REVIEW: BANKNOTES 25 AUGUST

Two of the chief highlights from the 25 August Banknotes auction demonstrate how major conflicts can influence collecting history as well as the main course of events themselves.

Both the 1917, 1 Rupia issued by the Banco Nacional Ultramarino, Portuguese India and the States of Guernsey £5 issued in 1945 were the result of global conflict.

As Noonans Head of Banknotes Andrew Pattison explains, a shortage of coinage in the First World War led to the production of emergency small change banknotes for all the Portuguese colonies, and in Goa these were issued in 1917.

“In 1921 various laws relating to currency issuance changed. As a result, notes of 1 Rupee and above had to be re-printed in different colours, and the previous colours withdrawn,” he explains.

“The first batch of notes, of which this is one, were not even fully released to circulation when the second batch arrived. As a result, the first batch is far scarcer than the second, accounting for the very high price achieved in this auction.”

To illustrate the point, an example of the second, more readily available issuance 1 rupee note also appeared in this sale. It took £2,600 hammer. The rare first issue note took £13,000.

The Guernsey £5 note, a very late addition to the occupation issues, was printed in very few numbers, with even fewer put into circulation; only 53 remained outstanding after they were recalled, with a mere handful surviving today.

“This makes it one of the rarest Guernsey notes available to the market,” says Pattison, explaining the £9,000 hammer price.