From 1850 to 1950, the Chinese Government sought to raise funds for various projects by initiating a series of loans to encourage foreign investments which involved the issuance of fixed interest bearer bonds. This particular railway bond was issued by the Chinese Government to construct and equip the railway line between Lanchow and Haichow as well as to refurbish the Haichow port terminus. While the majority of these bonds were redeemed, many were defaulted by the Chinese Government, which left them worthless. Although such bonds do not have monetary value, the aesthetics and quality of these certificates have made them a collectors’ item today.
