Stories of lucky breaks and millionaires there are manybut they almost always have a common denominator: we speak in singular. That is why what happened in a small town in Florida whose families were going through serious difficulties to get ahead is so special. Even today, the enclave continues to seem like a nondescript and inhospitable town. But don’t be fooled, a large number of millionaires still live there among the people. And all thanks to Coca-Cola.
Quincy and the banker. This is the name of the town in one of the most fascinating stories of the United States economy. There, in the midst of the Great Depression of the 1920s and 1930s and with part of the census in serious difficulties, a figure appears who was going to change everyone’s lives. Your name: Pat Munroean astute banker, a businessman who focused on a key detail to convince all citizens.
No matter how impoverished they were in Quincy or how dire the financial situation of the families, the man observed that almost religiously, people spent every penny on a nice ice-cold glass of Coca-Cola. What if that devotion turned it into a stroke of luck?
Coca-Cola in a bag. The sugar giant It went public in 1919 at $40 a share.but a conflict with the sugar industry and its bottlers caused a 50% drop shortly after, when it reached $19 per share. Put another way, there was a time in history when Coca-Cola was trading for less than cash in the bank and its stock was extremely cheap. And among others, Munroe was at the right time.
The bargain of the century. What did he do? Invest. The man began to acquire Coca-Cola shares as if there were no tomorrow. However, he did not do it alone. He encouraged all his acquaintances and friends of acquaintances in town to buy a stake in the company.
Focusing on bottom line profits and brand power, Pat Munroe kept buying and buying. And as he did so he kept telling everyone in Quincy who would listen to him to buy too. He took advantage of the trust and respect the community had for him and went on a crusade to get anyone who could to get on the Coca-Cola train.
Loans for shares. The man was so sure of his success that every time a person went to his bank to ask for a loan, encouraged him to accept another in exchange for shares. Farmers, shopkeepers, teachers: absolutely anyone who could spend money was tempted by Munroe.
For the banker, the fact that Coca-Cola shares were at $19 each was an opportunity that no one in the city should escape. That is why he never tired of urging people to buy and, almost as important, to remain firm in the decision regardless of the market fluctuations that occurred in the short term.
The ball Finally, the banker’s observations turned out to be a historic success. Quincy, an eminently agricultural city, not only stayed afloat in difficult times thanks to Coca-Cola dividends, brought a wealth that is still studied in universities. In fact, the enclave became the richest city per capita in the entire United States for a time, and dozens of its inhabitants were nicknamed “the secret Coca-Cola millionaires.”
People who trusted Munroe’s good eye and invested all their money (and what they didn’t have), and who amassed enormous fortunes with those first shares, which they then passed down from generation to generation, turning them into the eponymous Coca-Cola millionaires, ones who, effectively, established entire dynasties of financial prosperity that transcended generations.
How much are we talking about? It is difficult to speak in total terms, but to give us an idea of the money, in 2013 it was made a study evaluating what happened in Quincy. The results showed that a single share with reinvested dividends was worth $10,000,000. $270,000 in pre-tax cash dividends would be sent to the owner by sending a check for approximately $67,500 in March, June, September and November of each year.
Thus, if the great-grandmother and the great-grandfather on duty had acquired a round lot of 100 shares for between $1,900 and $4,000, depending on the purchase price, they would have more than a billion dollars, excluding the effects of estate taxes. By the way, the current value is considerably higher, since the stock has more than doubled its price since then and the quarterly dividend now exceeds $0.53 per share.
Money for crisis. That investment has been a lifesaver every time a tough time approaches. When the local economy was supported by coca and the crisis arrived, tail dividends. In fact, these assets have supported the city through every recession since.
When crops failed, it was Coca-Cola money that kept people employed. When the national economy collapsed, it was Coca-Cola’s cash that allowed people to stay in their homes. When times were good and Coca-Cola was cheap, they bought more shares.
Quincy today. It is a unique story, because it is unusual. Every family that amassed a fortune then passed it on to their children and grandchildren, in some cases through direct donations and in others through the use of trust funds. Even the bank where it all started has a Coca-Cola on display and, according to data from the early 2010s, a staggering 65% of trust assets under management were still invested in Coca-Cola stock.
Quincy’s appearance today is not much different from the Great Depression era. It remains a quiet and eminently agricultural city with a population around to 7,000 inhabitants. But don’t let your eyes fool you, some of the grandchildren whose families built an empire, that of the secret Coca-Cola millionaires, still walk through those streets.
A version of this article was published in July 2025
Image | PXHere, Ebyabe, PXHere
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