Bond Signed by Washington Auctioned|
December 04, 2013
An exceedingly rare U.S. federal bond, issued to and signed by George Washington while he was president, was the star of the Archives International Auctions Part XVI sale, Oct. 19 and 22. The sale was held in conjunction with the Third Annual Wall Street Coin, Currency and Collectibles Show in New York. One of only three known, the bond brought $265,500, which includes an 18 percent buyer’s premium.
The bond signed by Washington on Jan. 17, 1792 was issued by the United States Loan Office, payable to “George Washington, Esq., of the County of Fairfax or his assigns, the sum of One Hundred and Twenty Three Dollars and Ninety Nine Cents assumed debt bearing interest at six per cent [per annum, beginning Jan. 1, 1801].”
It was the first loan issued under Treasury Secretary Alexander Hamilton’s plan for the federal assumption of debt to liquidate the state and foreign debts under the newly formed federal government. Washington endorsed the bond: “I request the within debt may be carried to my credit on the books of the Treasury of the United States, Oct. 1st, 1974.”
For additional information, contact Archives International Auctions, 1580 Lemoine Ave, Suite 7, Fort Lee, N.J. 07024; telephone (201) 944-4800; or visit www.archivesinternational.com.
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