SOLD
225,000.00USDto floor+ buyer's premium
This item SOLD at 2013 Oct 19 @ 10:39UTC-4 : AST/EDT
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George Washington (1732 - 1799). First President of the United States. Document Signed. January 17, 1792. Size 6"x18." Anderson US-195. Professionally restored and reinforced by Silking on the obverse which does not detract from the bond, the reverse with Washington's signature is not touched or covered. There is a 20mm diameter circular cancellation on the lower right portion of the bond. There are also four small spots of ink burn that has caused minor paper loss on the left side portion of the bond but it is not near Washington's signature. The bond appears in VF condition with no other tears or condition problems to note.
Issued by the United States Loan Office. Payable to "George Washington, Esqr. Of the County of Fairfax or his assigns, the sum of one Hundred & Twenty three dollars & ninety nine cents Assumed debt bearing interest at six per cent. Per annum, from the first day of January A.D. one thousand eight hundred and one, inclusively; payable quarter-yearly, and subject to redemption by payments not exceeding, in one year, on account both of principal and interest, the proportion of eight Dollars upon a hundred of the Stock bearing interest at six per cent: created by virtue of an Act, making provision for the Debt of the United States, passed on the fourth day of August, [1790] "As the first loan issued under Alexander Hamilton's plan for the federal assumption of debt to reorganize the state and foreign debts under the new Federal government, this remains one of the most historically significant issues of any stock or bond in American history. Following the American Revolution, a complex web of state and national debt remained to be sorted out and repaid. After complex negotiations and compromises with the states, the entirety of the large state and national debt was consolidated into a series of loans. This example originates from the first series of Loan Office certificates which were issued under Hamilton's plan of assumption. The plan authorized a total of $12,000,000 to fund the payment of principal and interest on the outstanding foreign debt, $21,500,000 for the payment of interest and principal on the outstanding debts of the states for expenses related to the war and a loan"to the full amount" of the remaining domestic debt.
Of exceptional historical importance to the history of American capital markets, this is truly one of the finest rarities to surface on the scripophily market for many years. These certificates were the first securities traded on the New York Stock Exchange founded in 1792 after the signing of the Buttonwood Agreement just four months after this certificate was issued to Washington. Including this lot, we've been able to locate just three examples of this security issued to Washington, the other two being Certificate #336 as listed in"The Price of Liberty" by William G. Anderson, now in the Museum of American Finance, and Certificate #353 in the archives of the George Washington University Library.
A clerical hand has accomplished the statement of endorsement"I request the within debt may be carried to my credit on the books of the Treasury of the United States, Oct. 1st, 1794." At its completion, the sitting president boldly signs"G. Washington." It is most interesting that Washington chose to leave his funds in the Treasury as his government was in a crisis dealing with the Whisky Rebellion.
Stocks and bonds of any type issued to and signed by Washington are of extreme rarity. That this important issue of American debt is Washington's personal certificate offers a truly superb opportunity for the collector of important historic financial or presidential rarities. The first we are aware of to be offered publicly.
Auction Location:
1580 Lemoine Ave., Suite 7, Fort Lee, New Jersey, 07024, United States
Previewing Details:
Monday, October 14th, 2013, 10:00 AM until 5:00 PM At our offices at 1580 Lemoine Ave., Fort Lee, NJ
Thursday, October 17th, 2013, 1:00 PM until 6:00 PM At the Museum of American Finance, 48 Wall St., NY
Friday, October 18th, 2013, 11:00 AM until 3:30 PM At the Museum of American Finance, 48 Wall St., NY
Saturday, October 19th, 2013, Auction Day, Session 1 At the Museum of American Finance, 48 Wall St., NY
Monday, October 21st, 2013, 11:00 AM until 6:00 PM At our offices at 1580 Lemoine Ave., Fort Lee, NJ
Tuesday, October 22nd, 2013, Auction Day, Session 1. 9:00 AM until 2:00 PM At our offices at 1580 Lemoine Ave., Fort Lee, NJ
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
18% |
Additional Fees:
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CONDITIONS OF SALE
THE PLACING OF A BID SHALL CONSTITUTE ACCEPTANCE OF THESE CONDITIONS OF SALE
BIDDING
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2. (a) Bids shall be made in the steps set forth in paragraph 12.
(b) The highest bid acknowledged by the auctioneer shall prevail. Should a dispute arise between bidders (including a dispute between a floor bidder and the auctioneer acting on behalf of a mail bidder, consignor or vendor), the auctioneer alone shall determine who the successful bidder is and whether to reoffer the lot in dispute. Should a dispute arise after the sale, the auctioneer's sale records shall be conclusive. On all lots sold, a commission of 18% on the hammer price is payable by the buyer to the auctioneer.
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(b) In the event that a bidder shall fail to comply with these Conditions of Sale ("Non-Complying Bidder"), then, as to any lot with respect to which such failure to comply occurs, Archives International Auctions may, in its sole discretion, re-offer such lot during the same auction or at an auction at a later time, or by private treaty at such time as Archives International Auctions, in its sole discretion, deems appropriate and the Non-Complying Bidder shall be liable for the deficiency, if any, between the hammer price and the net proceeds of a sale to a subsequent purchaser, whether at auction or by private treaty, as well as for all costs and expenses of both sales, all other charges due thereunder, including commissions with respect to both sales, whether payable to Archives International Auctions or to a third party and all incidental damages. It shall be in Archives International Auctions' sole discretion to determine whether to re-offer the lot theretofore hammered-down to a Non-Complying Bidder at the same auction, or by private treaty in due course, or at a subsequent auction conducted by Archives International Auctions. In no event shall any surplus arising from the sale of a re-offered lot be payable to a Non-Complying Bidder.
