It is a rarity and has survived a lot: the oldest promissory note in the world that still earns interest today. Its story begins in 1624.
What kind of interest is that? On December 10th, 360 euros in interest were transferred to the New York Stock Exchange (NYSE). Behind this interest is a 400-year-old debt that a company from the Netherlands had to pay.
The NYSE has the oldest bond in the world that still pays interest – 13.61 euros per year (via Financial Times).
What is a bond? When a person invests money in a company or a government, he or she receives what is known as a bond. The owner of this document is entitled to receive interest annually.
Today, the “Hoogheemraadschap De Stichtse Rijnlanden” (HDSR), a combination of company and water authority, is responsible for all claims that go back to the 400-year-old document (via HDSR).
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400 years and gesture of friendship
What was the bond issued for 400 years ago? In January 1624, wintry waters laden with ice pressured the battered dykes of the Niederlade and finally broke near Tull and ‘t Waal. Large areas of land were flooded and the damage was immense.
In order to repair the damage to the dike, the predecessor authority of the HDSR, Hoogheemraadschap Lekdijk Bovendams, which was responsible at the time, issued more than 50 perpetual bonds. One goes to a citizen of Amsterdam, Elsken Jorisdochter.
How did the bond come to New York? At an undisclosed date, sometime around the turn of the 19th and 20th centuries, Albert Andriesse purchased the bond at auction. He was a member of the board of the Amsterdam Stock Exchange. During a trip to New York in 1938, he donated the document to the NYSE – a gesture of friendship with a historical background. The metropolis was founded as New Amsterdam in 1624, the year the bond was issued.
In 1941, he and his family even found a new home in New York while fleeing the Nazis. His granddaughter took part in the ceremony to hand over the interest. He himself died in 1965. Incidentally, the NYSE donated the 360 euros in interest to a museum (via Financial Times).
If you would like to take a closer look at the document, which was applied to parchment (sheepskin), you will find a separate subpage for the rarity on the HDSR website.
The last representatives of their kind
Where are the other bonds from back then? Even if they are unlimited, they could be redeemed at any time by the donors. On the other hand, many have disappeared in the centuries since they were issued. Like the rest of Europe, the Netherlands and its citizens experienced crises, wars and huge upheavals.
There are seven pieces left, all of which were issued to finance investments in the 17th century. With its date of December 10, 1624, this bond is the oldest of them (via HDSR).
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