A legendary piece of international scripophily: a five-hundred-franc bearer bond of the Chinese 5% Gold Loan of 1905, issued by the Imperial Government of China. Capital of 12,500,000 francs represented by 25,000 bonds of 500 francs, redeemable at par over 50 years starting July 1909. Issued under the edict of His Majesty the Emperor of China of 13 August 1905. Dated Lyon, 5 October 1905.

This loan, intended to finance the Chinese railway network (notably Peking-Hankow) and post-Boxer indemnities, was subscribed in France through the Paris and Lyon markets. It represents the height of European "dollar diplomacy" in late Imperial China, before the fall of the Qing in 1912. It ranks among all the Russian and Chinese "forgotten state paper" collections — one of the great international securities of the early 20th century.

The design is superbly bilingual: a green border on a cream background, a central "GOLD" mention, vertical Chinese calligraphy on the right, the purple imperial seal of the Chinese commissioner (Yang [to be verified]) with an ideogram inscription, handwritten signatures. Lower cartouche "500 FRANCS". A very fine Franco-Chinese composition.

Apparent condition: good to very good, firm paper, well-preserved inks, clearly legible seal. An essential international piece, of strong historical and iconographic interest.