Consols

Consols, ''originally short for consolidated annuities, but subsequently taken to mean consolidated stock, was a name given to certain government debt issues in the form of perpetual bonds, redeemable at the option of the government. They were issued by the U.S. Government and the Bank of England. The first British consols were issued in 1751. They have now been fully redeemed. The first U.S. Government consols were issued in the 1870s.''