$25.00 YOSEMITE VALLEY No n RAILROAD COMPANY will pay to the bearer on the 1st day of JANUARY, 1936 in the City and County of San Francisco, State of California at the office of the MERCANTILE TRUST COMPANY of SAN FRANCISCO or its successor as trustee of the trusts mentioned in the annexed bond, the sum of TWENTY-FIVE DOLLARS ($25.00) in gold coin of the United States of America of the present standard of weight and fineness, or equivalent thereto, being six (6) months interest then due on its second mortgage five percent sinking fund gold bond. Yosemite Valley Railroad Company No. n By Julius W. Ellis Secretary

Text of the Y.V.R.R second mortgage bond coupon. The coupon was over stamped with a message to the effect that the mortgage was held by the American Trust Company. The number varies as does the date of payment, July and January. The reverse was a engraving with a large coupon number.