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  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 arrangements.
  (enlarge photo)

   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 artistic specimen.

    "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 Specimen Note
    • 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 numismatic significance.   

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