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Auction: 26066 - Historical Documents, Autographs and Ephemera
Lot: 1144

Great Britain
"Fictitious" Loans
1715 A pair of "fictitious" loans produced by the Treasurer of the Navy, John Aisalbie.

The idea was that the treasurer would produce these documents that appear to show the Royal Navy sending money to the exchequer as a loan in return for interest. In reality, there was no money being exchanged. From here, Aisalbie would sell the "loan" to a third-party, who would then receive legitimate interest payments from the exchequer. The price of the loan would be used to finance the navy, the government would pay a small amount of interest to the third-party. Overall, this made it cheaper for the government to finance ship building, especially at this time during the War of Spanish Succession.

Both are signed by Edward Montagu, Thomas Newport and Peter Delme, all members of the Bank of England, who purchased these loans.

Excellent condition. (Both 37 x 24cm)

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Estimate
£120 to £150

Starting price
£100