Russia: 1894, 4% Rentes
Issued 2,830,000,000 roubles in 283 series of 10,000,000 roubles each, for the conversion of various loans and redemption of various railway shares etc. The issue was made over a number of years; the first tranche, series 1 to 112, in April 1894 and the last tranche, series 283 in 1914.
Instead of issuing new coupon sheets every 10 years replacement certificates were issued in 1905 and again in 1915. Certificates were usually in bearer form but were also available nominative upon request. The latter are considerably more difficult to find. Certificates issued by Hope & Co. and N.M.Rothschild & Sons were in exchange for bonds held by non-Russians, to avoid the 5% tax on interest.