Spink Offers PMG-certified Persian Rarities from the Michael E. Bonine Collection

An astounding group of Persian and world banknotes that are pedigreed to numismatic expert Michael E. Bonine and certified by Paper Money Guaranty® (PMG®) are being offered in an upcoming Spink sale. Bidding is already underway for The Michael E. Bonine Collection of Persian and World Banknotes auction, which is scheduled for November 16, 2023.

An extremely rare high-denomination Persian banknote is the top lot in the sale. A Kingdom of Persia, Imperial Bank ND(1890-1923) 1,000 Tomans Specimen graded PMG 64 Choice Uncirculated (lot 45) has an estimate of £30,000 to £50,000 (about $36,800 to $61,400). According to the auction house, it took Bonine more than 50 years to add this rarity to his already impressive collection of Persian notes. All but one of the issued examples of this note, the highest denomination ever issued by the Imperial Bank of Persia, were redeemed and destroyed. This Specimen is one of three in the PMG Population Report, but it is the only one that has a serial number range up to L00500.

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Another Persian rarity offered in the sale is a Kingdom of Persia, Imperial Bank (1890-96) 1 Toman - Bushire graded PMG 30 Very Fine (lot 10), with an estimate of £12,000 to £18,000 (about $14,700 to $22,100). This rare example stands out from the other first Qajar series notes, most notably since it does not include the iconic lion and sun motif, and instead prominently features the English word "ONE" encircled on the reverse. Only four issued examples are listed in the PMG Population Report, including one graded PMG 25 Very Fine that also appears in this auction (lot 11), with an estimate of £12,000 to £18,000 (about $14,700 to $22,100).

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Born in 1942, Bonine started several meticulous collections while growing up as a child in West Texas. Eventually finding an interest in coins and paper money, he would add to his collection throughout his travels around the world. Bonine was especially interested in Middle Eastern currency, focusing his efforts and research on systematically collecting banknotes of the Imperial Bank of Persia for more than 30 years. The bank, which was legally based in London, helped bring modern banking operations to the country that today is known as Iran.

Other PMG-certified notes in this auction include:

• a Kingdom of Persia, Imperial Bank 1890-1923 25 Tomans graded PMG 25 Very Fine (lot 41), with an estimate of £15,000 to £25,000 (about $18,400 to $30,700)
• a Kingdom of Persia, Imperial Bank ND(1890-1923) 500 Tomans Specimen graded PMG 64 Choice Uncirculated (lot 44), with an estimate of £15,000 to £25,000 (about $18,400 to $30,700)
• a Kingdom of Persia, Imperial Bank 1890-1923 20 Tomans - Yezd graded PMG 30 Very Fine (lot 38), with an estimate of £12,000 to £18,000 (about $14,700 to $22,100)
• a Kingdom of Persia, Imperial Bank 1924-32 100 Tomans graded PMG 40 Extremely Fine (lot 109), with an estimate of £10,000 to £15,000 (about $12,300 to $18,400)
• a Kingdom of Persia, Imperial Bank 1890-1923 10 Tomans - Tabriz graded PMG 20 Very Fine (lot 36), with an estimate of £6,000 to £9,000 (about $7,400 to $11,000)
• a Kingdom of Persia, Imperial Bank ND(1890-1923) 100 Tomans - Teheran Specimen graded PMG 63 Choice Uncirculated (lot 43), with an estimate of £5,500 to £8,500 (about $6,800 to $10,400)
• a Kingdom of Persia, Imperial Bank 1890-1923 5 Tomans graded PMG 35 Choice Very Fine (lot 29), with an estimate of £5,000 to £8,000 (about $6,100 to $9,800)
• a Kingdom of Persia, Imperial Bank 1924-32 50 Tomans - Teheran graded PMG 25 Very Fine (lot 107), with an estimate of £5,000 to £8,000 (about $6,100 to $9,800)

Estimates are provided by the auction house. The $ symbol represents US Dollars.