Result list 1 April 2017

The results of our April sale will be available here on April 2.

Lotnumber: 1248
SOUTH CAROLINA. CHARLESTON. 5% Loan of £250. black. No 212. The State of South Carolina was one of the first to realise the economic benefits that could accrue from state support of railway construction. This company was chartered 1835 in South Carolina to promote the movement of cotton from the Deep South northwards. The line was at first intended to reach the state capital, Columbia, and to encourage this progress, the State guaranteed the issue of 200,000 Pounds of 5% Sterling Railroad Bonds for every $500,000 worth of shares sold. The bonds, due in 1866, were to be sold in Europe at first through the Agency of the Bank of the United States, and later through the Agency which offered this piece. These are the first known state-guaranteed railroad bonds. In 1844 this company was acquired by the South Carolina Railroad Co, which took over these bonds. The bonds defaulted when due in 1866. Vignettes of trains and state arms, including South Carolina.
Date: 31 December 1838
Quality: VF
Startprice: € 300