00 The Texas and Pacific Railway Company Gold Bond – SPECIMEN

Description

00 The Texas and Pacific Railway Company Gold Bond – SPECIMEN
Offered for your consideration is a 00 Specimen bond payable in gold, prepared for issuance in the mid-1920’s, but never released. The central vignette depicts a large, powerful period locomotive, Number “
600
”, with its associated tender, upon which is printed “
TEXAS & PACIFIC
”. These marvels of engineering are presented on a track, alone, in a side view, with only clouds in the background. A small area of ground appears below the track, separating it from a dark, shelf-like design element. Above this, presented in an arc, is “
UNITED STATES OF AMERICA
”, while below, in significantly larger letters, is “
THE TEXAS AND PACIFIC RAILWAY COMPANY
” in a decorative frame. This piece is noted as being a “
REGISTERED GENERAL AND REFUNDING MORTGAGE 5% GOLD BOND,
” and was “
DUE DECEMBER 1, 1980.
”. The body of the document features a lengthy financial obligation, stating (in part) that “
The Texas and Pacific Railway Company (hereinafter called the Railway Company), for value received, hereby promises to pay to ______________________ or registered assigns, on the first day of December, 1980, Five Thousand Dollars, and to pay interest on said principal amount from the date of this bond, at the rate of five per cent, per annum, semi-annually … in gold coin of the United States of America, of or equal to the standard weight and fineness as it existed on January 1, 1924 …
”. It further states that this bond was to be “
... issued under, and equally secured by, a mortgage and deed of trust, dated as of January 1, 1924, made by the Railway Company to the United States Mortgage and Trust Company (now Chemical Bank & Trust Company) as Trustee …
”. Additional financial information indicates that “
… The bonds of said Series D are subject to redemption as a whole, but not in part, at the option of the Railway Company on December 1, 1940, or on any interest date thereafter to and including June 1, 1974, at one hundred five per cent of their principal amount and accrued interest …
”, with many terms and provisions following. To validate all of the previously printed conditions “
… The Texas and Pacific Railway Company has caused this bond to be signed by its president or a vice-president, and its corporate seal to be hereunto affixed, and to be attested by its secretary or an assistant secretary …
”, normally followed by the aforementioned signatures (this piece is unsigned due to its Specimen status). All of the forgoing material is enclosed in a yellowish-orange border, with an “
EXTRACT FROM ACT OF CONGRESS APPROVED FEBRUARY 9, 1923
” printed within a rectangular frame (part of the border) at the bottom. Atop the text, printed in the same ink as the border, is “
REGISTERED
”, while the word “
SPECIMEN
” is printed twice where the signatures should be. The original stub, identifying the bond and purchaser, is attached at the left (this would have been retained by the railway at the issuance of the bond). The bond was printed by the “
AMERICAN BANK NOTE COMPANY
”, as evidenced by their imprint at the bottom center, immediately below the frame within the border. The back of the bond features a short recapitulation of the contents, as well as exchange and transfer information. A rare and attractive certificate, perfect for framing with a photograph of a period locomotive (it is possible to acquire a photograph of the actual engine depicted on the certificate, as this was an I-1 class 2-10-4 “Texas” type locomotive built in 1925 by the Lima Locomotive Works for this railway). A great certificate for the advanced collector.
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 or blue, 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.
The Texas and Pacific Railway Company (known as the T&P) was created by federal charter in 1871 and remained in operation until 1976, at which time it merged with the Missouri Pacific Railroad. The original purpose of the company was to build a southern transcontinental railroad from Marshall, Texas to San Diego, California. Though the line never reached San Diego, it did meet the Southern Pacific in Sierra Blanca, Texas.
Though this piece was never issued, it has suffered slightly from storage following its production. Minor toning is present across the entire surface, imparting to the paper an off-white hue. Two small cancellation holes can be seen in each of the signature areas on the principal instrument, with “SPECIMEN” printed between. Several vertical folds are noted, though none of these threaten the integrity of the piece (some minor wrinkling is also noted for accuracy). A previous owner has written the Cox catalog number on the back at the upper left in pencil (easily erased if desired). Measuring approximately 9⅜ x 19 inches (including stub), this piece would make a great addition to any railroad stock collection, especially one relating to Texas or the opening of the American West. 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