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Abkürzungen / Abbreviations
Abkürzungen und ihre Bedeutung:
Abb.
= Abbildung = Picture
AG
= Aktiengesellschaft = Joint-stock company
Faks
. = Faksimile-Unterschrift = printed signature
Nr.
= # = Nummer = number
o. D.
= ohne Datum = without date
o. Nr.
= ohne Nummer = without number
RM
= Reichsmark = reichsmark (old German Currency)
OU
= Original-Unterschrift = original signature
KB
= Kuponbogen = all coupons
KR
= Kuponreste = rest of coupons
DB
= Doppelplatt = double sheet of paper
RB
= Reichsbankschatz = Reichsbank Hort
Maße:
Alle Maße sind in cm in der Form Höhe mal Breite angegeben.
All measures mean hight x width (1 cm = 0,3937 inch).
Erhaltungsgrade:
UNC
= uncirculated, neuwertig, vollständig erhalten, ungefaltet,
außer zwischen Mantel und Kuponbogen, Papier sauber (ohne
Flecken), ungelocht usw.
EF
= extremely fine, außerordentlich fein, fast neuwertig, vorzüg-
licher Zustand, sehr leichte Gebrauchsspuren, im Mantel
höchstens einmal gefaltet (dies darf nicht zu streng genommen
werden, denn da die meisten US-Bonds großformatig sind,
wurden sie auf Westentaschenformat gefaltet, dies stellt aber
keine Wertminderung dar).
VF
= very fine, sehr fein, gefaltet, mittlere Gebrauchsspuren,
schwach gefleckt, kleinere Randeinrisse, Klammerlochungen usw.
F
= fine, stärkere Gebrauchsspuren, mehrmals gefaltet, mäßig
starke Flecken, leichte Risse sowie kleinere Fehlstellen in der Falz
möglich usw.
Introduction
We welcome you to our journey through five centuries of financial history.
In this catalogue at hand we present the 50 finest, most interesting, for the
economic development most important and rarest stocks and bonds of our
auction. I invite you to study the stories of the 50 bonds and shares and to look
for parallels with today’s financial world.
Tough times for savers, especially for German savers. For decades, they
preferred safe products like bonds, building loan contracts and endowment
policies. But there is no interest in times of financial repression and negati-
ve interest. Investors have to pay interest, if they want to invest in German
government bonds, to invest their money save. Considering the many unpaid
government bonds we present in this catalogue, investors should reconsider
their attitude. Politicians are not the best investment managers as a more than
200 year old example proofs. Robert Morris was American Minister of Finance
between 1781 and 1784, but went bankrupt with his land speculation. Several bills of ex-
change, which were signed by Morris, failed. He had been sent to jail for three years. The
famous politician died as broken man in 1806.
Entrepreneurs act quite different than politicians: They adjust their business model to the
changing environment. You will be surprised how many companies exist for more than 100
years. A prime example is American Express. In 1841, Henry Wells undertook his first „ex-
press“ trip by rail and stagecoach. In his luggage he included gold, silver, paper money, and
stocks and bonds. In its beginning years, American Express offered no financial services,
but the company had many large banks and brokers as their customers. American Express
realised that transporting share certificates, currencies and other bank products is much
more profitable than transporting heavy freight. In 1882, money orders got part of the ser-
vices American Express offered. The first traveller cheques were offered in 1891. American
Express entered the card business not before 1958. The first Credit Card, called Optima
Card, was offered by the American Express Company in 1987. Round about one fourth of
all Credit Card transactions in the United States are done with an Amex-Card nowadays.
Especially for German savers this should be a lesson: Investing money in supposed safe
investments like government bonds and other interest bearing products is an uncertain
investment on the long run. The prices of shares and other real values might decline for a
short- or midterm period, but on the long run it will be a profitable investment.
I invite you to start your own journey through five centuries of financial history. Look out
for parallels to today’s situation. The auction of the 50 highlights will take place on 16 April
2016 starting and 3.30 p.m. in Würzburg. Use this unique opportunity and write your own
chapter of financial history.
Sincerely yours,
Matthias Schmitt
Founder‘s Share of
American Express with
the original signature
of HenryWells.
Share Certificate of the Pennsylvania Population
Company, issued to Robert Morris