Heritage Offers Seldom-seen Egyptian Banknotes Intended for Italian Occupation

A group of incredibly rare banknotes from a World War II occupation that never happened have been certified by Paper Money Guaranty® (PMG®) and are the centerpiece of an upcoming auction. Bidding is now open for Heritage Auctions’ World Paper Money Signature Auction, which will be held October 24-25, 2024.

The centerpiece of the auction is a nine-note set of Egypt / Italian Occupation World War II 1942 Specimens (1, 5, 10 and 50 Piastres and 1, 5, 10, 50 and 100 Lire) graded PMG 53 About Uncirculated to PMG 64 Choice Uncirculated (lot 25222). They have an estimate of at least $80,000 and are pedigreed to the Ibrahim Salem Collection, one of the most impressive groups of world banknotes ever assembled.

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This complete set reflects Italy's colonial aspirations in the 20th century. Italian unification culminated in 1861, and Italy soon acquired Somalia, Eritrea, the Dodecanese Islands, Ethiopia and Libya. During World War II, Italy also occupied Greece, Corsica, Albania and other regions in and around the Mediterranean. Joining forces with the Germans, Italy aspired to defeat the British in North Africa to take control of Egypt and Sudan. Ultimately, the British and other Allied forces ejected the Axis powers from North Africa and blocked Italy’s ambitions for expansion.

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In anticipation of victory, the Italian government had already prepared and printed banknotes for Egypt in Rome. These notes were never issued, and only a few of them were saved from destruction.

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Other PMG-certified banknotes in this auction include:

• an Egypt, National Bank 1899 50 Piastres graded PMG 25 Very Fine (lot 25008), with an estimate of at least $25,000
• an Egypt, National Bank 1899 50 Piastres graded PMG 25 Very Fine (lot 25009), with an estimate of at least $20,000
• an Egypt, National Bank 1899 £1 Specimen graded PMG 50 About Uncirculated (lot 25011), with an estimate of at least $15,000
• an Egypt, National Bank 1898 (ND 1899) 50 Piastres Specimen graded PMG 63 Choice Uncirculated (lot 25007), with an estimate of at least $15,000
• an Egypt, National Bank 1899-1912 £5 Specimen graded PMG 64 Choice Uncirculated (lot 25012), with an estimate of at least $15,000
• an Egypt, National Bank 1898 (ND 1899) 50 Piastres Specimen graded PMG 35 Choice Very Fine (lot 25010), with an estimate of at least $10,000
• an Egypt, National Bank 1926-30 £1 graded PMG 64 Choice Uncirculated (lot 25076), with an estimate of at least $10,000
• a Sudan / Italian Occupation World War II ND (1940) 5 Piastres Specimen graded PMG 63 Choice Uncirculated (lot 24184), with an estimate of at least $10,000
• a Sudan / Italian Occupation World War II ND (1940) 50 Piastres Specimen graded PMG 63 Choice Uncirculated EPQ (lot 24185), with an estimate of at least $10,000
• a Sudan / Italian Occupation World War II ND (1940) 50 Lire Specimen graded PMG 64 Choice Uncirculated (lot 24187), with an estimate of at least $10,000
• a Sudan / Italian Occupation World War II ND (1940) 5 Lire Specimen graded PMG 65 Gem Uncirculated EPQ (lot 24186), with an estimate of at least $10,000
• an Egypt / Italian Occupation World War II ND (1942) 5 Lire graded PMG 12 Fine NET (lot 25223), with an estimate of at least $10,000
• a group of two United Arab Republic 1958 1 Dinar notes (a Front Printer’s Model and Back Printer’s Model), graded PMG 66 Gem Uncirculated EPQ and PMG 65 Gem Uncirculated EPQ (lot 25145), with an estimate of at least $15,000
• an Egypt / United Arab Republic 1958 10 Arab Dinars graded PMG 62 Uncirculated (lot 25156), with an estimate of at least $10,000
• an Egypt / United Arab Republic 1959 5 Arab Dinars Printer’s Design graded PMG 53 About Uncirculated (lot 25161), with an estimate of at least $10,000
• an Egypt / United Arab Republic 1959 5 Arab Dinars Printer’s Design graded PMG 53 About Uncirculated (lot 25162), with an estimate of at least $10,000

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