Polish Bond

From: paul.j.stadnik@exgate.tek.com
Subject: Polish Bond
Date: Mon, 20 Jul 1998 16:13:00 -0700

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In 1920 my grandfather purchased a twenty year bond from the Republic of
Poland.  It appears to be a U.S. Dollar denominated bearer bond.  The
wording: "Twenty year six percent U.S. Dollar Gold Bond Issue of 1920,
Principal and Interest payable at the National City Bank of New York".  It
appears the coupons were clipped until 1936.  I'm assuming that the bonds
went into default either because of the Depression, or the pre World War II
situation in Poland (though the Nazis did not invade until 1939).  In the
mid 30's National City Bank became CitiBank.

My questions:  Does the new government of Poland inherit or honor any of
these old debts?  Does CitiBank?  How can I find out if the bond has any
value, either due to the debt it represents or as a collector's item.

Thanks,
Paul




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