Consol (currency)

Consols (consolidated annuities) were British government bonds, most commonly used in the late 19th and early 20th century, when they constituted the major part of the British national debt.

The establishment of the Bank of England and the national debt in the 17th century produced a confusing variety of stocks. Prime Minister Henry Pelham attempted to simplify the situation in 1751 by consolidating existing stocks. Named consols, these consolidated stocks had a fixed rate of interest payable by the Bank, with premiums paid if market conditions justified such payments.

Consols bore no maturity date and were redeemable on call by the government.