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Specie Basis Mining Company Stock and Bond (90528)

Currency:USD Category:Coins & Paper Money / Stock & Bond - Mining Start Price:200.00 USD Estimated At:400.00 - 800.00 USD
Specie Basis Mining Company Stock and Bond  (90528)
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Choice mine with nice grouping of 1860's stock and bond. 1) Stock certificate. # 475 for 5000 shares to George Meicke. Signed by secretary William Allen and president RB Gitts. Not cancelled. 25c Insurance revenue stamp. Very attractive early certificate with vignette of miners with headlamps and smaller US coin vignettes in the four corners of the border. "Gold, silver and copper mines in Arizona." FH says the name on this certificate is among the best in western American mines. 2) #386 $100 first mortgage interest warrant. 2 coupons attached. Same signatures. Waterfront vignette. "Gold, silver and copper mines in AZ." Both have condition issues: Small tears, small holes. etc. Specie basis refers to an antiquated monetary payment methodology revolving around gold and silver, which were called specie. The term specie basis refers to payment “in kind” or payment in gold or silver. Unable to find specific reference to the company in J. Ross Brown’s 50pp section on Arizona mines published in 1868. There is a strong possibility, however, 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. This Gitts may be related to the Gitts of the Casa Grande scam. Prag Collection

Provenance: The Fred Holabird Collection
Country (if not USA):
State: Arizona
City/County: Pinal County
Date: 1866, 1869