Pacific Pearl Company $500 Bond (108064)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:500.00 USD Estimated At:1,000.00 - 2,000.00 USD
Pacific Pearl Company $500 Bond   (108064)
3,000.00USDto b********t+ (750.00) buyer's premium + applicable fees & taxes.
This item SOLD at 2019 Jul 12 @ 11:08UTC-7 : PDT/MST
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Bond No. 61, issued in 1866. Signed by Mark Brumagim as president and George Wrightson as Treasurer. Two vignettes: mermaid with pearl necklace (top center) and nude allegorical woman sitting in giant shell (bottom center). Printed by The Major & Knapp Eng, Mfg & Lith. Co., NY. This company was a venture to harvest pearls and pearl shells in the Pacific Ocean. The first site chosen were the Pearl Islands in Panama. The company formed in New York and had Julius H. Kroehl as their Chief Engineer. For the company, Kroehl invented and built the first submarine able to dive and resurface on its own, the Sub Marine Explorer, in 1866. It operated as a diving bell, but was autonomous as a submarine propeller. The submarine was dispatched to Panama in December 1866. After arriving at Aspinwall, the vessel was transported via railroad to the city of Panama. It was reassembled, tested, and then shipped to the island of St. Elmo. Harvesting continued through the summer, resulting in thousands of pounds of pearl shells and many pearls. As the crew was staying in Panama to return the season's harvest, Kroehl had a fatal recurrence of malaria. He died on Sept. 9, 1867. With no funds to continue harvesting, and without Kroehl's leadership, the crew returned to the New York. In Sept. 1869, they resume harvesting, but many workers became ill and died using the submarine, probably from decompression sickness. The company had plans to harvest off Baja California, but nothing ever came of it. On April 2, 1924, the Company was involuntarily dissolved. Very rare.

Date: 1866
State/Country: Panama
City/County: Pearl Islands