CORNHILL. General Mortgage Bond of £100. black, blue. No 926. Heavy folds with small holes and repaired tears, 2 coupons cut. Gregor K. MacGregor established the fictitious state of Poyais in 1823, and declared himself 'Sovereign Prince of the Independent State of Poyais, Cazique of the Poyer Nation'. The state was supposed to be on the Caribbean coast of Central America, in today's Nicaragua. MacGregor told a story of fertile land, industrial potential, gold- and silver-mines, and a democratic system of government. All this was in MacGregor's imagination, but it was enough to allow him to raise a loan on the London markets. Immigrants to 'Poyais' found nothing but disease-ridden jungle. MacGregor was arrested for fraud in London in 1827, but was released and ended his days in Venezuela, living on his pension from his pre-Poyais days as a general with Simon Bolivar. Very impressive, large-format bond, with the 'coat-of-arms of Poyais'. Gregg Ref. No. 23A and scarce.
Themes: CITY & STATE BONDS, REAL ESTATE
Date: 6 October 1823
Startprice: € 200