Uncancelled and in default. Printed by Waterlow & Sons Ltd London. Issued by Shanghai Municipal Council, with the interest of 6%. Shanghai Municipal Council is the government of the British Concession in Shanghai. He creditbility of the Shanghai Municipal Council was very high then, hence these bonds were very popular among investors. There are 4 holes on top and 2 holes on the side because the original owner stored these bonds in a file binder. Almost all these bonds based on silver tael were redeemed earlier in 1933 than stipulated, because in 1933 silver sycee became outlawed and was mandated to be replaced by silver dollar. So there are not many of these silver tael denominated bonds left now. Check out my other listings now for more bonds on sale. Bond will be folded and mailed by secure. Track Page Views With. Auctiva’s FREE Counter. The item “CHINA 1926 SHANGHAI MUNICIPAL COUNCIL 5,000 SILVER TAELS BOND LOAN” is in sale since Sunday, July 21, 2019. This item is in the category “Coins & Paper Money\Stocks & Bonds, Scripophily\Government & War Bonds”. The seller is “bond_artist” and is located in Singapore. This item can be shipped worldwide.