International Trustee for the Protection of Bondholders Aktiengesellschaft v R
Money – Currency – Bond – Gold clause – American legislation – Effect of option to pay in
England.
The suppliant was the holder of a 20-year 5½ per cent coupon gold bond whereby the British
Government promised to pay the bearer or registered holder $1,000 on 1 February 1937, and
interest at 5½ per cent in the meantime, such principal and interest to be payable at the option
of the holder in New York or London, and if in New York, in gold coin of the USA of the
standard weight and fineness existing on 1 February 1917,