Result list 1 April 2017

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

Lotnumber: 1238
PARIS. Certificate for £100. black. No 1953. Very large format with a few edge-splits, repaired. Several of the recently independent republics of South and Central America raised loans in London in the early 1820s, and Peru was one of the first of them. It raised two loans, for £1,2 million in 1822 and £616.000 in 1825. They were initially received in London with enthusiasm, but serious doubts soon arose over the bona fides of the first loan, and sales were slow. The agent in London was the merchant banker Thomas Kinder (commission 2%), who arranged the loan with Peru's first (and short-lived) president José de la Rivera Aguero. The second loan was raised under the administration of Bolivar, but was no more honestly handled. It is estimated that only about 50% of the funds raised actually reached to Peruvian Government, after deductions for commissions, transaction fees, advance interest payments, etc. Also, there were many improper payments to officers in the victorious revolutionary army. The independence of Peru from Spanish rule was proclaimed in July 1821 by Juan de San Martin of Argentina. However, it was not complete, militarily, until 1824, and not legally recognised by Spain until 1879. Bond signed by John Parish Robinson, as agent for the Peruvian Government, in Paris, in 1824. Both loans defaulted in 1826. It remained defaulted until 1849, when the then Peruvian Government declared all past unpaid interest to be defaulted, and issued new bonds to replace those of the loans of 1822, 1825 and others.The issue became exemplary for the first Latin American Debt Crisis. Extremely early date for Latin American scripophily, and the only piece known to us. Rarity 12.
Themes: CITY & STATE BONDS
FRANCE, GREAT BRITAIN, PERU
Date: 27 February 1824
Quality: VF
Startprice: € 2000