PARIS. Rente viagère de 55 Livres-édit de February 1724. black. No 25958. The Compagnie des Indes was founded in 1664 by Colbert and was granted the state monopoly of trade with the East Indies and the Pacific. Early in the reign of Louis XV, in 1719, John Law incorporated the Compagnie des Indes and the other established trading companies, being the Senegal, the Chinese, the African and the Sainte-Domingue companies into one new entity, the Compagnie d'Occident, otherwise known as the Compagnie du Mississippi, itself founded in 1717. The whole company was renamed Compagnie des Indes. At this time there was wild speculation in the Company's shares, these rising to 4.000% of the par value, but then fell catastrophically in October 1720. Some investors had made a fortune, the majority had lost heavily and many were ruined. Nevertheless the company survived, and made three issues of rentes in the eighteenth century (1724/1748/1765). What we offer here is the earliest type, Shakespeare Ref. CI.1. In 1723 the crown granted certain privileges to the Company. Among these were the tax-farm of the exclusive right to sell tobacco and coffee, and also the right to hold national lotteries. In these, certain prizes were to be in cash, and others in rentes viagères, in the form of a tontine of 28.750 names. As a name died, one-half of its interest would accrue to survivors, the other half being cancelled. Numbers were drawn in a lottery to qualify for the increase due on account of deceased lenders. This process continued at least up to the 1760's. (Source: France - The Royal Loans 1689-1789 by H. Shakespeare). Extremely rare.
Themes: BEFORE 1800, CITY & STATE BONDS
Date: 13 January 1725
Startprice: € 800