SOLD
14,000.00CADto floor+ buyer's premium
This item SOLD at 2014 Jun 28 @ 17:48UTC-4 : AST/EDT
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This spectacular 1795 $1000 treasury certificate is one of the most interesting pieces of American financial history ever to be offered by public auction. It has been certified by PMG for authenticity, and is in extremely Fine condition. Dated 20th of July, 1795, the certificate bears interest indefinitely at a rate of 5.5%, and appears to remain unredeemed. If compounded over the 219 years since it was issued, this would now total a redemption value of a staggering $123,676,914.
While it is unlikely the Department of the Treasury would redeem this certificate today, it remains an amazing artifact of an important period of American history. In 1795, President George Washington was working towards building a strong and well-financed national government. As Secretary of the Treasury, Alexander Hamilton was the architect of a new financial system, establishing a national bank, issuing currency, and raising revenue.
In 1795, this Treasury Certificate was one of the first sources of revenue for the young country, and may be seen as the predecessor of the modern “T-Bill”. $1000 in 1795 was an enormous amount of money, and certificates of this value would have been purchased only by the wealthy and elite of the era. The certificate measures approximately 7.25 inches by 13 inches and includes an embossed official seal of Robert Henry Dunkin, Notary Public for the commonwealth of Pennsylvania. It also bears the hand written name of Joseph Nourse, the first Register of the Treasury of the United States. The certificate was issued to “Arthur Cramond & Co. of London”, and this would have been the company’s copy of the registered loan to the United States Treasury.
Research on the original certificate owner is as fascinating as the certificate itself. Arthur Cramond & Co. of London was a merchant firm operating in England that filed for bankruptcy in 1797, two years after the certificate was issued. While Arthur Cramond remained in London, his brother William Cramond was a powerful American merchant, property surveyor and land speculator, acquiring huge tracts of land in Pennsylvania, and building for himself the first gothic-style mansion in Philadelphia (which remains today). Unfortunately, William Cramond likely didn’t enjoy his stunning new home for long, as he was bankrupt by 1806.
The amazing survival of this early financial document likely stems from Cramond’s failure to provide the certificate to creditors upon bankruptcy. Today, it survives as a testament to the development of the United States financial system, and is likely the oldest known certificate from the treasury of the United States.
$1000. 1795. United States . An exceptional example of the oldest known
certificate from the Treasury of the United States. PMG certified for authenticity.
(Extremely Fine condition).
Auction Location:
Downtown Toronto Hilton Hotel, 145 Richmond St., West, Toronto. Osgoode Room., Toronto, Ontario, M5H 2L2, Canada
Previewing Details:
Auction Venue Lot Viewing in the Osgoode Room (3rd floor), Wednesday June 25 to Saturday June 28
11:00 A.M. to 5:00 P.M. Wednesday, June 25;
10:00 A.M. to 5:00 P.M. Thursday to Saturday, June 26-28
Advance Viewing at Canadian Coin & Currency (metro Toronto store and showroom), 10355 Yonge Street, Richmond Hill, Ontario
9:30 A.M. to 6:00 P.M. Friday, June 20;
10:00 A.M. to 5:00 P.M. Saturday, June 21;
9:30 A.M. to 5:00 P.M. Monday, June 23;
BC, Alberta, Saskatchewan, Manitoba - 5% GST
Ontario - 13% HST
Quebec - 5% GST
Newfoundland, New Brunswick, PEI - 13% HST
Nova Scotia - 15% HST
Taxes:
| Tax | Rate | Desc. |
| GST |
5% |
BC Gst |
| GST |
5% |
Alberta GST |
| GST |
5% |
Manitoba GST |
| HST |
13% |
New Brunswick HST |
| HST |
13% |
NFLD |
| GST |
5% |
NWT GST |
| HST |
15% |
Nova Scotia HST| |
| GST |
5% |
Nunavut GST |
| HST |
13% |
Ontario HST |
| HST |
13% |
PEI HST |
| GST |
5% |
Quebec GST |
| GST |
5% |
Sask GST |
| GST |
5% |
Yukon GST |
Buyer's Premiums:
| From (Incl.) | To (Excl.) | Premium |
| 0.00 |
Infinite |
18% |
Additional Fees:
Shipping Details:
17. SHIPPING AND INSURANCE
Unless otherwise instructed, lots purchased by postal bidders will be sent
by registered mail to the successful purchaser. Registration and actual postage
will be charged on all lots shipped by Moore’s. There will also be a $3.00 charge
per lot for the packing and processing of numismatic books and literature.
