Result list 31 October 2020

The results of our October 31 sale are now online. Unsold items can be obtained in our aftersale until November 29 (first come, first served). .

Lotnumber: 559
PARIS. Reçu DE 50 centimes sur 1 action de 5 Fr. black. No 292. Small format with burn hole. Bank founded 1849 in Paris by the famous anarchist Pierre-Joseph Proudhon (1809-1865). He was especially known for his criticism on economic property, described in 1840 in his book "Qu'est-ce que la Propriété" (1840: "What is property?") which inspired other anarchists like the Russian Peter Kropotkin. According to Proudhon, property should be considered as a form of theft ("la propriété c'est le vol"). He was the first person to call himself an anarchist and is considered the founding father of anarchism. Between 1940 and 1847, he and Karl Marx maintained a regular correspondence, influencing each other’s ideas. The bank's strategy was based on 3 fundamental principles: (1) abolition of metal coverage of bank notes and (2) general spread of the bills of exchange, which both should finally result into (3) free credit. According to Proudhon, the bank had to become common property of thousands of small investors, so that it would only serve the people's interests and not those of an anonymous state or a few big `bourgeois' private investors. The "Banque de Peuple" aimed to abolish the gold coverage and stimulate economic activity more directly by issuing bank notes covered by bills of exchange exchangeable for real merchandise like food, clothes,... Notwithstanding 20.000 interested investors, in the end only 3.600 subscribed the 5 francs shares. The resulting collected capital of 18.000 francs was far below the legally required capital of 5 million francs for a bank and even below 50.000 francs, the minimum capital required by the statutes. Proudhon also expected to make use of the profits of his anarchist newspaper "Le Peuple" to finance the bank. However, this newspaper was fined for 20.000 francs at the moment that he ordered the necessary paper for the bank notes. Eventually, the new bank was already liquidated in April 1849 and Proudhon himself was also condemned to prison for 3 years because of insulting the French president in the newspaper "Le Peuple". Not surprisingly, there's very little scripophily inspired by the anarchist movement. As a matter of fact, we have only once seen, and auctioned a 5 fr. share from this bank, and can now offer a 50 cents part (first instalment?) of such a 5 fr. share. According to some, also considered a banknote.
Date: 1848
Quality: F
Startprice: € 500