The Washington Bond

This is one of the most important documents in US financial history. Known as the “Washington Bond,” this 1792 certificate is from the first Federal bond issue and represents the birth of the US national debt. Alexander Hamilton, the first Secretary of the Treasury, conceived the plan to assume the Revolutionary War state debts by the Federal Government. We fought the war to establish a nation, not 13 individual states.  The new nation required sound public credit, and this was a step to that objective. This particular bond was issued to—and signed by—President George Washington. It represents his Virginia state debt, which was assumed. By accepting the new Federal debt, our first President showed his faith in Hamilton`s plan for the newly-created finance system. Many historians believe this bond also includes the first use of the dollar sign on a US federal document, which you can see on the bottom left of the certificate with the price of $185.95.