The Library
Short Stories from Financial History
Short, sourced stories from the history of markets, for people who make decisions in them.
Share mania in the streets of Amsterdam, 1720. Dutch engraving.
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The Poyais Bond
In 1821–1823, Gregor MacGregor invented a fictional Central American country called Poyais and used it to defraud investors on a massive scale — selling its government bonds, its land, and even its currency. The territory he claimed to govern was larger than Wales.
Read the storyIn 1821–1823, Gregor MacGregor invented a fictional Central American country called Poyais and used it to defraud investors on a massive scale — selling its government bonds, its land, and even its currency. The territory he claimed to govern was larger than Wales.