Kingdom of Prussia, Friedrich Wilhelm III, Thaler, 1818

Silver thaler of King Friedrich Wilhelm III of Prussia, 1818. The obverse features the king's bust with the inscription KOENIG VON PREUSSEN, and the reverse shows an eagle with the text EIN THALER 1818 A. In the same year, 1818, Nathan issued a 5% public bond for Prussia in London. The archives note that many consider this bond a pioneering form of public borrowing that transformed the international capital markets of the 19th century, and that the prospectus and subscription ledger for the issue survive. A country borrowed outside its own borders, and the certificates were sold in London. This coin is the currency of that borrowing nation.