Jay Cooke & Co. Broadside Advertising "Seven-Thirties!"

A 1p printed broadside issued by Jay Cooke & Co. promoting the conversion of one type of government bond into another type, ca. January 1867. The broadside is visually interesting, with a proverbial pointing finger graphic, and a variety of fonts and type sizes on display. Expected wear including folds, wrinkles, isolated stains, and minor chipped edges, else good to very good. 6.75" x 10.625."

The broadside reads in part: "SEVEN-THIRTIES! / We continue to convert all issues of SEVEN-THIRTIES into / 5-20's / And at this time, holders of 7-30's / can make the exchange / AT A PROFIT! / By taking the JANUARY & JULY ISSUES of 5-20's…"

This broadside mentions two types of government bonds, "7-30s" and "5-20s." The first type were called "7-30s" because the principal investment would be redeemed by the government in no fewer than seven years and no more than thirty years from the date of issue, with the additional payout of accrued interest. "5-20s" operated on the same principles but with a shorter time table.

Two specific government securities were touted on the broadside: the Warren & Franklin Railroad, which connected Oil City, Pennsylvania to Irvine, Pennsylvania in the northeastern corner of the state after 1867; and the North Missouri Railroad, linking St. Charles, Missouri to the Iowa state line after the early 1850s.

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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