Ball 156 Cr. 116 £100/2500 Francs/4000 lbs. Cotton 1863 Bond 36 Coupons Very Fine.
    These cotton bonds are very popular with collectors and this is an example of the smallest denomination issued. The European printer started with the £1000 bond denomination, thus the Series D designation on the £100 bond. In the 1960s a relative of the Erlanger family burned the remaining bonds in the family's possession thinking that they were worthless paper. This greatly enhanced the scarcity of the few survivors. We had a Fine-VF example receive a winning bid of $705 in January 2017. Our current offering has a tape repair in the upper right corner that affects coupon 21. We also observed a tape repair between coupons 5 and 15.

    Estimate: $750 - $1,000.

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