Lot 215
Confederate States of America... 7 PER CENT COTTON LOAN 20 year Bond.. issued 1863 to mature in 1883 Originally had 40 coupons attached... 13 have been clipped... 27 remained. Amazing piece of Financial History. Issued in Europe to help finance the Confederate States of America Series D, No 2086 issued for L100 (100 pounds sterling) or F2500 (2500 French Francs) Underwriters were Schroeders (famous UK Bank) and Erlanger (famous French bank) Dual currency, commodity backed, convertible into cotton at holders option. The failure of King Cotton diplomacy was merely a tactical blunder with no reflection on the power of cotton. The imaginative and brilliant financing of the cotton-backed Erlanger bond, launched in Europe in March 1863, epitomized the potential of cotton credit. The Erlanger bond, named after the powerful French banking house Erlanger & Cie., was a dual currency, one commodity bond. Through it the Confederate States of America attempted to borrow 3 million pound sterling or 75 million French francs for 20 years, priced at 7 percent. Investors could receive coupon and principal payments in either pound sterling or French francs, and were given the additional option of taking payment in cotton at a fixed price. The high-risk Erlanger bond was oversubscribed, and the price fell within a few months. The Erlanger bond quickly became one of history's most important junk bonds. During the American Civil War Charles Walsh was a prominent Southern sympathizer in the North and a key figure in the "Camp Douglas Conspiracy." He was also a high-ranking member of the Sons of Liberty, a secret Copperhead organization that opposed the war and supported the Confederate States of America. Beyond his clandestine activities, search records indicate a "Charles Walsh" served as the President of the Bank of Mobile in Alabama during the war. In this capacity, he was involved with the Confederate State Department and Treasury, specifically regarding interim depository receipts and financial communications with Alabama's Governor A.B. Moore. Please ask specific questions on details, condition, and shipping prior to bidding, ALL ITEMS ARE SOLD AS IS, and the bidder will be responsible for payment. We box and ship what we can to keep costs low, and use USPS and UPS. Large items, extremely fragile, and high value items will be packed by UPS. Quotes available on request
- Dimensions: 23" x 30" framed
- Condition: Excellent Condition
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| From: | To: | Increments: |
|---|---|---|
| $0 | $49 | $5 |
| $50 | $99 | $5 |
| $100 | $199 | $10 |
| $200 | $499 | $25 |
| $500 | $999 | $50 |
| $1,000 | $2,999 | $100 |
| $3,000 | $9,999 | $250 |
| $10,000 + | $500 |