1929 Warner Brothers Pictures 00 Convertible Debenture – SPECIMEN

Description

1929 Warner Brothers Pictures 00 Convertible Debenture – SPECIMEN
Offered for your consideration is a 00 SPECIMEN debenture, dated 1929 and payable in gold, though due to the length of the terms, we would have been off the gold standard by the time of maturation (the document is dated only two months before the stock market crash). The central vignette depicts two seated figures, classically draped in the Greek or Roman style. The male figure to the viewer’s left holds a horn in his left hand, while grasping a sword with his right, a Corinthian style helmet at his feet. The female figure at the viewer’s right holds a floral wreath in her right hand and cradles what appears to be a palm frond in her lap. Between these figures is a large wreath, within which is a shield bearing a view of the Warner Brothers studio, above a “
W-B
” logo. The entire vignette is flanked by the denomination on medallions, with “
STATE OF DELAWARE
” at their feet. Below this, printed in large letters, is “
WARNER BROS. PICTURES, INC.
”, as well as “
OPTIONAL 6% CONVERTIBLE DEBENTURE, SERIES DUE 1939
/
DUE SEPTEMBER 1, 1939
” in smaller letters. This is followed by a lengthy financial obligation, which states (in part) that “
Warner Bros. Pictures, Inc, a corporation of the State of Delaware
(hereinafter called the “Company”) for value received, hereby promises to pay to the bearer …the sum of ONE THOUSAND DOLLARS, in gold coin of the United States of America of or equal to the standard of weight and fineness existing on September 1, 1929, and to pay interest thereon … at the rate of 6% per annum in gold coin of the United States of America …
”. Continuing with the financial obligations and legal terms, this document ends by indicating that “
… In Witness Whereof, Warner Bros. Pictures, Inc., has caused this Debenture to be signed in its corporate name by its President or a Vice-President, and its corporate seal to be hereunto affixed and attested by its Secretary or an Assistant Secretary and the coupons for said interest with the facsimile signature of its Treasurer, to be attached hereto, all as of the first day of September, 1929.
”, followed by the company name and two blank spaces for the previously specified signatures. An orange, geometric design can be seen in the middle of the financial obligation, with “
OPTIONAL
/
6%
/
OPTIONAL
” at the center. All of the foregoing elements are enclosed in a fancy orange border, with a circle for the company seal at the bottom, and a design at the top with “
UNITED STATES OF AMERICA
” at the center. This border serves to neatly separate the nineteen interest coupons at the right, with each coupon bearing the name, amount, obligation, and a small vignette depicting a classically draped female bust (it is interesting to note that coupon number 1 has been removed from the document). The back features a lovely geometric design, a recapitulation of the principal terms, and a lined area for the transfer and registration of the bond, all printed in orange ink (a geometric design, as well as the number, appear on the back of each coupon, also in orange ink). This document was printed by the “
AMERICAN BANK NOTE COMPANY
”, as evidenced by their imprint at the bottom of the principal instrument. An impressive piece to display, especially with a lobby card of one of their more famous productions.
The year of issue of this debenture saw Warner Brothers Pictures release approximately 76 films, many of which appear to be lost. During the term of this financial instrument, the studio was famous for producing musicals, as well as inaugurating the crime-gangster film. Among their stable of male stars were James Cagney, Paul Muni, Humphrey Bogart and Edward G. Robinson. Its female stars included Bette Davis, Barbara Stanwyck, Lauren Bacall, and Ida Lupino.
Specimens are actual certificates that were printed in very limited quantities for trial or display purposes. Some printers retained them within their permanent archives as the only example of a particular certificate (a sort of template), while others would produce a few examples to be presented to the prospective client to show the quality of work that they could produce. These certificates would normally be stamped “SPECIMEN”, usually in red, and bear a “00000” serial number. They would also feature numerous punch cancellations, generally in sensitive areas involving regular issues (signature lines, coupons). These issues are rare and desirable within the collector’s community.
Though this piece was never issued, it has suffered somewhat from storage following its production. Minor toning is present across the entire surface, imparting to the paper an off-white to light beige hue, significantly more pronounced along the one vertical and three horizontal folds. These folds have weakened the paper, leading to several separations at the edges and along the creases (these can be strengthened with archival tape if the purchaser chooses). As previously noted, cancellation holes are typically found on documents of this type, with this piece being among the norm. Four small cancellation holes are noted where the signatures should be, with one in the engraved signature at the bottom of each coupon. Additionally, the word “SPECIMEN” is printed in the same areas, at the bottom of the principal document and on each coupon (it is also printed on the back). The serial number “00000” appears twice at the top of the obligation, as well as on each coupon. Measuring approximately 15⅛ x 16½ inches, this piece would make a great addition to any stock collection, especially one relating to classic entertainment. A wonderful opportunity to add one to your collection.
A .95 charge will be added to the winning bid for postage and insurance.
A .00 charge will be added to any item picked up in person at our physical location.
If you have any questions regarding this item, please ask before purchasing.
Buy or Bid with Confidence – American Coins & Collectibles President Richie Self has worked 6 years as a paper money grader/authenticator. He has contributed to numerous reference books within the industry, as well as being a co-author of “The Comprehensive Catalog and History of Confederate Bonds, 2
nd
Edition” with Douglas B. Ball, Ph.D., Henry F. Simmons, M.D., Ph.D. and James R. Desabaye. Mr. Self is a life member of the American Numismatic Association, the Society of Paper Money Collectors, as well as numerous regional numismatic associations. He is an authorized submitter to NGC, PCGS, and PMG, a diamond founding member of Coin Dealers Helping Coin Dealers and a supporter of the Industry Council for Tangible Assets. American Coins and Collectibles can be found at many of the state and local coin shows.
American Coins and Collectibles
Shreveport, LA