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Message:: [QUOTE="gsalexan, post: 2257610, member: 24274"]I'm going to revive this thread because a bond arrived in the mail this week that's a no-brainer to post here. This is a 1948 specimen bond for the New York Bay Railroad, a short line in New Jersey operated by Pennsylvania RR. Specimens were typically printed by the bank note company as a example for the customer to review and for archive copies. At more than $14.5 million, this is the highest denomination bond I've ever owned or even seen. In today's dollars, that represents somewhere around $143 million. The NY Times ran a small blurb regarding this transaction at the time:"The Pennsylvania Railroad Company has asked for bids to be received on Nov. 16 for $14,518,000 of first mortgage bonds of the New York Bay Railroad. The bonds will be dated Oct. 1, 1948, and will mature on Oct. 1, 1973. They contain a provision for an annual sinking fund of $300,000 and will be guaranteed by the Pennsylvania Railroad as to principal, interest and sinking fund." It appears that the Equitable Life Assurance Society of the U.S., looking for a safe place to shelter its assets, answered the call of the PRR for the entire amount. That would indicate that just one bond like this was issued ... and this specimen is probably as close as any of us will ever get to seeing it. [ATTACH=full]447727[/ATTACH] [ATTACH=full]447728[/ATTACH][/QUOTE]