Specie Basis Mining Company Bond, 1866 [111875]

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:100.00 USD Estimated At:200.00 - 400.00 USD
Specie Basis Mining Company Bond, 1866  [111875]
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Cert. #181, issued for $100 in 1866. Inc. in Pennsylvania. The company operated gold, silver and copper mines in Arizona. Specie basis refers to an antiquated monetary payment methodology revolving around gold and silver, which were called specie. Although unlisted in J.Ross Brown in 1868, there is a strong possibility that this company is directly related to the Specie Pay mine. In 1882, Burchard reported the Specie Pay mine was driving a new ore tunnel in 1881 averaging $42 per ton. It had apparently been reactivated after some time of dormancy. Hamilton, in 1884 cited this mine as the key mine in the district along with the Alice mine. The ore was reported to run $30 per ton, and a mill was erected on the Alice about 1882, producing pay ore on a regular basis. Burchard had noted that the district was in desperate need of a custom mill, and the Alice mill must have been a welcome addition after years of prospecting with no local reduction works. The district is about 15 miles northeast of Florence in central Arizona. The chances of the Specie Basis Mining Co and a Specie Pay mine being related are extremely high. These are uncommon terms not used haphazardly. The bond is VF and there are 15 warrant coupons at the bottom.

Country (if not USA):
State: Arizona