75 Highlights Teil 2 der 61. Auktion für Historische Wertpapiere Part 2 of the 61st Auction for Old Stocks and Bonds

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 eight centuries of financial history. In this catalogue at hand we present the 75 finest, most interesting, for the economic deve- lopment most important and rarest stocks and bonds of our auction. When I talk to other investors on the stock markets after what has been a rather meager first half of the year, I keep getting the feeling that they are citing all sorts of arguments against investing: there is the terrible war the Russians are having against Ukraine, there is uncertainty as to whether we will have enough gas in the winter or runaway inflation. There are enough reasons not to invest. The Preussische See-Assecuranz-Compagnie from Szczecin provides a good example here. As early as 1770, the See-Assecuranz-Gesellschaft, which was licensed in Berlin, had opened a branch in Szcezecin. The offer met with little response and so she soon stop- ped working. Nevertheless, in December 1820, the merchants Wißmann, Steinike, Weiß, Witzlow and Gribel dared to try again with the Prussian See-Assecuranz-Com- pagnie. After things went well for a while, difficult times followed in the 1860s. Losses reduced the share capital from 450,000 to 400,000 Thalers. But after this difficult period, things picked up again and in the 1870s, dividends of 16 to 18 percent were paid. In 1884 the company was finally dissolved “under favourable conditions for the shareholders”. The initiators of the Prussian See-Assecuranz-Compagnie not only had the courage to become entrepreneurially active, they also benefited from the fear of the others: They sold them insurance policies and thus consciously accepted risks and coll- ected handsome premiums for it. In the end, her courage was rewarded. HELVETIA also proves that crises offer opportunities. The General Insurance Com- pany was just two years old when a devastating fire destroyed two thirds of the city of Glarus. That was the birth of the Swiss fire insurance company HELVETIA. Small and agile companies in particular often manage to get through crises well. You recognise changes more quickly and can make better use of the opportunities that ari- se. On the other hand, it is often the large corporations in particular that can only adapt slowly and with difficulty to rapidly changing framework conditions. In the 1980s, under Giovanni Agnelli, the Fiat group, which was at that times the second-largest car manufacturer in Europe, slipped into a serious crisis. I invite you to embark on a journey through eight centuries of financial history. Look for parallels to today’s situation. Discover how the entrepreneurs of that time mastered the crises and why others failed. The auction of the 75 highlights will take place on 3 September 2022 starting at 3.30 p.m. in Zorneding. Use this unique opportunity and write your own chap- ter of financial history. Sincerely yours, Matthias Schmitt Founder‘s Share of the Preussische See-Assecuranz, issued in 1825. The Glarus fire marked the birth of the Fire insurance company HELVETIA.