Most expensive Australian banknote-world record set
by The Rare Coin Company
[Nov 30]ALBANY,WA,Australia-- The Rare Coin Company paid $1,223,250
dollars for an Australian 1924 George V One Thousand Pound banknote
and had set a new world record for the Most Expensive Australian
banknote sold at public auction.
The company has since sold the banknote to a private
collector who has very generously agreed to allow The Rare Coin
Company to exhibit the banknote under strict security and insurance
Company Director Robert Jackman confirmed that the
company was set to exhibit the banknote in Albany and Perth in early
2008, which will allow the general public a once in a lifetime opportunity
to view a significant piece of Australia's heritage and an outstanding
"This is truly an opportunity for all Western
Australian's to view a unique numismatic rarity as once the exhibition
is over the banknote is unlikely to be seen in the public domain
again for a significant period of time," Mr Jackman said. "As one
of Australia's leading numismatic specialists, we are thrilled to
secure such an important numismatic rarity and what makes this experience
even more satisfying for us is to know that the artistic excellence
and historical value of the banknote will now be able to be enjoyed
by all those who attend the exhibit." he said.
The banknote is the only known thousand
pound note in private hands and it was last sold at auction in November
1998 where it realized $86,000. Controversy surrounded the note’s
purchase at this time, where it was seized by the Federal Police
after the Reserve Bank of Australian claimed ownership, which the
Bank later relinquished.
The Rare Coin Company’s purchase of this highly
important numismatic item represents a significant milestone for
the Australian Numismatic Industry, this being only the second known
time in Australia’s history that the $1 million dollar price barrier
has ever been reached for a single item.
Company Director Robert Jackman said the record price
paid for the £1,000 note purchase coincided with the Company’s 25th
Anniversary Year, demonstrating its continuing commitment to providing
its clients with only the highest quality numismatic rarities.
Further background information about the
£1,000 pound banknote
• Unique 1924 George V One Thousand Pound Issued
• The first Australian One Thousand Pound Notes
were printed at the Government Printing Office in Melbourne by the
Commonwealth Stamp Printer in 1914.
• These were signed R. Collins, Chairman and
Directors, Note Issue Dept. of the Commonwealth Bank and T. Allen,
Secretary of the Treasury.
• This was probably the shortest circulation
note ever issued in Australia.
• Following a brief introduction to the public,
the £1,000 note was soon restricted to internal transfers of funds
between banks only.
• In 1924 another batch of £1,000 notes were
printed bearing the signatures of James Kell and R. Collins. These
were never issued for circulation and were reserved for banking
purposes only. • The illusive £1,000 note,
never meant for public use, is today many times more valuable as
a collector’s piece than its intrinsic value of $2,000.
• In the 1930’s the Commonwealth Bank removed
all £1,000 notes from circulation and to present the note as a specimen
placed four cancellation punch marks and the word ‘CANCELLED’ perforated
across the centre.
• This is the only circulated example known in
private hands bearing the signatures—Kell/Collins—and of the utmost