PREVIEW: WORLD BANKNOTES: 29 MAY

While much of the British Empire used sterling, British East Africa initially used the rupee. After the First World War, the rising price of silver, from which the rupee was made, led it to increase in value against sterling until it reached the value of two shillings.

In 1921 it was replaced with the florin, and then with the East African shilling with, vitally, the value being pegged to the sterling equivalent of one shilling.

 

Further developments resulted as territories declared their independence, with the East African shilling replacing the Indian rupee in Aden in 1951.

By 1965 the East African Currency Board was breaking up and alternative currencies, such as the South Arabian dinar, began to replace the shilling.

This auction features one of the rarest East African shilling notes, a specimen produced in 1951 in the sum of 10,000 shillings – £500 at the time, and the equivalent of around £20,000 today. Dated 1 August, and with the serial number B/1 00000, it has four signatures and is perforated CANCELLED.

The estimate is £10,000-15,000.