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Lot 976: GERMAN EXTERNAL LOAN 1924 (4 pieces)
29 October 2016
Brussels, BelgiumLive Auction
Description: 1953 BAD HOMBURG. 1. Non-interest bearing scrip certificate, due 1972. 2. 3% Temporary bond with coupons $100, due 1972. 3. Same, $1000. 4. 5,5% Temporary bond with coupons $1000, due 1969. All specimens with cancellation holes and printed by the Bundesdruckerei. Text in English. 1-3 are part of the "funding issue" while the last one is part of the "extension issue". In this and the following lots, we offer a number of temporary bonds (all specimens) relating to the London Agreement on German External Debts from 1953. The agreement dealt, amongst others, with the old German debt resulting from the Treaty of Versailles (end of WWI) for a total outstanding amount of 16 billion marks which had not been paid in the Interbellum (1924: Dawes Plan, 1930: Young Plan), but which Germany decided to repay to restore its reputation. By the 1953 agreement, the German Government agreed to repay all Young bonds and the earlier Dawes bonds, other than those stolen by the Soviets at the end of WW2. The agreement significantly contributed to the growth of the post-war German economy and reemergence of Germany as a world economic power.
Condition Report: EF