Civil War-Era Jay Cooke & Co. Broadside Advertising "U.S. 10-40's"

A 1p printed broadside issued by Jay Cooke & Co. advertising a new generation of government bonds that would shortly become available for sale, ca. March 1864. A few corner wrinkles and negligible edge wear mentioned just for accuracy, else near fine. Discretely stamped " From Mr. Frank S. Stone / December 15, 1942" verso. 6.625" x 9.125."

The broadside is emblazoned with the headline: "New Loan / U.S. 10-40's / Jay Cooke & Co." These government bonds were called "10-40s" because the principal investment would be redeemed by the government in no fewer than ten years and no more than forty years from the date of issue, with the additional payout of accrued interest. Interest payments were issued semi-annually, in March and September. 10-40s issued during the Civil War included registered and coupon bonds available for purchase in denominations between $50 and $10,000.

Jay Cooke, a successful and intrepid Pennsylvania banker, had established the eponymous banking firm in January 1861. Cooke worked closely with the U.S. Treasury during the Civil War, and his generous loans and adept fundraising campaigns enabled the Union Army to pay its bills. Jay Cooke & Company declared bankruptcy in September 1873 after it became overextended in railroad investment at the onset of the Panic of 1873.

This item comes with a Certificate from John Reznikoff, a premier authenticator for both major 3rd party authentication services, PSA and JSA (James Spence Authentications), as well as numerous auction houses.

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