$1,000 Confederate States of America - CR-89 - 1863 dated Confederate Bond
Inv# CF1155 Bond
$1,000 8% Confederate Bond. CR-89, 16 coupons remain.
Stephen Russell Mallory had the task of building a navy from scratch. The Union had 261 ships (an extra 100 being built), while he had just the captured Norfolk naval yards but had limited engine supply. So he used mines (sank 43 Union ships) and the world's first submarine, the CSS Hunley (which unfortunately sank four times, killing the entire crew). In June 1861, he recommissioned the captured USS Merrimac as the first Confederate Ironclad, CSS Virginia. A Lawyer and brilliant organizer, he was shunned by Richmond society for being too familiar with ladies of dubious virtue.
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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