The arrival of September marks the close of a fantastic flurry of summer sales for the Banknotes department in London. The first of the series was a World, British and Irish Banknotes online auction, live from 26th June to 10th July, which showcased no fewer than 1,160 lots, including an impressive offering of over 600 British and Irish notes.
British & World Banknotes – e-Auction
Despite a certain element of endurance associated with a sale of this size, enthusiasm among our bidders persisted throughout the two weeks and reached a spirited peak on the ever-crucial final day. A section of Iran was heavily contested, with multiple bidders on every lot pushing some prices far beyond high estimate, in particular a group of four Bank Melli specimen notes that soared to a combined hammer price of £7,500 (Lots 797-800). Similarly, the Scottish and Irish sections featured outstanding results, including a collection of exceptional mid-19th century Western Bank of Scotland proof notes and watercolours that sold for £2,600 (Lot 379), and a £1 Northern Banking Company note from Belfast in 1894 which flew past its estimate of £500-700 to £1,500 (Lot 674). The characteristic notes of Tibet also continue to prove fascinating to collectors as two 10 and 15 Tam notes, both graded PMG 40 Extremely Fine, reached £4,200 and £2,100 (Lots 1106 & 1107).
Such results across a large, diverse sale certainly set the precedent for Spink’s strong run of form throughout July and August.
The Jeffrey Wong Collection of World Banknotes Part I
Less than a week later, collectors were treated to a double bill of live sales on the 16th of July. The Jeffrey Wong Collection of World Banknotes Part I began proceedings, with its vivid and varied offerings, notably those of the British Commonwealth. Collectors were no doubt aware of the excellent provenance of these beautiful notes which reached us from the collection of one of the most well-respected collectors of the last few decades.
The top performing region was, as expected, India, in which several outstanding notes more than justified their lofty estimates. Two 1928 1,000 Rupees notes graded 35 Choice Very Fine (NET), one issued in Bombay and the other in Calcutta, achieved prices of £21,500 and £11,000 respectively (Lots 122 & 123). A 1930 50 Rupees note, also from Bombay, sold for £5,000 (Lot 119) and a specimen 1917 1 Rupee, which was awarded by PMG the highest grade for a note of its kind at 63 EPQ Choice Uncirculated, reached £6,500 (Lot 117).
A large section comprising 39 New Zealand notes, of which all but one were sold, also achieved excellent results. Two pairs of the unissued “Zeal” currency essays in their 1 and 2 denominations, achieved a total of £4,000 (Lots 174 & 175), and several of the iconic Bank of New Zealand notes featuring the Maori King Tawhiao received competitive bidding.
A section of 13 notes from Palestine, one of the most sought-after regions for collectors, enjoyed success at the rostrum, with many examples approaching or exceeding their high estimates. A 1927 500 Mils, PMG 35 Choice Very Fine, sold for £7,500 against an estimate of £4,000-£7,000 (Lot 193); a 1945 500 Mils, 55 About Uncirculated, reached £7,500, well past its estimated £5,000-£6,500 (Lot 198), and a 1939 10 Mils sold for £2,900, just shy of its £3,000 high estimate (Lot 204).
Highly graded notes from the Bahamas, Panama and Seychelles also achieved very favourable results, with a 1968 100 Dollars selling for £5,800 (Lot 2), a 1941 1 Balboa note reaching £5,200 (Lot 206) and a 1968 100 Rupees selling above high estimate at £3,500 (Lot 228), demonstrating the growing role of grading services in achieving competitive prices in a truly international market.
It was Spink’s great pleasure to preside over the sale of Part I of this wonderful collection, and we look forward to the next instalment with keen anticipation.
Collectors were no doubt aware of the excellent provenance of these beautiful notes
The Victoria Falls Collection of Southern Rhodesia, Rhodesia & Nyasaland Banknotes
One of the very few drawbacks of such enthusiastic bidding is the rare predicament of a sale over-running. The rostrum had scarcely been unmanned for a matter of minutes before proceedings seamlessly carried on with the Victoria Falls Collection of Southern Rhodesia, Rhodesia & Nyasaland Banknotes.
Evidently there was some crossover in the audience for both sales, as bidders seemed fully primed to bid on what was undoubtedly the most extraordinary collection of Rhodesian banknotes ever offered at public sale. The meticulously collected range of notes featuring distinct dates, signatures, serial numbers and grades provided an unprecedented variety of material within the 158 lots. The best performing notes were, as expected, the 1953-54 £10 Southern Rhodesia notes, with both examples of the rarer 1954 type, of which only 8 examples are believed extant, achieving £21,000 (Lot 90) and £10,250 (Lot 91).
World Banknotes – e-Auction
The quartet of sales was then rounded off with a second e-Auction beginning on the 29th of July. The focal point for many bidders keeping track across the two weeks was the rare and important 1938 specimen 10 Litu from Lithuania, for which there was some dramatic last-minute bidding, bringing the final hammer price to £16,000 (Lot 616).
An excellent section of fifty-three Lebanese notes also achieved fantastic prices. Highlights of the iconic Banque de Syrie et du Liban offerings were the star-perforated 1945 100 Livres specimen – a so-called “carpet note” – which reached £2,900 (Lot 591), an issued 1939 25 Livres and its specimen counterpart which achieved £1,800 and £1,700 against estimates of £1,000-£1,500 and £800-£1,200 respectively (Lots 557 & 558), as well as a 1925 50 Piastres that more than doubled the estimated £500-£600 to £1,600 (Lot 541).
In addition to another excellent set of results for GB banknotes, Iran and India also continued to perform well after their successes in the previous e-Auction, with a Bank Melli specimen 10,000 Rials, graded 65 EPQ Gem Uncirculated, selling for £5,200 (Lot 388), and a 1935 100 Rupees note eclipsing its estimates of £1,000-£1,500 before finally settling at a hammer price of £2,600 (Lot 361).
As ever, we are grateful to our many bidders and vendors for their continued support as the remarkable results across such a wide breadth of material continue to flood in and reaffirm Spink’s position at the forefront of the international banknote market.
undoubtedly the most extraordinary collection of Rhodesian banknotes ever offered at public sale