George Washington and his Lottery Ticket

George Washington and his lottery ticket came about because of his involvement in building a mountain road to access to the natural healing waters of Hot Springs and Warm Springs in Bath County.  Washington saw an opportunity to commercialize his nearby landholdings and a lottery was organized in 1768 with Washington as manager.  Washington’s signature on each lottery ticket added credibility to the lottery

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.  Tickets were sold for 20 shillings, with “15 percent to be deducted from the Prizes.”  Washington recorded writing off 75 unsold tickets. 

After 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 collectible.

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