While international agencies are downgrading Italy’s ratings, one man has found that Italian government bonds can really pay off. Many people keep money under their mattress or in the sock drawer, but a Genoa man is poised to become a millionaire after uncovering bank bonds that had been in the family dresser since 1884.
A 70-year-old pensioner uncovered the 19th century bank bonds in the drawer of a family heirloom as he was preparing to pass the furniture down to his daughter. Inside the chest he found an envelope that held three bank notes: one for 1000 lire, one for 500 lire and another for 100 lire.
The stowed away notes would have represented a fair amount of cash in 1884, but one can imagine how 127 years of accrued interest adds up to even more. After more than a century, the family wants to cash in on money they claim is rightfully theirs.
With interest and currency appreciation, the 1600 lire from 1884 would amount to nearly 1.5 million Euros. Experts predict that the family could win up to 500,000 Euros when they petition the bank in December.
