Possibly unique Commutation specimen ticket by the Continental Bank Note Company, New York.
The Pennsylvania Railroad (or Pennsylvania Railroad Company) was an American Class I railroad that was established in 1846 and was headquartered in Philadelphia, Pennsylvania. It was so named because it was established in the Commonwealth of Pennsylvania.
By 1882, the Pennsylvania Railroad had become the largest railroad (by traffic and revenue), the largest transportation enterprise, and the largest corporation in the world. Its budget was second only to the U.S. government. The corporation still holds the record for the longest continuous dividend history: it paid out annual dividends to shareholders for more than 100 consecutive years.
Founded in 1863 by Waterman Lilly Ormsby, the Continental Bank Note Company (ConBNC) promised greater efficiency and profitability than its competitors. It combined business acumen, independent and highly-skilled engraving, and well-connected entrepreneurs to secure important contracts, among them the U.S. Treasury Department’s sole currency contract. Continental Bank Note Co. triumphed where National Bank Note, American Bank Note, and others failed. CBNCo also secured the sole contract to print U.S. postage stamps. On 1 May 1873 the firm became National Bank Note Company’s successor. In 1879, CBNCo. merged with the American Bank Note Company.