1920 Western Pacific Railroad Corporation 00 SPECIMEN Bond

Description

1920 Western Pacific Railroad Corporation 00 SPECIMEN Bond
Offered for your consideration is a 00 SPECIMEN bond, dated 1920 and payable in gold (due to the length of the terms, it would have actually been paid in gold). The central vignette depicts a large, steam locomotive and tender, with a line of rolling stock behind. This train appears to be leaving a rural station, which is visible at the left of the scene (the pedestrians on the platform seem to be uninterested in the action, indicating that they are not waiting for anyone to disembark). A second train, this one proceeding away from the viewer, can only be seen by the back of the caboose. A tall mountain dominates the background, while several trees and a house can be seen beside the tracks at the right. Flanking this scene are geometric designs, upon which are printed the denomination in numerical form. Below this, printed in large letters, is “
THE WESTERN PACIFIC RAILROAD CORPORATION
”, as well as “
FOUR PER CENT, TEN-YEAR SECURED NOTE
” in smaller letters. This is followed by a lengthy financial obligation, which states (in part) that “
For Value Received, The Western Pacific Railroad Corporation (herein called the “Western Corporation”) promises to pay to bearer, or if this note be registered to the registered holder hereof, the sum of ONE THOUSAND DOLLARS (,000) in gold coin of the United States of America of or equal to the standard of weight and fineness, as it existed on October 1, 1920 … on the first day of October, 1930, and to pay interest thereon at the rate of four per cent (4%) per annum …
”. It further states that “
… This note is one of an issue of Four Per Cent Ten Year Secured Notes of the Western Corporation limited to the principal amount of Ten million dollars (,000,000) at any one time outstanding … secured by a trust agreement dated October 1, 1920, between the Western Corporation and The Equitable Trust Company of New York …
”. Continuing with the financial obligations and legal terms, this document ends by indicating that “
… In Witness Whereof, The Western Pacific Railroad Corporation has caused this note to be signed in its corporate name by its President or a Vice-President, and its corporate seal to be hereunto affixed and attested by its Secretary or an Assistant Secretary and the coupons for said interest with the fac-simile signature of its Treasurer, to be attached hereto.
”, followed by the date and two blank spaces for the named signatures. All of the foregoing elements are enclosed in a fancy green border, with a circle for the company seal at the bottom, and a design at the top with “
UNITED STATES OF AMERICA
” at the center. This border serves to neatly separate the nineteen interest coupons at the right, with each coupon bearing the name, amount, obligation, and a small vignette depicting a steam locomotive (it is interesting to note that coupon number 1 was never printed on the document). The back features a lovely geometric design, a recapitulation of the principal terms, and a lined area for the transfer and registration of the bond, all printed in green ink. An impressive piece to display, especially with a map of their routes and a photograph of a period locomotive.
Specimens are actual certificates that were printed in very limited quantities for trial or display purposes. Some printers retained them within their permanent archives as the only example of a particular certificate (a sort of template), while others would produce a few examples to be shown to the prospective client to show the quality of work that they could produce. These certificates would normally be stamped “SPECIMEN”, usually in red, and bear a “00000” serial number. They would also feature numerous punch cancellations, generally in sensitive areas involving regular issues (signature lines, coupons). These issues are rare and desirable within the collector’s community.
Though this piece was never issued, it has suffered somewhat from storage following its production. Minor toning is present across the entire surface, imparting to the paper an off-white to light beige hue, significantly more pronounced along the three horizontal and one vertical folds. These folds have weakened the paper, leading to several separations at the edges and along the folds (these can be strengthened with archival tape if the purchaser chooses). As previously noted, cancellation holes are typically found on documents of this type, with this piece being among the norm. Four small cancellation holes are noted where the signatures should be, with one in the engraved signature at the bottom of each coupon. Additionally, the word “SPECIMEN” is printed in the same areas, at the bottom of the principal document and on each coupon (it is also printed on the back). The serial number “00000” appears twice at the top of the obligation, as well as on each coupon. Measuring approximately 15¼ x 16½ inches, this piece would make a great addition to any stock collection, especially one relating to western railroading. A wonderful opportunity to add one to your collection.
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