Certificaet N° 40.

1000 guilder Dutch Certificate number 40 of 200 issued. 1791. This certificate represented a 1/200 interest in $ 130,000 face amount of the United States "Liquidated Debt" securities, most likely 6 percent state or United States final settlement certificates.
Dutch financiers and their American counterparts from 1785 to 1792 scrambled to buy up the deeply discounted 6 percent finals, then made additional representations (guaranteeing interest payments at a certain level for ten to fifteen years), marked the price up significantly, and then sold Certificate interests to the Dutch and Flemish public. These Dutch investment trust buyers first demonstrated the value and credibility of investing in the United States securities.

Complete title: N°40. Den houder dezer zal gerechtigd zyn tot eentwee honderdste aendeel in het overgeblevene Capitael van 130,000 Dollars Liquididated Debt ofte Vereffende Schulden, tot laste der Vereenigde Staeten van America, gesteld ten naemen van Jonker CHARLES HENRY FRANCOIS VAN DER BORCHT, Jonker JOSPH HENRY DE BOSSCHAERT en den ondergeteekenden, ten wiens Comptoire ten Jaere 1790 daer op gedaen is eene Negociatie van f 200,000 wissel-gelt, doch zal dit recht eerst gelden, na dat alle de daer op uytgegevene obligatien ider à f 1000 wissel-gelt zullen zyn uytgelot ofte gerembouseert en dus alleen op dat surplus, t' welk zoo de Liquidated Debt intusschen mogt afgelost worden, zal overig zyn. Antwerpen 30 Meert 1791.
Signed by C.J.M.Wolf and J.G.Deelen.

Karel Jan Michiel de Wolf (1747-1806) was married to a "de Proli" a very well known family in the history of the Commercial Trading Companies of the 18th Century.

Revolutionary War transatlantic paper was first designed to accommodate the growing relationship with the U.S. allies in Europe, primarily France, but to a lesser extent Holland and Spain. Most of the financial instruments created were bills of exchange. Still, a few special pay orders for returning prisoners of war or receipts for the consolidated American debt to France were used.

Reference: William N. Goetzmann, K. Geert Rouwenhorst , The origins of value, p. 295.