N&W currency

[NW Mailing List]

> The text reads:

> 

> "The Norfolk And Western Railroad Company

> Will pay to the Bearer ON THE FIRST DAY OF Jany [sic] 1895

> at its Office or Agency in Philadelphia or New York,

> TWO 50/100 DOLLARS in gold [illegible] Six months'

> interest on its 100 YEAR [MORTGAGE] BOND"


It is a coupon from a bond.  Specifically bond number 30717.  The punched
hole is to cancel the coupon so the company knew it has been redeemed.  The
illegible part under the hole is likely "coin being".  Philadelphia is where
the company's headquarters were at the time and New York would be offices of
the bank which backed the loan.

This coupon may be from a 100-year 5% mortgage bond issued in 1889.

Back then interest on bonds was generally paid twice a year.  There would be
a sheet of coupons attached to the bond and payment was received by
detaching and presenting the coupon on or after the month and year printed
on the coupon.

David Adams