(c) A defaulting purchaser shall be deemed to have granted Archives International Auctions a security interest in property in Archives International Auctions possession owned by such purchaser. Archives International Auctions shall have all of the rights afforded a purchase money secured party under the New York or New Jersey Uniform Commercial Code with respect to such property and may apply against such obligations all monies held or received by it for the account of, or due from Archives International Auctions to such purchaser. Archives International Auctions is authorized to file a Financing Statement in order to perfect its rights as a secured party.
(d) If Archives International Auctions takes any legal steps to secure payment of a delinquent account, the defaulting purchaser shall be liable for all legal and other expenses incurred by Archives International Auctions to secure such payment, including but not limited to a reasonable allowance for attorneys' fees. For purposes of this paragraph, the term legal steps shall be deemed to include any and all consultation by Archives International Auctions with its attorneys with respect to all matters arising out of a delinquent account.
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EXHIBITION AND INSPECTION OF LOTS; QUALITY AND AUTHENTICITY
7. (a) On Premises Inspection only. Ample opportunity is given for on premises inspection prior to the auction date, and, upon written request and at Archives International Auctions discretion.
(b) Each lot is sold as genuine and correctly described, based on individual description as modified by any specific notations in this Catalogue.
(c) Quality. Any lot which a purchaser considers to be incorrectly described may be returned to Archives International Auctions within two weeks of its receipt by such purchaser ("Returning Purchaser"), provided, however, that the same is received by Archives International Auctions within four weeks of the date of the auction; however, Archives International Auctions may, in its discretion, refuse acceptance of such returned lot. If an opinion of a generally recognized authority is desired, the period of time within which a lot must be received by Archives International Auctions will be extended in accordance with Condition of Sale 8. In the event that a dispute cannot be resolved by reference to a generally recognized authority, and Archives International Auctions thereupon undertakes to re-offer the lot with a description identical to the description disputed, the Returning Purchaser shall be liable for the deficiency, if any, between the proceeds of the sale to the Returning Purchaser and the proceeds of a sale to a subsequent purchaser, as well as for all costs and expenses of the re-sale, including commission, and all incidental damages. Any lot, the description of which is disputed, must be returned intact in the condition received by the purchaser. The following lots are not returnable except at the discretion of Archives International Auctions: (i) lots from purchasers who attended the exhibition of the lots; (ii) lots examined by postal viewers; (iii) lots on account of their appearance, if they are illustrated in this Catalogue; or (iv) lots described as having repairs, defects or faults for any reason.
(d) Authenticity. Any lot which is declared otherwise than genuine by a generally recognized authority is returnable, provided such lot is received by Archives International Auctions within four weeks of the date of the auction. Proof that a generally recognized authority declines to express an opinion is normally grounds for the return of a lot.
(e) Expenses incurred a purchaser in the submission and the return of a lot under Conditions of Sale 7 are not subject to refund.
SALES TAX
8. Unless presentation of satisfactory proof that it is exempted by law, a purchaser shall pay to Archives International Auctions New Jersey or New York State and local sales taxes, or any compensating use taxes of any other State claiming jurisdiction. A purchaser shall indemnify Archives International Auctions and hold it harmless of and from any claims of any jurisdiction for sales taxes relating to the purchase of articles at the auction, whenever the same may arise.
APPLICABLE LAW, JURISDICTION, ETC.
9. All matters arising out of this auction shall be governed by the laws of the State of New Jersey without giving effect to the choice of law principles thereof.
ARBITRATION
10. Any controversy or claim arising out of or relating to this auction shall be settled by arbitration in the City of New York, State of New York in accordance with the Rules of the American Arbitration Association and judgment upon the award rendered by the Arbitrator or Arbitrators may be entered in any Court having jurisdiction.
JURISDICTION AND VENUE OF ACTIONS
11. The purchaser at this auction (a) consents and submits to the jurisdiction of the Courts of the State of New Jersey or New York and of the Courts of the United States for a judicial district within the territorial limits of the State of New Jersey for all matters arising out of this auction sale, including, without limitation, any action or proceeding instituted for the enforcement of any right, remedy, obligation and liability arising under or by reason thereof; and (b) consents and submits to the venue of such action or proceeding in the City of Hackensack, County of Bergen, State of New Jersey (or such judicial district of a Court of the United States as shall include the same, and (c) further consents that service of process in any action relating thereto may be effected by registered mail, return receipt requested address to the purchase at the address given to the auctioneer at the time of the sale.
BIDDING STEPS
12. Bidding Steps shall be as follows:
***
BIDS BY TELEPHONE
(a) Must be confirmed in writing unless waived by the auctioneer.
(b) Any errors are the responsibility of the bidder.
(c) No bids accepted less than 1 hour before the commencement of the sale.
BIDS BY FAX OR EMAIL
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(201) 871-4345 or email us at bids@archivesinternational.com. Please call to confirm that your bids were received at 1-201-567-1130
PHONE BIDDING DURING THE SALE
Phone bidding space is limited and available on a first come, first served basis.
The importance of reserving early cannot be overstated!
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