State of New York Gold Bond (1921) — $50,000 — George W.B. Gorman — 5% Interest

A Collectible State of New York Gold Bond (Issued 1921)

Preserve a piece of early 20th-century American finance with this $50,000 State of New York Gold Bond, issued in 1921 to George W.B. Gorman. Issued by the Comptroller’s Office, this bond is a striking example of how New York financed major infrastructure projects using gold coin and formal constitutional debt mechanisms.

Key Bond Terms

• Issuer: New York State Comptroller’s Office
• Bond Amount: $50,000
• Issued To: George W.B. Gorman
• Payment Standard: Payable in gold coin of the United States, standard of weight and fineness
• Payment Location: Bank of the Manhattan Company (now JPMorgan Chase)
• Maturity / Payable: 1954
• Interest Rate: 5%
• Signature: Hand-signed by the Deputy Comptroller

Financing New York Highway Improvements (1912–1921 Legislation)

This bond is connected to New York’s major highway-building financing framework:

• Chapter 298 of the Laws of 1912: Authorized a $50,000,000 state bond issue for highway improvement, subject to a voter referendum.
• Chapters 358 and 545 of the Laws of 1921: Provided subsequent financing and appropriations for state and county highway construction, including route adjustments and funding distributions following World War I.

Constitutional Redemption Framework (Article 7)

Under the New York State Constitution, Article 7, state debts contracted through these acts were structured to be redeemable at maturity through constitutionally mandated sinking funds and governing revenue mechanisms. This created dedicated funding pathways to support principal and interest payments.

Why Collectors Want Gold Bonds Like This

• Vintage authenticity: issued in 1921 with official comptroller issuance
• Gold coin terms: payable in U.S. gold coin with standard weight and fineness
• Strong historical tie-in: connected to New York highway improvement legislation
• Premium detail: hand-signed by the Deputy Comptroller