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Lot 984: EXCHEQUER LOAN 1708
29 October 2016
Brussels, BelgiumLive Auction
Description: 1 March 1708 WESTMINSTER, LONDON. Order of Loan for £400 at 6%. black. Large format with folds and 2 repaired tears. This government bond is secured on the revenues of the 1709 taxes on malt, mum, cider and perry. Interest payments every three months. This is a so-called tally bond, meaning the bond not only consists of this piece of paper (or payment order) but also of a split tally stick in wood. The other half of the stick was kept at the Exchequer so that repayment was only possible if the two halves matched. It was King Henry I who initiated the tally stick systemin England around 1100. The split tally of the Exchequer was in continuous use until 1826. In 1834, the tallies themselves were ordered to be burned in a stove in the House of Parliament, but the fire went out of control setting the building afire (thebiggest fire in London since the Great Fire of 1666). Very early date. Rarity 10.
Condition Report: VF