Garrison collectors find book sought for centuries
David and Cathy Lilburne, the owners of Antipodean Books Maps & Prints at Garrison Landing, have made their living buying and selling old, highly sought-after published materials for almost 50 years.
But once in a while something comes along that causes them both to pause and say, “Wow!”
“This book is very special,” Cathy says of a recent find, special enough to warrant a $125,000 price tag. In April, the book was “the star” of the New York International Antiquarian Book Fair, she said.
That book is the only known copy of the first edition of The Course of the Exchange, published in 1697. It is the genesis of the London Stock Exchange’s Daily Official List that’s still published today. It is also the longest-running, continuously printed financial periodical in the world, predating the founding of the New York Stock Exchange by 95 years.
“People have been looking for this book for hundreds of years,” Cathy said. “Anyone in the financial world with an interest in history would be seriously interested in it.”
The Course of the Exchange was published twice weekly. The Lilburne’s first edition covers March 26 to Dec. 31, 1697, and is marked “81,” signifying that its last entry was the 81st biweekly report from that period.
A reader today would not have to be a financial expert or historian to be intrigued by the periodical’s entries.
There’s no sign of Amazon, Tesla, Bitcoin or FedEx. Instead, The Course of the Exchange includes fascinating trade offerings that include ducats, low wines, old money and poll tax, as well as the Hudson Bay and East India companies.
Entries also mention tobacco, pieces of eight and even “Coyned in the Tower last week,” a reference to coins from the mint that operated in the Tower of London from 1272 until 1810. Cathy Lilburne said she has no idea why “births and marriages” are listed.
Considering the book has seen parts of five different centuries, it is in great shape. “It’s in remarkable condition, and in its original binding,” said Cathy. “It’s beautiful maroon-colored leather with all of these gilded scrolls.”
It isn’t large, measuring only about 9 inches by 3 inches, and was meant to fit in a pocket, said Cathy. It is also well-traveled, covering more than 21,000 miles over the years — from London to Australia — before ending up at Antipodean Books.
Its current owner, whom the Lilburnes prefer not to name, lives in Tasmania. He found the periodical among his father’s belongings after his death and began to research its history. On the internet, he discovered information about Antipodean Books’ previous acquisition and sale of some individual sheets from a 1770s edition of The Course of the Exchange.
Because they have the book on consignment, Cathy said their only cost has been “a lot of blood sweat and tears” in researching the book. The research has produced a wealth of knowledge, she said.
The book was published by John Castaing, a French Huguenot who joined thousands of others in fleeing France after 1685 when King Louis XIV revoked the Edict of Nantes, which had given Protestants the right to practice their religion.
By 1697, Castaing was happily ensconced in London, in “Exchange Alley,” which the area is still called today, Cathy said. Anyone could trade stocks and shares and currencies there, unlike noblemen, who traded only at the Royal Exchange.
Castaing’s periodical was published on Tuesday and Friday, twice as often as other Exchange Alley publications. “It was also half the price, so it was an immediate hit,” Cathy said.
The Lilburnes are now in the midst of “in-depth discussions” with The British Library regarding a possible purchase. If the book ends up there it will be in very good company.
The items the library houses include everything from the Magna Carta, Leonardo da Vinci’s notebooks and the original writings of Charles Dickens and William Shakespeare to Florence Nightingale’s original diagram of the causes of mortality, and early handwritten drafts of such Beatles’ songs as “In My Life” and “Strawberry Fields.”
One of the hazards of being in the business of acquiring rare, printed materials is the possibility of becoming infatuated with items meant to be resold. “We started dealing in prints by Australian artist Hall Thorpe,” Cathy said. “And now they’re all in my house!”
That, she said, will not happen with The Course of the Exchange.
