PREVIEW: WORLD BANKNOTES: 28 AUGUST

Early notes from the three Presidency banks of British India are rarities. One for 500 Rupees dating to within eight months of the founding of one of the banks is an extreme rarity. The finest known example of such a note is a treasure indeed. That is what Noonans have to offer in the World Banknotes auction on 28 August.

The note in question was issued by The Bank of Madras, established on 1 July 1843 by amalgamating several regional banks before merging with the other two Presidential banks, those of Bengal and Bombay, in 1921. The Bank of Madras is thought to have issued the smallest number of notes among the three, making its issues all the rarer.

 

The 500 Rupee note, dated 1 March 1844, would only have been surpassed in value by the 1,000 and 3,000 Rupee notes also issued. It features the serial number 3352, purple CANCELLED overprint, and annotations on the reverse. At one point it was split for the purposes of postage and later expertly rejoined. The estimate is £16,000-26,000.

Two Government of India notes from the early 20th century also stand out. The first is for 50 Rupees and was issued in Cawnpore on 28 November 1922. With the serial number DD/53 30020, it carries a Denning signature, and is of lovely quality and original paper bar ink graffiti to the top left. A very rare location of issue for this high denomination note, the estimate is £16,000-20,000.

The second note is for 1000 Rupees and issued from Bombay on 13 August 1918. With the serial number SD/73 89697, and Denning signature, it has some pinholes and is in choice very fine, condition, without any repairs or graffiti. This makes it extremely rare and it is the joint highest graded note of its kind by PMG. It has a guide of £15,000-20,000.

Originally denoting a gold coin, the Toman as issued by the Imperial Bank of Persia was the equivalent of ten old rials. One such, dated 1 January 1896, appears here. The first modern bank established by the British in Persia (later Iran), it operated as a bank of issue for a mere 30 years from 1889, as well as handling secured loans to the Shah from the British.

The 1 Toman has the serial number A 140055, and is signed by Nasra al-Din Qajar, the fourth Qajar Shah who was assassinated shortly after its issue. With a black oval seal handstamp, it also carries the Grundy and Rabino signatures. An excessively rare note in presentable grade for type and only one of a few examples believed extant, it is expected to fetch £15,000-18,000.