Lots mailed to addresses not in the United States or Canada will be sent only at the
risk of the purchaser.
Payment Details:
No iCollector pickup at the Hilton Hotel.
Payment must be made to: The Canadian Legacy Sale
Pick up by appointment only after July 1st at:
Canadian Coin and Currency
10355 Yonge Street
Richmond Hill, ON
Payment in Canadian Funds or Equivalent. Terms are strictly cash or approved cheque. Credit Card payments (Master Card & VISA only) accepted. 2% per month interest charged after 30 days on unpaid invoices.
Accepted Payment Methods:
- COD (cash on delivery)
- See Payment Details
- Wire Transfer
TERMS AND CONDITIONS OF SALE
IMPORTANT: All bidders should send completed bid sheets to the address
below. Alternative methods of bidding are:
By Telephone – 1-925-946-0150; By Fax – 1-925-930-7710
1. CONDUCT OF THE AUCTION: VIEWING OF LOTS
The public auction will be conducted at the Dowtown Hilton Toronto Hotel,
Toronto, Ontario, Canada. Auction sessions will be held in Osgoode Room.
at 5:30 p.m., October 24, 2013 (Thursday), at 5:30 p.m., October 25, 2013
2. HOW TO BID
Bids may be made in person at the auction, by mail, fax or by telephone.
Lots will be sold to the highest bidder. Bids are treated as limits. Mail and
Telephone bids must reach the auction firm by 5:00 p.m. on Wednesday October 23, 2013. Answering machine service is available to take bids
(24 Hours) at 1-925-946-0150. You may bid live and view our online catalogue
on our website or on iCollector at www.iCollector.com.
2A. SUGGESTED BIDDING INCREMENTS
$0-99 $5 $8K-17,999 $500
$100-299 $10 $18K-49,999 $1000
$300-499 $20 $50K-99,999 $2500
$500-999 $25 $100K-249K $5000
$1K-1,999 $50 $250K-499,999 $10K
$2K-3,999 $100 $500K + $25K
$4K-7,999 $250
3. IDENTICAL BIDS
If there are identical bids, the earliest received shall take priority. If there
are identical Floor and internet bids, the floor bids shall take priority.
4. BUYER’S PREMIUM
A BUYER’S PREMIUM of 15% (Fifteen Per Cent) will be charged to successful
Floor bidders, mail bidders and phone bidders. An 18% BUYERS PREMIUM will be
charged to all icollector purchases.
5. BIDDING ADVANCES
If there are two or more mail bids, the auctioneer will commence the
bidding at approximately 10 per cent above the second highest mail bid.
If there are no floor bids for the lot, the highest mail bidder will receive
the lot at the opening bid. If there is no mail bid for a lot, the auctioneer
will commence the bidding at 50% of the estimate. If there is no floor
bid at 50% of the estimate, the auctioneer may, at his absolute discretion,
either call for an opening bid from the floor or pass on to the next lot.
6. Advances in bidding are determined by the auctioneer who has the right
to refuse bids deemed not made in good faith. The highest bidder
acknowledged by the auctioneer shall be the buyer. In the event of any
dispute between bidders, the determination of the auctioneer is final.
7. RESERVED LOTS
Reserved lots start at the consignor’s reserve. Lots bid on and purchased
by the owner or his agent are subject to the full commission and buyer’s
premium.
8. MEANING OF ESTIMATES
Estimates represent our best professional opinion for what lots are likely
to sell for on the open market. Most lots sell for between 40% and 150%
of estimate. With a bid of 60% of estimate you have a fair chance of
succeeding; with a bid of 120% you will be very likely to succeed.
Estimates are for the most part from the ‘Trends’ values of Canadian
Coin News, various Charlton Catalogues, and the retail prices from the Canadian
Coin Dealer Newsletter, and other reliable sources.
9. UNLIMITED AND BUY BIDS, BIDS FROM MINORS
No ‘Buy’ or ‘Unlimited’ bids or bids from minors will be accepted.
