Rare £500 note printed nearly 90 years ago could sell for £20,000
The banknote is the first of its kind to ever be sold at auction and only the second one known to exist.
A rare £500 note printed by the Bank of England (BoE) nearly 90 years ago could sell for more than £20,000 when it goes under the hammer.
The banknote from 1936 is the first of its kind ever to be sold at auction and only the second one known to exist.
It was primarily available at three BoE branches - London, Liverpool and Leeds - although some were issued in Birmingham and Manchester.
Kenneth O. Peppiatt, chief cashier at the BoE at the time, signed the note and it is expected to fetch between £18,000 and £22,000 at Noonans Auctioneers in Mayfair next month.
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Andrew Pattison, head of the banknote department at Noonans Auctioneers, said: "It is indeed a fantastic note.
"£500 notes are very rare, and in fact only available from three Bank of England branches - London, Liverpool and Leeds, although some were issued in Birmingham and Manchester - none have ever come to light.
"Of those available, Leeds branch, like this one, are the rarest. It comes from a long-term collector and is only the second example ever to come to the open market."
The sale will also include the Bruce Smart Collections of notes from India, as well as from Britain and Ireland.
The India section, which is made up of 62 “exceptional” notes, is described as a wonderful example for the unusual value of 2 Rupees and 8 Annas.
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Due to its rarity and still good condition, it is estimated to sell for between £20,000 to £26,000, auctioneers said.
Also in the auction is a large group of South African artefacts, including a rare £5 issued in the town of Koffiefontein during the Boer War, while the town was under siege.
This is estimated to sell for between £8,000 and £10,000 and is said to be the most difficult and desirable Boer War note, with only four other examples in private hands.
The proceeds will be donated to an animal welfare organisation in the United States called Humane Animal Partners, which was recently created by the merger of the Delaware SPCA with the Delaware Humane Association.
The auction will be held on 1 and 2 March.