Certificate of 5 Bonds of 500 francs to bearer issued in Belgrade, Kingdom of Serbia in 1895, for a loan at an interest rate of 4%.

A new consolidation loan was issued in 1933 in order to honor the loans issued in 1895, 1902, 1909 and 1918.

A decision rendered by the Permanent Court of International Justice in The Hague on July 12, 1929 held that from April 1, 1930, the service of Serbian Loans Gold Monopolies 4% 1895, 5% 1902, 4 1/2% 1906 , 4 1/2% 1909, 6% 1918 had to be made in gold francs, the value of the gold franc being considered equivalent to that of a weight of gold corresponding to one-twentieth part of a gold coin weighing 6 grams 45161 of 900/1,000 fine gold. Following this decision, an agreement was signed in April 1930 fixing the methods for the service of the loans above, as well as bonds 4% 1910 and 1911 of the Ouprava Fondova (Crédit Foncier of the Kingdom of Serbia and securities of the Serbian Red Cross Society).

A new agreement concluded in July 1938 modified the conditions of payment of interest for 1932-1935. The amortization of the said loans was suspended until 1935, except with regard to the Red Cross.