Result list 10 April 2021

The results of our April 10 sale are now online. Unsold items can be obtained in our aftersale until May 9 (first come, first served). .

Lotnumber: 46
PARIS. 7% Bon de F500. Cat. KUL 515. red, black. No 11960. Heavily damaged piece with the right corner cut and the entire right border partly missing. see picture. One coupon attached. This issue should not be confused with the similar looking and much more common 1925 issue by the Lung-Tsing-U-Hai Railway (KUL680). The two are however closely linked: in 1925, the Chinese Government offered to the holders of the 1919 loan issue (7% 20 million francs divided into 40,000 bonds) to replace it by a new LTUH issue at 8% (=KUL 680). Obviously, next to all bondholders will have agreed to these better (higher interest) terms. As a result, bonds of this 1919 issue must be extremely rare. Kuhlmann knew of the issue, and catalogued it as KUL 515, but without picture or rarity code, indicating none had been seen by him. In 2014, the consigner had found 3 pieces. We sold the first two in the past and offer now the last available piece. Its condition is problematic but its rarity is as such that there’s simply no alternative.
Date: 1919
Quality: G
Startprice: € 500