[Confederate Bond]:

$500 · Offered by William Reese Company

[$5 ARKANSAS WAR BOND]. A most unusual Confederate war bond issued by the state of Arkansas. Only one coupon has been clipped, possibly indicating early default. "THE STATE OF ARKANSAS Five Years After 1st July, 1861, promises to pay J.W. McConanghy or Bearer Five Dollars, with interest at the rate of EIGHT per cent per annum, payable at the Treasury on the 1st of January and July of each year. This will be receivable at par for State Revenue, for Lands, and any debt due the State, in her own right, or as Trustee. August 17th. 1861. Countersigned W.R. Miller, Auditor. O'Barham Treas...." A rare and attractive piece of Civil War ephemera.

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