An exceptional and historic document: a RUSSIAN STATE LOAN of 1822, one of the very first international loans issued by Imperial Russia after the Napoleonic Wars. Issued under the reign of Alexander I, this 5% loan, redeemable in silver roubles OR in pounds sterling in Saint Petersburg, London or Amsterdam, was placed via the great European banking houses (notably Rothschild). It marks Russia's return to Western financial markets.

The certificate bears the mention "ROUBLES 720" and "£111 Sterling", at a perpetual 5% ("Continuous income at 5 per hundred"). At the top, the imperial double-headed eagle framed by two large fiscal stamps. Visible numbers: No. 2440 and No. 2252. Date inscribed: 5 March 1822. Multiple stamps: "Consulate General of Russia in Amsterdam" (1839), a red "50% additional duty" stamp dated 1893, and English transfer stamps 1889. Russian text in old lettering (with "ѣ" and pre-reform alphabet), handwritten signatures of the manager (A. Lezhetsky) and the accountant.

Apparent condition: worn, fragile antique paper, reinforcing kraft-paper strips visible on the reverse, tears and small losses on the edges, but perfectly legible.

A museum piece for specialists: one of the oldest surviving Russian loans, of paramount historical and financial interest.