re: #186 Dr Lizardo

If those bonds were issued, say around 1920 or so, they would’ve been issued by the Beiyang Government, which was defeated and replaced by Chiang Kai-shek and the KMT.

Whether the KMT government would’ve honored those bonds is anyone’s guess.

There are a bunch them for sale here, all bearer bonds, being traded as a weird kind of speculative art.