New Mexico-Colorado Coal & Mining Company $1000 Gold Bond - Terrotiroy of New Mexico 1911
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Beautiful certificate from the New Mexico-Colorado Coal & Mining Company issued in 1911. This historic document has an ornate border around it with the company's name on top center. The top border has a lady's head in it. This item has the signatures of the Company's Vice President and Secretary and is over 95 years old. Over 80 coupons attached on top. Gold Bonds Bonds were Payable in Gold or Gold Coin to give the impression that they were a more secure investment. In reality, they were not more secure since there wasn't any gold set aside as collateral for these bonds. On April 5, 1933, President Franklin D. Roosevelt signed Presidential Executive Order 6102 which invoked his authority to make it unlawful to own or hold gold coins, gold bullion, or gold certificates. The export of Gold for purposes of payment was also outlawed, except under license from the Treasury. On January 30, 1934, the Gold Reserve Act became law which made the ownership of gold illegal except for coins of numismatic value. As a result of this law, Bonds were no longer allowed to be Payable in Gold.