$25 Republican Loan Bond, 1920

$25 Republican Loan Bond, 1920

This $25 Republican Loan Bond was purchased by a Mary McHugh in the USA, and is dated 21 January 1920. It is signed by Seán Noonan and Éamon de Valera as President of the Irish Republic. 
In order to fund the new republic, Michael Collins, as Minister for Finance, led the issuing of loan bonds – the payment of a sum of money to the government with the guarantee that it would be paid back. They were issued both within Ireland and externally in the USA. Subscription to the First Loan of the Irish Government was very successful; in America over 5 million dollars had been raised by mid-1921. This was mainly due to the work carried out by Irish envoys to the States and de Valera’s trip to America in 1919-20 to raise both funds and awareness and support for the Irish Republic. They were also successful in Ireland, though dangerous to be found in a person’s possessions. Michael Collins stated in the Dáil that it was nearly as bad to have a loan receipt found on one as it was to be found with a gun. The bonds were repaid to the subscribers in the 1930s.