Share to bearer of 500 francs or 48 Reichsmark or £20 Sterling issued in Constantinople in 1903 by the Imperial Ottoman Company of the Bagdad Railway.

The first railway had been inaugurated in 1866 to connect Smyrna to Aydin. Unable to finance these constructions themselves, the Ottomans appealed to foreign capital by issuing several loans. A concession was obtained in 1903 to extend the railway line. The Baghdadbahn, the Berlin-Baghdad line started in 1903 was completed in 1918. Title illustrated with a crescent and a star.

Design of a croissant and a star.