ENThe article analyses the pledge deeds in the Grand Duchy of Lithuania from 1502 to 1522, and the infl uence of this type of borrowing on the Lithuanian treasury. During the period in question, the Grand Duchy of Lithuania and Muscovy fought four large-scale wars (1492–1494, 1500–1503, 1507–1508, and 1512–1522). In addition, Lithuania was in constant conflict with the Crimean Khanate, thus losing large parts of the territory and putting the state finances in disarray. In the early sixteenth century, pledges were an important source for fi nancing the war effort in Lithuania. Between 1502 and 1522, 66 pledge deeds with information that could be used for statistical purposes were registered in the Lithuanian Metrica, totalling 58,576.5 sexagenas of Lithuanian groschen, with an average pledge of 924.2 sexagenas. In some cases, pledges were traded between Lithuanian magnates in the “secondary market” in the late 1510s. At the Grodno Sejm of 1522, sixteen individual pledge holders voluntarily cancelled the debt of the grand duke in a single act. The Council of Lords and the highest dignitaries in Lithuania relieved the grand duke from the debt with the principal worth at least 12,008 sexagenas. It could have been worth up to 17,553 sexagenas, which equalled 1.27 times the average treasury revenue between 1522 and 1529. In most cases, the previous pledge holders were made starostas or tenutariuses of the estates in question in exchange for debt relief. Keywords: Grand Duchy of Lithuania (GDL), treasury, pledge deeds, Sigismund I the Old, wartime financing. [From the publication]