50 Highlights Teil 2 der 52. Auktion für Historische Wertpapiere Part 2 of the 52nd Auction for Old Stocks and Bonds Часть 2-я 52-го аукциона антикварных ценных бумаг

5 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 econo- mic development most important and rarest stocks and bonds of our auction. Money was rare in most of the history. One consequence was that there was a competition for money. Businessmen had to calculate carefully which invest- ments are profitable and which they better not do. The interest rate is the price of money. The higher the interest rates, the higher must be the return of an investment in order to be profitable. Shares had to deliver attractive earnings and dividends to win the competition against bonds. In both cases the certificates were often very decorative, someti- me a bit too cocky. They had the purpose to attract the money of investors and to win the competition. And nowadays? Money lost its price several years ago. Central Bank and go- vernments flood markets with money. Interest rates are very low, in several cases even negative. Money has no more prices. We can see this at the stock markets, where investors hunt for the obviously easily earnt money. Large companies like Apple or Starbucks are lending money and buying back shares with this money. They do this even the book value is next to zero or even nega- tive. Why using equity, when you can get debt financing for free? You can see the effect even more clearly at the markets for crypto currencies. These markets build speculative bubbles like seen at the top of the New Econo- my boom, or as we have seen in historical speculation bubbles like the South Sea Bubble. After the asset prices, now also the prices for goods of daily usage begin to rise. Is inflation back? At the moment it is not clear if this rise is only the result of basis effects and temporary supply shortages or if it is the beginning of a new area. I invite you to start your own journey through five centuries of financial hi- story. Look out for parallels to today’s situation. The auction of the 50 highlights will take place on 18 September 2021 starting at 3.30 p.m. in Zor- neding. Use this unique opportunity and write your own chapter of financial history. Sincerely yours, Matthias Schmitt Share in a ship, issued 1647. Superb designed share ceritficate of the Royal Textile Manufacture of Abeville, France. Superb designed share certificates helped the company to convince investors to put their money into the company.