Why wasn't it taxed on July 1, the date it was accepted? Was the Consolidated Kansas City Smelting and Refining Company unsure about whether or not tax was due -- it was written June 25, 1898 some 5 days before the tax went into effect; or didn't they have any stamps on July 1, or? The new tax stamps were hard to come by in New York City on July 1, 1898 and it might have taken Consolidated a day to acquire some or to find out that, yes, even though the draft was written prior to the effective date of the new tax law, the tax was required as the payment date, the relevant date for taxation, was after July 1.
It's a nice early usage of a pair of the R171 50-cent battleship documentaries, properly paying the 2-cent per $100 in face value tax on a $5,000 inbound bill of exchange. Their usage suggests that the $1 Commerce issue may not have been available in New York on July 1.
Detail Showing July 1, 1898 Accepted Handstamp of CKCSRC
and cancels on the 50-cent stamps
JUL 2 1898
International Metal Co. (double strike)
Curiously the stamps are cancelled with a single-line handstamp of the INTERNATIONAL METAL CO. Like the Consolidated Kansas City Smelting and Refining Company, the International Metal Company was a huge mining firm doing business in many Western States and then US Territories as well as in Mexico. The firms may not have been directly related, but they shared some common directors. Maybe Consolidated got the 50-cent tax stamps from International?
We'll likely never know, but it sure is a nifty draft and our thanks go to JW Palmer for sharing it.