Result list 1 April 2017

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

Lotnumber: 347
ANTWERPEN. 4% Obligatie 400 Gulden 2e Classe. black. No 48. The tontine, first proposed by the Italian financier Lorenzo Tonti, was a type of life-insurance by which a group of people each invested a fixed sum of money; when a member of the group died, his share was added to the shares of those remaining alive. The last survivor received the whole capital. This principal has been used in many countries of Europe over several centuries, although has become illegal in some countries because it led to an increase in the murder rate! The persons whose lives were insured were divided into 5 classes, of approximately the same age; the rate of interest paid depended on the class - the younger the persons, the longer the interest would be paid, and the lower the rate. In this case, the object was to raise 100,000 guldens (20,000 guldens in each class), to improve the municipal workhouses for the poor people in Antwerp, in particular to expand and rebuild the Sinneloos-Huys. The investor, Jean-Baptiste Cogels, was a leading banker, from a famous Antwerp family. He invested 400 guldens on the life of Albertus Stier, aged 24. Stier came in the 2nd class (persons aged from 15 to 25). The investment earned 4% per annum. The capital would be returned only when the last person in this class died, when the investor (or his heirs) would receive the whole 20,000 guldens capital of this entire class. We know only of this one piece, hence rarity 12.
Date: 1769
Quality: EF
Startprice: € 1500