PREVIEW: THE FRANK GOON COLLECTION PART ONE 25 MARCH

“Without doubt, the finest collection of its type extant today.” So says Noonans’ Senior Specialist Barnaby Faull of the legendary Frank Goon Reference Collection of British Malayan Banknotes.

The Goon Collection covers banknotes of Malaya, The Straits Settlements, Sarawak, British North Borneo, Singapore, Malaysia and Brunei.  A third of the collection, comprising some 250 lots, will form the inaugural Noonans Singapore auction.

“The earliest notes in the collection are all from the private banks operating within the Straits Settlements in the 19th Century. Private notes from British Malaya are extremely rare, and if you do find them, they are in appalling condition generally,” says Barnaby Faull. “Frank has managed to accumulate some 40 beautiful examples of the private banks. To find one is difficult, but to see even as many as the 15 of them present in the first auction is virtually unprecedented.”

Among the many highlights in the first auction is a trio of notes that is thought to be unique in private hands: a set of the British Malaya notes of George VI dated 1939 that never saw the light of day due to the outbreak of the Second World War. 

The proof set dated 1 January 1939 consists of 1, 5 and 10 dollars in green, blue and purple respectively, with the signature of Hyman Weisberg, Financial Secretary of the Straits Settlements and Chairman of the Commission of currency, Malaya. The notes were held up due to the outbreak of war and were eventually issued several years later with the colours switched around. The set is likely to sell for more than $150,000.

Another aspect of Frank Goon’s collection that makes it stand out over all other collections of its type is condition. Discussing the Straits Settlements notes, Barnaby Faull says: “The climate in Singapore, Sarawak, Borneo – all countries out there – is not conducive to paper. Frank was very fortunate in sourcing a lot of his banknotes from European sources where the paper quality is very good. I would stress that quality is paramount in Frank’s collection.”

As with so many of the finest collections, the Frank Goon collection contains huge quantities of the rarest non-issued notes such as colour trials, die-proofs, printers’ designs and one-offs, as well as partially printed proofs and specimens.

One of the most interesting items in the collection comes from a set of early notes for Singapore with denominations in Ringgit, the currency of Malaysia. Although they were never issued, Barnaby Faull argues that as pieces of history they are “absolutely fascinating”.

“They are the only record of some of the ideas for notes that were considered at the time and are, as such, extremely rare items.”

Banknote printers took photographs of beautiful hand painted designs sent out to banks for approval. Most of these designs were destroyed, meaning that the photographs are all that remain. The Frank Goon collection has an excellent selection of these, most of which have never been seen by the market before.

The collection also includes a specimen for what is thought to be the highest face value note in the world, the colloquially termed ‘titan’ 10,000 Ringgit note from Brunei.  

Barnaby Faull oversaw a major transformation in the international banknote market, introducing the world’s first dedicated banknote auctions. Recognised as a leading player in the sector, he’s handled the sale of many of the world’s most important private collections, along with those of major banks and institutions.

“Anyone looking at Frank’s excellent book, the award-winning Banknotes of British Malaya, will be astonished by what they see on every page – that’s how you judge how good a collection is.”

As such, the collection is a fitting subject for Noonans’ launch auction in Singapore on 25 March.