N&W currency

[NW Mailing List]

On Sat, May 3, 2008 at 8:49 AM, Ed wrote:


> Hi everyone,

>

> A buddy of mine was at a flea market in Roanoke last weekend, and he found

> what appeared to be either currency or a bearer note issued by N&W Railroad.

>  He described the note as about an inch wide x four inches long.  A hole has

> been punched in the middle and the back has been stamped.

>

> What is this note and what was it for?



The "Railroad" company was formed when the Atlantic, Mississippi, and Ohio
(AM&O) failed due to financial problems.
This mortgage bond was issued to raise cash to help the new business
recover. Based on the one straight edge,
three rough edges, and the size of the item, it appears this is a coupon
that was attached to a larger document.
The purchaser put up whatever sum of money to purchase this bond, then
removed the coupons on a regular
time schedule to collect the interest being returned on the investment in
the new company. The hole was probably
punched when the coupon was redeemed, to render it invalid and to indicate
that the payment had been made.

The investor may not have made out too well on his purchase, since the
Norfolk & Western Railroad Company
also fell on hard times, leading to yet another reorganization into the
Norfolk & Western Railway Company.

Bruce in Blacksburg
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://six.pairlist.net/pipermail/nw-mailing-list/attachments/20080503/7de19dcb/attachment.html>