Poland 1933 - 25 Zlotych Investment Fund Voucher, Series I Bon Funduszu Inwestycyjnego (Lucow 732)
The vouchers (bony funduszu inwestycyjnego) functioned as state debt instruments, essentially IOUs of the Treasury. They were non-interest bearing, but widely accepted for the payment of taxes, customs duties, and official fees owed to the state. To encourage their use, the government held weekly drawings in which selected bond numbers were repurchased at four times face value, meaning that a 25 zł voucher could be redeemed for 100 zł if chosen. This combination of fiscal utility and lottery incentive gave the notes a dual role as both practical and speculative instruments in the interwar economy. Read more →