MADRID. 5% Bond of 37.044 reales. black. No 6407. Two small pieces of paper missing at the top and right border, not into the printed part of the bond. The Spanish royal government started in 1780 to issue 'vales reales', small-value bonds, to boost government finances. However, by 1782 there was already concern over the large quantities issued, and in 1784 a fund was created to provide for their amortisation. In 1798 the government, with French revolutionary seal, confiscated and sold off church properties to repay some of the reales. Their issue continued into the 19th century, and this type is from 1828. This bond is quite different to most pieces we see. Its face value is not a preprinted value of for instance 100 v.r., but hand-filled high value of 37.044 vales reales. Also, its design is more delicate with an elegant border of 3 different heads, leaves, feathers, etc., with the royal coat-of-arms of Spain.
Themes: BANK & FINANCE, BEFORE 1800, CITY & STATE BONDS
Date: 1 January 1828
Startprice: € 200