Pair of PMG-certified British India Notes Impress in Spink Auction

Two seldom-seen banknotes from British India each realized six-figure prices in a recent auction, highlighting the demand for great rarities from that time as well as the expert certification services of Paper Money Guaranty® (PMG®). The Specimens were offered as part of Spink's World and British Banknotes Featuring the Cassia and Cedar Collections Live Auction, held on September 23, 2025.

Click images to enlarge

An India - British, Bank of Madras ND (1843-61) 3,000 Rupees Specimen graded PMG 50 About Uncirculated (lot 45) realized £159,250 (about $215,000), while an India - British, Bank of Madras ND (1843-61) 1,000 Rupees Specimen graded PMG 45 Choice Extremely Fine (lot 46) realized £98,000 (about $132,000). Each note is the sole example of its catalog number in the PMG Population Report, with the 3,000 Rupees being the sole example of that entire denomination there.

Click images to enlarge

Both of these extremely rare high-denomination notes bear a serial number of 3000 and were issued by a financial institution based in Madras, southern India, which today is known as Chennai. On each note, the man depicted on the horse is Sir Thomas Munro, who served as Governor of Madras from 1820 to 1827.

Other top PMG-certified highlights in this auction included:

• a Sarawak, Government of Sarawak ND (1900-03) 50 Dollars graded PMG 55 About Uncirculated (lot 54), which realized £35,525 (about $48,000)
• a Sarawak, Government of Sarawak ND (1918-22) 50 Dollars Specimen graded PMG 50 About Uncirculated (lot 56), which realized £25,725 (about $35,000)
• an India / British Administration ND (1928) 1,000 Rupees graded PMG 35 Choice Very Fine (lot 287), which realized £23,275 (about $31,000)
• a Sarawak, Government of Sarawak ND (1900-03) 25 Dollars graded PMG 53 About Uncirculated (lot 53), which realized £22,662 (about $31,000)
• a Lebanon 1939 250 Livres Specimen graded PMG 50 About Uncirculated NET (lot 96), which realized £19,600 (about $26,000)
• an India / British Administration 1907-15 5 Rupees Specimen graded PMG 65 Gem Uncirculated EPQ (lot 285), which realized £17,150 (about $23,000)

Prices realized include buyer's premium.