Trading app to offer 80,000 shares in an original copy of the Declaration of Independence printed in 1776 for just $25 each
- Rally, a trading app, purchased one of the 20 original copies of the Declaration of Independence printed in 1776 for $2million
- A total of 80,000 shares in the document will be made available to public in May
- Rob Petrozzo, Rally’s co-founder, said that each share will cost just $25, making it an initial public offering (IPO) of $2million
A total of 80,000 shares in one of the original copies of the Declaration of Independence printed in 1776 will be offered for just $25 each via a trading app next month.
Rally, an app that was launched in 2017 and known for acquiring noteworthy collectibles, purchased one of the 20 original copies of the historic document for $2million. The other extremely rare copies are in private hands.
Starting in May, investors will be able to buy a share of the Declaration of Independence when Rally offers 80,000 to the public.
In an interview with CNN, Rob Petrozzo, Rally’s co-founder, said that each share will cost just $25, making it an initial public offering (IPO) of $2million.
A total of 80,000 shares in one of the original copies of the Declaration of Independence (pictured) printed in 1776 will be offered for just $25 each via a trading app next month
Petrozzo said Rally sets ‘up a marketplace that brings the best and most unique assets to the people who really care about them’, especially during a time when there’s been a surge of interest in collectibles.
‘Saying I just bought 20 shares of stock X, Y and Z, when you put that in a group chat, it’s not as interesting as saying, “I bought a couple of shares in the Declaration of Independence,”‘ he told the network.
Some of the most notable items Rally has hosted stock-market style IPOs for include a Wayne Gretzky rookie card at $800,000, a signed piece of hardwood flooring from Kobe Bryant’s 2016 farewell game at $800,000 and a dinosaur skull at $285,000.
Rally currently has more than 250,000 users.
Since the start of the pandemic, the company has completed 230 offerings on its platform.
On the backend, Rally makes money by charging a sourcing fee of about 7 per cent of the item’s acquisition costs.
Rally also said there’s risks associated with investing in collectibles.
‘Nothing ever goes straight up,’ Petrozzo said.
According to Rally’s website, users invest in an ownership stake in a mini-company that owns and operates a specific asset.
‘If its value rises, so should the value of your shares. If it earns more money than it costs to operate, you can get paid dividends,’ the company’s site says.
The app also matches users with potential buyers when they decide to sell their shares.
‘The value of your investment can fluctuate—in both directions—and there’s no guarantee that there will be a buyer offering your desired price when you want to sell,’ the site reads.
Rally told CNN that the Declaration of Independence copy will be the most expensive item offered on its platform.
The company said the copy was printed in Exeter, New Hampshire, and attributed to printer Robert Luist Fowle.
Rally said the Declaration of Independence copy will be the most expensive item offered on its platform (file image)
According to CNN, it’s is believed to have been handed down in the family of famed engraver Charles Toppan of Massachusetts.
The news comes just a day after an ‘ultra-rare’ autographed 2003 LeBron James rookie card has sold for an NBA-record $5.2million.
The sell tied the all-time mark for sports trading cards set by a 1952 Mickey Mantle in January.
The buyer’s identity was not immediately made public.
The previous NBA record was set in March by a $4.6million Luca Doncic rookie.