George Washington And His Lottery Ticket
The Virginia Gazette described the Mountain Road Lottery as "A Scheme of a Lottery for raising the sum of nine hundred pounds, to make a road over the mountain to the warm and hot springs in Augusta county." The lottery offered 62 cash awards, including a 1,000 pound first prize. Lottery tickets were sold for 20 shillings, with "15 percent to be deducted from the Prizes." Washington recorded writing off 75 unsold lottery tickets.ÂAfter the Revolutionary War, Washington advocated organization of a surveying commission to improve navigability of the Potomac and James Rivers. Washington realized that river navigation would facilitate trade for the benefit of both Virginia and his Mount Vernon estate, located along the shores of the Potomac. Acting on Washington"s recommendation, the Virginia legislature established the Potomac and James River Companies.
In 1785, the legislature presented Washington with a total of 150 shares of stock in the two companies. Washington accepted on the condition that income from the shares, and eventually the shares themselves, be used for charitable purposes. George Washington and his lottery ticket has since become a hot momento that is treasured by many collectors.