148C. Hypothecary Ticket (Banknote) 500 Lei 1877, extremely rare piece
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148C. Hypothecary Ticket (Banknote) 500 Lei 1877, extremely rare piece
Not sold
Selling price
EUR 18.360
20.5 x 13.5 cm
The first Romanian paper money denominations were the mortgage notes, with nominal values of 5 lei, 10 lei, 20 lei, 50 lei, 100 lei, and 500 lei.
After the first years of King Carol I's reign, the Romanian economy began to recover after the 1866 crisis, but with the outbreak of the Russo-Turkish war, in which Romania also took part, the Brătianu government ordered the issuance of mortgage notes up to a total sum of 30 million lei.
On June 4, 1877, the bill for issuing mortgage notes was voted in the Senate, and three days later, in the Assembly of Deputies, under the following formula:
"The Ministry of Finance is authorized to issue mortgage notes up to a sum of 30 million lei. These notes will be to the bearer, they will have mandatory course and will be received in payment by all public houses at their par value. They will be withdrawn from circulation in a certain time, when they will be considered ten percent over their nominal value."
The mortgage notes were issued in pieces of 5, 10, 20, 50, 100, and 500 lei, being manufactured under the same conditions as bank notes, under the control of the Ministry of Finance. Although they lacked a liquid real guarantee and were not convertible into gold, these valuable papers printed in Paris, in the workshops of the Bank of France, had the character of currency and are considered the first Romanian banknotes.
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SESSION
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