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Portugal 1799 Real Erario 20000 reis apólice issued in Lisboa, serial number 37723 in red, blind embossed seal on the face, no red overprint present, with multiple official ink seals on the reverse

Portugal 1799 - Real Erario 20000 Reis Apólice, Original Issue, No Overprint, Lisboa No. 37723

Although these instruments are historically classified as Portuguese public debt bonds or treasury apolices, their financial structure does not correspond neatly to the modern distinction between a Treasury bill and a Treasury bond. This example states on its face that payment is due "de hoje a hum Anno" - from today to one year - making its original maturity exactly one year. In modern terminology, that short maturity resembles a Treasury bill rather than a conventional longer-term government bond. Read more →

government bond
PortugalPublic Debt Bond179920000 ReisVery Fine Public Debt BondApolice20000 ReisPayable to BearerBlind Embossed SealMultiple Reverse SealsNo OverprintOriginal IssuePre War of the BrothersReal ErarioLisboaPortuguese Treasury FinanceRoyal Era Fiscal PaperEighteenth Century State DebtAdministrative Validation SealsFiscal Control HistorySecurity Printing HistoryPortuguese Monetary HistoryPortugal17991811Museum GradeR9 Extremely RareTreasury BondShort-Term Treasury BondOne-Year MaturityInterest-Bearing DebtCirculating Treasury PaperFiduciary Paper MoneyEarly Portuguese Paper MoneyCirculating Public DebtGovernment Debt InstrumentPublic Loan InstrumentTreasury BillShort-Term Government DebtOne-Year Treasury InstrumentBearer Treasury NotePortuguese Paper MoneyEarly Paper CurrencyRoyal Treasury NoteInterest-Bearing Treasury NoteState Debt PaperCirculating Government DebtHistoric Treasury InstrumentGovernment BondSovereign DebtRoyal Treasury BondTreasury DebtBearer BondGovernment Paper MoneyCirculating BondPublic Debt InstrumentPortuguese Government DebtPortuguese Treasury BondPortuguese Treasury Bill18th Century Paper Money18th Century Government DebtEarly Government PaperHistoric Public DebtRoyal Erario BondReal Erario ApolicePortuguese Apolice1799 Portugal1799 Treasury Bond1799 Treasury Bill20000 Reis Apolice20000 Reis Treasury Bond20000 Reis Treasury Bill
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Armed Forces of South Russia 100,000 Rubles Treasury Bill, November 1920 (Pick S431c), Imperial eagle at left

Russia 1920 - Armed Forces of South Russia 100,000 Rubles Treasury Bill (November Issue, Pick S431c)

Six-percent short-term Treasury bill for 100,000 rubles issued by the Government Treasury of the Armed Forces of South Russia during the final phase of the Russian Civil War. This is the November 15, 1920 payable issue (Pick S431c), printed after General Pyotr Wrangel transferred the White administration to Crimea. The note follows the classical Imperial layout: bilingual Russian–French legends, the double-headed eagle in an ornate oval cartouche at left, and a formal typographic bond structure intended to signal continuity with pre-1917 state finance.

Treasury Bond Government Obligation Bond Issue Wrangel Government Exile Government History
United States 1934 New Jersey City of Asbury Park Tax Anticipation Note One Dollar Recovery Bond specimen, green engraved design, serial A0000, Depression era municipal bond instrument

United States 1934 - New Jersey 1 Dollar City of Asbury Park Tax Anticipation Note Recovery Bond Specimen (March 31 Issue)

This specimen represents an official municipal tax anticipation note issued by the City of Asbury Park, New Jersey, dated March 31, 1934, and denominated One Dollar. Explicitly titled TAX ANTICIPATION NOTE OF 1934 and further identified on the design as a RECOVERY BOND, the instrument forms part of a structured municipal financing program implemented during the depth of the Great Depression, when local governments faced severe cash shortages and unstable revenue collection.

Recovery Bond Municipal Bond Instrument
United States 1934 New Jersey City of Asbury Park Tax Anticipation Note Five Dollars Recovery Bond specimen, orange engraved design, serial B0000, Depression era municipal bond instrument

United States 1934 - New Jersey 5 Dollars City of Asbury Park Tax Anticipation Note Recovery Bond Specimen (March 31 Issue)

This specimen represents an official municipal tax anticipation note issued by the City of Asbury Park, New Jersey, dated March 31, 1934, and denominated Five Dollars. Explicitly titled TAX ANTICIPATION NOTE OF 1934 and prominently labeled RECOVERY BOND, the instrument forms part of a coordinated municipal financing program implemented during the most severe phase of the Great Depression, when local governments faced acute revenue shortfalls and escalating insolvency risk.

Recovery Bond Municipal Bond Instrument
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