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1877 Allison Interest Coupon

 
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Posted 12/21/2017   04:59 am  Show Profile Check 51studebaker's eBay Listings Bookmark this topic Add 51studebaker to your friends list Get a Link to this Message


This was new to me so I posted it over on our sister Coin forum. I got some feedback which identified it as an interest coupon from a US government bond. I assume that it has no real value since it is not attached to the bond itself? I wonder what the bond was for...Does anyone have any additional insight in this item?
Don
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Posted 12/21/2017   08:54 am  Show Profile Check paperhistory's eBay Listings Bookmark this reply Add paperhistory to your friends list  Get a Link to this Reply
I don't know anything about this one specifically but pre WWI US bonds are generally quite rare (i.e., sell in the thousands) - this would be an exception to the normal rule that coupons have no value since many people will never own an actual bond and in some cases no example of the bond may actually be known. There may be a reference work out there somewhere on 19th century US government securities which would be useful here...
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Posted 12/21/2017   09:06 am  Show Profile Bookmark this reply Add SPQR to your friends list  Get a Link to this Reply
That coupon is interesting because it was part of a "consol" bond -- a bond with no maturity date. It entitled the bearer to collect interest in perpetuity, but the government had the right to call (redeem) the bond. I knew of the British consol bonds, but didn't realize the US had issued them.
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Posted 12/21/2017   4:19 pm  Show Profile Bookmark this reply Add GregAlex to your friends list  Get a Link to this Reply
The best, and probably only, reference for this type of material is "An Illustrated History of U.S. Loans" by Gene Hessler. I was able to trace your coupon to the Four Percent console bonds first issued in 1878. Unfortunately there is no image of the $50 bond in the book, though there is an picture of your coupon. Fortunately, I was able to find one on Wikipedia.

The book gives the registered $50 bond a rarity of R7, meaning an estimated 4 to 12 of these remain in existence. So coupons are a lot easier to find -- and unlike most commercial bond coupons, they do carry some value.





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Posted 12/22/2017   4:10 pm  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
Thank you all very much for the feedback, knowledge is a wonderful gift to bestow upon others. It is truly appreciated!
Don
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