10. CURRENCIES, EXCHANGE RATES, BIDS, FROM OUTSIDE CANADA
Floor bidding and the calculation of the results of this auction, will be
carried out in CANADIAN DOLLARS. Bids expressed in other currencies
will be converted to the operating currency at the applicable rate. Bids
from customers with U.S. addresses, sent by mail or telephone will be
presumed to be in U.S. funds unless indication is made to the contrary.
11. RETURN POLICIES
Mail bidders may return incorrectly described or misattributed lots for
full credit within 5 days of receipt, except that as consignors must be
paid, late remittance may be cause to negate return privileges, and
absolutely no returns can be accepted for any reason after the expiry of
35 days from the date of the sale. ALL FLOOR SALES ARE FINAL, and no
returns will be accepted from floor bidders (including those acting as
agents for others) for any reason whatsoever.
12. TITLE AND RISK LOTS
Title to all lots remain with the auctioneer until paid in full, but they
Are held at the risk of the purchaser once the hammer has fallen.
12A. GRADING
Grading is a subjective description in the opinion of the cataloguer as
to the state of preservation, method of strike, and overall appearance of
a particular coin. Adjectival descriptions and terminology (which can and
does vary among experts and knowledgeable purchasers), when used in
the catalogue is strictly the opinion of the cataloguer. Where Moore’s
sells a numismatic item graded and/or encapsulated by a grading service,
Buyer acknowledges and agrees that other grading services, Moore’s or
Knowledgeable purchasers might reach a different conclusion as to the
state of preservation. Any such information provided by Moore’s is the
opinion of the third party, Without Recourse against Moore’s in any way
whatsoever.
12B. Moore’s acts as an agent only between Consignor and Buyer. Moore’s
does not represent that any coin catalogued will meet the standards, or
the grade, of any third party or third party grading service; that third
party graded numismatic items will receive the same grade if
resubmitted; that any third party soft flip is secure or that a numismatic
item has a particular provenance. Moore’s hereby disclaims all liability for
damages, incidental, consequential or otherwise, arising out of or in
connection with the sale of any property by Moore’s to the purchaser. All
bidders, even if unsuccessful purchasers, agree to abide by this condition,
and all other conditions of sale.
13. ERRORS OF AUCTIONEERS AND BIDDERS
While we cheerfully correct our errors, we cannot be responsible for the
mistakes of others. Please check your bid sheet carefully. Please note that
Live Bids are executed LIVE on the floor. Moore’s is not responsible for any
missed lots due to network speed or down time.
14. METHODS OF PAYMENT
All lots must be paid for in full in Canadian funds or the equivalent. Terms
are strictly cash or approved cherub/check. Credit card payments are not
accepted. 2% per month interest charged after 30 days on unpaid
invoices.
15. RETAIL SALES TAX
Lots delivered in Ontario are subject to retail sales tax at the current rate
(8%), unless an exemption certificate has been filed with us before the
auction.
16. GOVERNMENT SALES TAX
BC - 12% HST
Alberta, Saskatchewan, Manitoba - 5% GST
Ontario - 13% HST
Quebec - 5% GST
Newfoundland, New Brunswick, PEI - 13% HST
Nova Scotia - 15% HST
17. SHIPPING AND INSURANCE
Unless otherwise instructed, lots purchased by postal bidders will be sent
by registered mail to the successful purchaser. Registration and actual postage
will be charged on all lots shipped by Moore’s. There will also be a $3.00 charge
per lot for the packing and processing of numismatic books and literature.
Lots mailed to addresses not in the United States or Canada will be sent only at the
risk of the purchaser.
18. EFFECTS OF BIDDING
Bidding in this auction constitutes acceptance of the foregoing terms of
sale.
19. RATE OF SALE
Lots will be sold at a rate of approximately 200 lots per hour.
20. PRICES REALIZED
Prices Realized will be published for the Public Auction sale. Prices
realized may, at the discretion of the auctioneer, be published in a future
auction catalogue.
21. ACTS OF GODD, etc: EFFECT ON SCHEDULING OF AUCTION
The Auctioneer reserves the right to postpone this sale by auction of the
property for a reasonable period of time as a result of any act of war,
natural calamity or significant relevant event which, in the judgment of
the Auctioneer, reasonably exercised, makes it inadvisable to hold the
Auction as scheduled.