News from Spink

RUSSIAN TREASURY BILLS FOR SALE AT SPINK

Spink are pleased to announce the sale of an historically important collection of Russian Treasury Bills issued by Barings to finance Russia’s war effort during World War I. The sale, taking place at Spink’s London headquarters on 18th September 2008, will feature over 15,000 Russian Treasury Bills, sold as one lot with a pre-sale estimate of £120,000-150,000. The group consists of examples from some 67 issues made between 1914 and 1918 in denominations ranging from £1,000 to £500,000. This is the second and final offering of such items, the first having been sold by Christie’s in 1991.

“This is a collection of material steeped in history and one which appeals to collectors and historians worldwide” commented Mike Veissid, Director of Bonds and Share Certificates at Spink in London.

Barings’ connections with Russia date back well over two centuries with the first account of a Russian Client having been opened at Barings in 1775. Throughout the 19th century the relationship between Barings and the Russian government blossomed. However, the relationship grew significantly more important with the outbreak of war in 1914 when the Russian government borrowed, on an unprecedented scale, from the governments of Britain and France.

In Britain the funds were raised through the issue of Imperial Russian Government Sterling Treasury Bills discounted at the Bank of England. Treasury bills were frequently used by sovereign governments to address short term financing requirements and were tendered for at a discount as they did not bear interest. A large part of Barings’ role was to act as the Russian government’s adviser in negotiations with the British government. As a result of these transactions over £400 million was raised and used for the purchase of munitions and other war materials.

About Spink

Spink is the world’s leading auctioneer of coins, stamps, medals and banknotes with offices in London, Singapore, New York and Dallas.  Since its foundation in 1666, the Spink name has become synonymous with tradition, experience and integrity. Holders of three royal warrants and numerous records for prices achieved at auction, Spink offer an unparalleled range of services to collectors worldwide.

Public Enquiries:  020 7563 4000 – www.spink.com or info@spink.com

Images:  Spink Press Office on 020 7563 4009