they are indebted to William C. Pickersgill of the City of New York, in the sum of ONE THOUSAND Dollars lawful money of the United States of America, for money borrowed, which they hereby promise to pay to him … on the first day of July in the year one thousand eight hundred and eighty two, at the Leather Manufacturers Bank in the City of New York.
”. It further states that “
The said Company further promise to pay … interest upon the said principal sum, from the first day of January 1864 at the rate of seven per centum per annum … upon the presentation of the annexed interest warrants …
”. The closing paragraph of the obligation indicates that “
This Bond is one of a series of Nine hundred of like tenor … secured by a mortgage of the property of the Company to William C. Pickersgill, as trustee …
”. A final statement states that
“… the said Company have caused their Corporate seal to be hereunto affixed and this Bond be signed by their President and Treasurer, the Seventh day of May in the year of Our Lord One thousand eight hundred and sixty one.
”. This is followed by the signatures of “
F. L. Johnson
” and “
James L. Norris
” (?) in their capacities as “
Treasurer
” and “
President
”, respectively (it appears that Johnson’s signature is engraved rather than manuscript). The left end of the document is dominated by a decorative element, with the denomination printed atop. All of the foregoing elements are enclosed in a rectangular frame, neatly separating them from the 37 interest coupons (each valued at ) attached below. The bond was printed by “
W. H. Arthur & Co. 39 Nassau & 56 Liberty Sts. N.Y.
”, as evidenced by their imprint in the lower left corner of the principal instrument. The back of the bond features a short recapitulation of the terms of the loan, signed at the conclusion by “
W. C.Pickersgill
Trustee
by J. B. Burley Atty
”. The remainder of the back is blank, except for a pencil date of “
May 1861
”. An attractive and historic bond, perfect for framing and display. Coal would be of great importance in transportation and manufacturing during the coming war. Would look great hanging in an office or den.
The presently offered document exhibits signs of moderate period use and subsequent long-term storage. Light toning is present across the entire surface, imparting to the paper and off-white to beige appearance. This toning is somewhat darker along the folds and on the otherwise blank back (the back formed the outside when the document was folded for storage, thereby causing it to darken more than the principal). Several storage folds, both horizontal and vertical, are present, with small holes having developed at the junctions and slight separations at the edges (two of these have been strengthened with archival tape, with the remainder being easily repaired by the purchaser). Paper wrinkling is noted at the impressed seal, a common occurrence when this type of seal is used. Ink corrosion is noted at the signatures, though no paper has been lost at this time. The margins are uneven, with the sides being somewhat larger than the top and bottom. Measuring 14⅛ x 17⅛ inches, this piece would make a great addition to any Civil War era bond collection (it is interesting to note that Pennsylvania is listed as both a state and a commonwealth on the same document). Worthy of inclusion in any set.
A .95 charge will be added to the winning bid for postage and insurance.
A .00 charge will be added to any item picked up in person at our physical location.
If you have any questions regarding this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA