PREVIEW: BANKNOTES 24 NOVEMBER

Malta issued its first official currency in August 1914 in response to an economic slump brought about by huge cutbacks in naval spending, which supported the island economy.

A run on the banks as the population feared the imminent outbreak of war added to the crisis.

The British Government intervened, closing the banks pending a scheme to introduce paper money, printed locally, in response to fears that exporting large sums from the UK by sea to Malta would be a perilous enterprise during any conflict.The result was the 1914 emergency notes, ranging in value from five shillings to ten pounds, issued in two lots during August and September. Within nine months it was deemed that the crisis had passed, and they were withdrawn, their limited edition status creating the perfect conditions for future collectors.

This sale includes an extremely fine example of the five shilling note, dated 13 August 1914, with the serial number AA006043. It retains very strong embossing and displays just one central fold, with evidence of only minor handling, “to about uncirculated”. The reverse displays a wonderfully subtle design showing the islands of Malta and Gozo outlined in blue beneath the text.

An exceptionally rare note in spectacular grade, Noonans have catalogued it as “likely a once in a decade chance to acquire this short-lived emergency issue”.

The note is authorised by command of the King in the name of Malta’s Lieutenant Governor and Chief Secretary to the Government, John E. Clauson.

Sir John Clauson KCMG, CVO (1866-1918), who went on to become High Commissioner for Cyprus the following year, was the father of Sir Gerard Clauson (1891-1974), Assistant Under-Secretary of State at the Colonial Office from 1940 to 1951, and a prominent philologist and orientalist.

He was also a keen and academic numismatist, building a collection of Ancient Coins that Noonans will also be offering for sale on 13 October. Among the highlights is a very fine c.550-510 BC Nomos of Sybaris, a city on the Gulf of Taranto and part of the Greek Empire, featuring the portrait of a bull and estimated at £1,500-1,800.