Previous Lot Next Lot

Auction: 323 - The Numismatic Collector's Series Sale
Lot: 1645

Russell Sage Signs a Put Option (New York) 1880. No.B7868. Partially printed form with an ornate left end panel. Sage agrees to buy 100 shares of the Pacific Mail Steamship Company for 46 1/2 any time in thirty days. (If the market goes down, the seller can profit by purchasing the shares for less than 46 1/2, and delivering them to Sage, who is obligated to buy them at that price.) Sage is credited with introducing the concept of puts and calls. Very Fine+, uncancelled. A rarely seen and historically important piece of financial history.

Sold for
$500