Lot 1966
1873. Open 3. PCGS graded MS-62+. CAC Approved. A nice frosty lustrous and untoned coin. The luster on this date is particularly attractive. Year of the infamous Credit Mobilier scandal. During the 19th century, the federal government in Washington, D.C. as it is today, was generally happy to do favors for Wall Street financiers. Railroad tycoons, who often used their company stock certificates as vehicles of extravagant speculation, enjoyed subsidies, tax exemptions, loans, and a whole smorgasbord of financial fringe benefits supplied by pliable congressmen and senators (not to mention armadas of state and local officials).
The Crédit Mobilier was a joint-stock company organized in 1863 and reorganized in 1867 to build the Union Pacific Railroad. It was involved in such a scandal in 1872 in which high government officials were accused of accepting bribes, that the firm finally blew up in the credit collapse and ensuing Panic of 1873. (The Enron or Bear Stearns of its day.) (PCGS # 8967) .
Estimated Value $4,000 - 4,400.
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| Realized $4,583 |
