Yale University acquired a 17th century Dutch bond as an acquisition for its rare book & manuscript collection, but that is not stopping Yale from collecting the interest due on the perpetual bond.
Yale University will receive 136.20 euros ($153) in interest on a perpetual bond issued in 1648 from Dutch water authority de Stichtse Rijnlanden.
The 1,000 guilder-bond ($509), which is written on goatskin, is among five of the worldâ€™s oldest bonds that still pay interest, according to Clarion Wegerif, a spokeswoman for the water authority. The money will be paid out on Monday.
Yale contacted the agency to collect the interest, Wegerif said in a phone interview from Houten, the Netherlands. “Weâ€™ll be handing out a symbolic check and wire the rest.”
Yale, which has an endowment of $23.9 billion, paid 24,000 euros to acquire the bond in 2003 as an artifact. The university hasnâ€™t been paid interest since the acquisition, according to the agency. The bond was issued to pay for a small pier in the Netherlandsâ€™s Lek river.