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1877  $50 Thirty-year Registered 4% Consol

$740 Million Issued

Like other sovereign-issue consols, this debt security has no definitive payable date. The bond is redeemable at the pleasure of the Treasury Department after July of 1907.  This security, known on the government's books as the Funded Loan of 1907, was issued between 1877-1879. The interest on this security was paid quarterly: January, April July, and October. The back of this security features the Treasury's transfer form for registered bonds. Also featured are two parallel blue-colored anti-counterfeiting swaths imbedded within the paper itself.

The only $50 registered consol known to exist from this year, and one of two registered 1877 Consols known

1877  $100 Thirty-year Registered 4% Consol

$740 Million Issued

This $100 Registered Consol features a two shilling tax ink stamp. According to the June 17, 1916 issue of the Commercial and Financial Chronicle, the British Government imposed this tax on Americans, domiciled in the UK, on U.S. securities held that were subject to British income tax. The Chronicle was a financial journal styled after the Economist, predating the Wall Street Journal.  Of note also is the fact that, in the case of this particular security, the bond was due to for redemption by the Treasury well before the British tax would have been imposed. 

The second of two registered 1877 Consols known outside the archives of the Bureau of the Public Debt

1877  $50 Consol Quarterly Interest Coupon

Fifty Cents, Payable July 1, 1886

Consols came in both registered and coupon (bearer) forms.  As of today, there is one surviving bearer example from the 1877 issue, displayed at the Higgins Museum of National Bank Notes in Okoboji, Iowa.  There are however several surviving examples of coupons from the 1877 Consol issue.  It is thought that these coupons were clipped and used at times in lieu of coinage.


One of several coupons known from the 1877 issue

Copyright The Joe I. Herbstman Memorial Collection of American Finance 


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