Yale acquired the old bond of goat skin and now receives interest thereon
• Yale University has acquired the old bond of goat skin and now receives interest thereon
Dutch bond in 1648, placed in the Beinecke Library at Yale University, is different from the tens of thousands of manuscripts that are stored there. Much of the archive is the artifacts, that is, the original purpose of the documents is done. But by this unique bond pays annual interest, and that after 369 years after it was written.
The bond was issued May 15, 1648 Dutch cooperative De Stichtse Rijnlanden, consisting of landowners and wealthy citizens, who ran the dams and canals the Lower Rhine region. Valuable paper, which is a piece of specially treated goatskin size of 20 by 33 centimeters, issued to finance the construction of the pier on the river Lek.
According to the initial conditions, it was possible to permanently receive 5 per cent per annum for the bond, and later the rate was reduced to 3, 5, and then to 2, 5 percent. In 2003, Yale University acquired the document for 24 thousand euro as a museum exhibit, and showed no interest in it as a security. According to the management of water resources is one of the five bonds issued. The fact that it is possible to get the money, found out only after a phone call in De Stichtse Rijnlanden. In 2015, the curator Timothy Young library went to Amsterdam to the headquarters of control over interest. Total payroll management 136, 2 Euros.
"Yale bond - an extremely rare example of securities issued without maturity and still pay interest. It's amazing that this is still there, "- said Gert Ruvenhorst, a professor at Yale University.