Result list 1 April 2017

The results of our April sale will be available here on April 2.

Lotnumber: 280
FEZ. 5%Obligation de F500. brown, yellow. #125000. No 106319. Two heavy folds, a little staining and trimmed bottom due to coupon cutting. This is the finest and rarest of all Moroccan bonds. It dates from the troubled period prior to the creation of the French protectorate in 1912. The sultan of the time Abdul Aziz IV (1894-1908) ruled from Fez (where his bond was issued). The country was the object of envy for various European countries (France, Germany, Spain, Britain), but France and Spain were the most successful in obtaining financial, economic and military privileges in different parts of the country. In 1912 these were formalised in the Franco-Moroccan Treaty and the Franco-Spanish Agreement, and the country was finally pacified by 1914 under the two European states. The splendid design, by therenowned Belgian designer Gustave Fraipont, shows scenes of Fez and Tangier, with Moroccans, handcrafts, cactus, etc. The loan was raised in Paris to repay existing French, English and Spanish loans, and was to be repaid from the customs receipts of the eight ports of the Moroccan Empire. By 1929 nearly half of the 125.000 bonds had been repaid, and the Moroccan Government exercised its right to call all the outstanding bonds for repayment in 1929. They then ceased to be quoted on the Paris bourse. Only two other pieces are known to us (one of which in bad condition). Rarity 10.
Date: 12 June 1904
Quality: F-VF
Startprice: € 700