Roubles 720 Pounds 111 Sterling Five per Cent Annuity, 1822
This Russian bond from 1822 is widely recognized as the first Eurobond. Issued by the House of Rothschild in London, Frankfurt, Paris and Vienna, the bond promised payment in European currencies, as well as in Russian rubles. Perhaps more importantly, dividends could be claimed in any of the above cities -- effectively protecting the bondholder from the effects of a continental war -- if you are forced to flee the country, you can take your bonds with you to any one of four safe havens and expect payment! This is certified by none other than Nathan Rothschild -- one of the most famous investment bankers of all time. His signature appears on the upper right hand side of the bond. Missing from the bond are the original coupons -- they were all clipped and exchanged for payment. Although titled an annuity, the 1822 issue was a perpetuity -- a promise by Russia to pay a dividend to the bondholder forever -- or at least until the Revolution of 1917. Pictured in the frame is the last replacement coupon dated.