'Financial Times' Issues 103-Year-Old Correction (2017)
Another aspect of the british war debt, is that it was carried for hundreds of years. Rolling the specific consols into a unified public debt and then eradicating it wiped out the history of people sitting on long-tail bond payments from wreakage of the South Sea Bubble onwards.<p>Basically, until they rolled them up you could have a stable (if low rate of return) income denominated in Napoleonic war debt, if you wanted it, right up into the modern (1980s) era<p>[edit: actually consols == consolidated fund == prior consolidation of these historic debts. gilts were from time to time issued, like Churchills '27 issue for the WW1 debt ]