PREVIEW: BRITISH & IRISH BANKNOTES 27 JULY

Cyril P Mahon served the shortest term as Chief Cashier of the Bank of England in the century after their printed signatures first appeared on notes in 1870. His elevation to Comptroller in 1929 ended a posting of under four years.

Mahon’s period in office coincided with the temporary return to the Gold Standard, which was eventually abandoned in 1931.

 

Two specimen notes from April 1925 – the month the return to the Gold Standard was announced – provide leading highlights for this sale. One is for £50, the other for £20.

In today’s values, £50 is equivalent to around £3,900, a large sum to be covered by a single note. Consequently, comparatively few were printed, but specimens as such as the one offered here are extremely rare and much sought after by collectors.

It is dated 9 April 1925, has serial number 04/Q 00000, and the red SPECIMEN overprint. The estimate is £5,000-7,000. The specimen £20 note is dated 9 April 1925, has the serial number 03/Q 00000, and also has the red SPECIMEN overprint. The estimate is £3,000-4,000.

A Bank of England £500 note, dated 15 November 1935 and with the signature of Chief Cashier Kenneth O. Peppiatt, is expected to fetch £12,000-16,000 in the sale.