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Coupons from 1925 worthless today

A coupon ([ ku'pɔ̃ ], also coupon , from French couper , "cut, cut out") is the section of a security that is usually used to redeem a share of the profit ("dividend coupon") or interest ("interest coupon", "interest coupon") entitled.


Shares and bonds used to consist of the actual document ( “coat” ) and the “sheet”, which contained a large number of interest or dividend coupons (“coupons”) and a renewal coupon (also called talon ). Historically, the term coupon arose from the fact that a coupon was cut off from the sheet on the interest or dividend date and could be exchanged for cash or credit (see also over the counter ). In the case of shares, additional rights, in particular subscription rights for new (young) shares from capital increases or the subscription to convertible bonds with coupons, could be asserted. If the last coupon on the sheet was used up, the shareholder could apply for a full coupon sheet with a renewal slip.

As a rule, bonds, shares or similar securities are now only securitized as non- denominated rights as part of collective safe custody at a central securities depository in a global certificate. The payment of interest or dividends is made automatically by the paying agent on the scheduled date . An appointment check is no longer necessary as before.

In stock market jargon , this term is also used as a synonym for the nominal interest rate on a bond . A coupon of 6% means that 6 percent of the nominal value is paid as interest on the respective interest date .

Legal issues

An interest coupon or dividend coupon is also a bearer paper . It certifies the right to claim the amount of interest or dividends in the currency of the security on a specific date . The coupon entitles its holder to claim the dividends or interest represented therein. The statute of limitations for claims from interest coupons is two years from the end of the presentation period in accordance with Section 801 (1) sentence 2 BGB , provided the coupon was presented within the presentation period. According to Section 801 (2) BGB, the submission period ends on December 31 of the fourth year following the due date . The limitation period for coupons for investment certificates ( mutual funds ) is four years.

See also

Web links

Wiktionary: Coupon  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. Karlheinz Müssig (Ed.), Gabler Banklexikon , 1988, Sp. 1394