PARIS. Titre Prov. Négociable 1 Obligation lib. de F100. Serie 2. black, buff. # 500000. No 93289. Folds and trimmed right bottom border. A little discolouration. Provisional certificate for the 6th Panama Canal bond. The company tried to place 500,000 bonds but only sold about half of them. The reason? In 1879 everybody reckoned that a canal 28 feet deep could be completed for $114,000,000 within eight years. By 1887 (date of this bond), it was concluded that a lock canal, only 15 feet deep, would cost $351,000,000 and would take 20 years to build. The 7 original construction companies had withdrawn from the field, and the entire work was turned over to Eiffel.
Date: 3 August 1887
Startprice: € 50