1838 Stock/Bond Certificate: 'Louisville, Cincinnati & Charleston Railroad' RR

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This is a stunning, exceptionally early bond from the 'State of South carolina, The Louisville, Cincinnati & Charleston Rail Road.' It was issued in 1838 for 250 Pounds Sterling and has three vignettes. Printed by Draper, Toppan, Longacre & Co., Philadelphia & New York. It measures about 12.75" x 7.25" not including the coupons on the bottom and is in generally clean condition with only extremely minor wear.This is the earliest-known railroad bond. An excerpt from a piece by Stephen L. Goldsmith and Douglas Ball: The State of South Carolina was one of the first to realize the economic benefits that could be gained by aiding the construction of railroads, and the State loaned $100,000 to the fledgling South Carolina Canal & Railroad Company (chartered in 1827) to build a 136-mile road from Charleston to Hamburg, which was completed in 1833. It was then the longest line in America. In 1835, hoping to further improve the transportation of cotton from the Deep South northward, a new railroad was chartered, the Louisville, Cincinnati & Charleston. In 1838, to encourage the expansion of the road to the state capital, Columbia, the State of South Carolina agreed to guarantee the issue of 200,000 Pounds of 5% Sterling Railroad Bonds for every $500,000 worth of shares sold. The bonds, due in 1866, were to be sold in Europe through the Agency read more

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