This certificate should be in the collection of all scripophilists! Kona and Kau Railway 6% 30 year Guaranteed First Mortgage Gold Bond, Incorporated in 1901 in the TERRITORY of HAWAII, many years before Hawaii became a state. Nice intricate vignette of an oncoming train. Issued in 1902, never cancelled. This is a bearer bond. This document is important for several reasons: it's from Hawaii, it's railroad related, it's a Territorial, it's a gold bond, and it's uncancelled. There are one and a half pages of coupons (6-9, 16-20, 26-60). There is some light moisture staining along the top due to the humidity in Hawaii and the signature of the vice president is very light, otherwise it is in fine condition. A nice larger size vertical format bond.