Spink London, 23rd September and 29th October 2025
Now that the dust has settled from the whirlwind of summer sales, our London Banknotes department is preparing for a remarkable Autumn. Ahead of two online auctions scheduled to begin on 23rd September and 29th October, Spink is delighted to be returning to the rostrum in London for our fifth live sale of the year. This sale of World Banknotes including the Cassia and Cedar Collections, taking place on the 23rd of September, will showcase spectacular rarities from a wealth of regions.
The Cedar Collection
Building on the overwhelming success of Lebanese notes in the July-August e-Auction, the Cedar collection of exceptional Lebanese specimens, colour trials, and issued notes will be offered, with the strong performances of July’s section indicating that the vibrant and ornate Banque de Syrie et du Liban banknotes continue to captivate collectors.
Of the many brilliant notes to be offered, two incredible examples stand out. The first is a 1925 100 Livres specimen. Printed on exceptionally thin French paper, the reverse, depicted here, features beautiful, evocative illustrations of incense urns and a skyline of Damascene mosques. The magnificent designs, paired with the rare, high denomination, have established this note as one of the most sought-after in the region.
Tri oversaw the development of Vietnam’s National Army, working alongside the French forces and US ambassadors to repress the communist-led Viet Minh formed by Ho Chi Minh
The second, a 1939 250 Livres specimen, is without question the most prized note of the collection. 250 Livres represented a sum far beyond everyday use, making it an almost mythical denomination in the Lebanese economy of 1939. The design’s front, shown below, features St John’s Cathedral at Byblos, framed by elaborate and vivid floral motifs. It is truly the peak of design, value, and rarity, and therefore unsurpassed in its appeal to collectors.
A Remarkable French-Indochina Presentation Album
Also featured in this sale is an extraordinary presentation album of 18 specimen notes from Cambodia, Laos and Vietnam’s 1953-1954 issues. Printed on the front cover is “S. E. [Son Excellence] Nghiem Van Tri,” Vietnam’s Minister of Defence from June 1952 until January 1953, whose signature as administrator can be found on the Vietnamese 1, 5, 10, 100 and 200 Piastre notes.
At a time of persistent political change and unrelenting military action, Nghiem Van Tri’s role as Defence Minister in the latter stages of the Indochina War (1946-1954) between France and the Viet Minh was hugely significant during the protracted stalemate from 1953-54, before France’s eventual defeat. Tri oversaw the development of Vietnam’s National Army, working alongside the French forces and US ambassadors to repress the communist-led Viet Minh formed by Ho Chi Minh. During his tenure, he instigated several large-scale projects, including the establishment of guerilla forces to counter the Viet Minh’s own aggressive guerilla tactics.
Presented only a year before the dissolution of French Indochina under the Geneva Accords of 21st July 1954, this is the personal album of one of the three nations’ most important military figures during a seminal period in the region’s history.
The album also includes a page with three tantalisingly empty display slots, with a note “Ces billets de 20 piastres, en cours d’impression, ne seront mis en circulation qu’en 1955,” (these 20 Piastres notes, currently in print, will not be put into circulation until 1955”). These provisional notes were never issued as French Indochina was dissolved in July 1954, but, as with the other notes, descriptions of each can be found on the facing page to the empty slots.
The Cassia Collection
Out of the 79 banknotes in this historic collection, all are of the highest rarity and many have never been offered at public auction to the department’s current knowledge, therefore making this a truly once-in-a-lifetime opportunity for collectors to acquire these rare and important notes. The breadth of the Cassia collection spans Tasmania, Australia, Sarawak, India, Ceylon, Greece, South Africa, Colombia, Chile, and Great Britain, to name just a few.
Of the many highlights I might have selected, there are three here which exemplify the breadth and quality of this collection. The first is the exceedingly rare 3,000 Rupees specimen note from the Bank of Madras dated 7th July 1854. 3,000 Rupees was the highest of the 9 denominations issued and had colossal purchasing power at the time of issue. This note, graded 50 About Uncirculated, is the sole banknote of this type graded by PMG to date, but nevertheless is in outstanding condition. We look forward very much to seeing how the note performs in the sale with the hope and expectation that it receives the attention worthy of its historic value.
The extreme rarity, age and fine preservation of these notes gives this collection a truly historic feel, and we are proud to be offering it as part of this brilliant sale
Between 1868 and 1903, when this 50 Dollar remainder note was printed, Sarawak was under the rule of its second ‘White Rajah’, Charles Brooke. Representing the highest denomination of the series—each of which is included in this exceptional collection—the note features the portrait of Charles Brooke but with a more intricate design than earlier issues. Unlisted in both the Pick catalogue and the Banknote Book, this rare 50 Dollar note, graded 55 About Uncirculated, is a highlight of the outstanding selection of Sarawak banknotes presented in the Cassia Collection.
This fantastic £1 specimen note from Guernsey in 1895 is perhaps the only specimen of this note ever offered at public sale and again is unlisted as a specimen both in the Pick catalogue and Banknote book. The note, printed by Perkins, Bacon & Co in striking blue and green, features a charming illustration of ships docked at Albert Pier. The note is graded 62 Uncirculated by PMG and will surely receive a great deal of attention from bidders.
The extreme rarity, age and fine preservation of these notes gives this collection a truly historic feel, and we are proud to be offering it as part of this brilliant sale.
World Banknotes including the Cassia and Cedar Collections will take place at Spink London on 23rd September 2025. For further information please contact Arnas Savickas, [email protected].