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HISTORICAL BACKGROUND
After the spectacular success of the Suez Canal, opened in 1869, Ferdinand de Lesseps became one of the most celebrated names in 19th-century engineering. His next great ambition was to repeat that success in Panama by creating a canal connecting the Atlantic and Pacific Oceans.
Thousands of investors supported the project, believing the name of de Lesseps would guarantee another historic triumph. Panama, however, proved far more difficult than Suez. Tropical disease, challenging terrain, rising costs and financial problems eventually caused the French company to collapse and enter liquidation in 1889.
This original 1884 bond is a fascinating surviving artifact from that ambitious project and one of the most famous financial and engineering ventures of the 19th century.
ITEM DETAILS
Issuer: Compagnie Universelle du Canal Interocéanique de Panama
Type: Bearer Bond / Obligation au Porteur
Date of issue: October 1, 1884
Place of issue: Paris, France
Face value: 500 Francs
Interest rate: 4% per year
Serial number: 333106
Issue stated on the bond: 387,387 obligations
Company capital: 300,000,000 Francs
Engraver: Stern, Paris
Coupons: Original partial coupon sheet attached
This impressive large-format French bearer bond was issued by the Compagnie Universelle du Canal Interocéanique de Panama in Paris on October 1, 1884, to help finance the French attempt to construct the Panama Canal.
The bond has a face value of 500 Francs and carries an annual interest rate of 4%. Interest was payable through semiannual coupons of 10 Francs each. The first six coupons are no longer present, while coupons numbered 7 through 33 remain attached.
The elaborate engraved design features ships, maritime scenes and allegorical representations of Asia, Europe, North America, South America, Oceania and Africa. The design symbolizes the international importance of connecting the Atlantic and Pacific Oceans.
Red liquidation-related stamps are visible on the certificate and coupons, adding further historical interest to this example.
CONDITION
Please examine all photographs carefully for the exact condition and any imperfections. The photographs form an integral part of the description.
You will receive the exact certificate shown in the photographs.
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