PMG-certified Mideast Banknotes from the Salem Collection Offered by Noonans
Posted on 12/23/2025
Originating from one of the most exquisite and sought-after currency collections, hundreds of rare Syrian and Lebanese banknotes have been certified by Paper Money Guaranty® (PMG®) and are being offered to the public. The Noonans auction of The Ibrahim Salem Collection of Syria and Lebanon will conclude on February 12, 2026.
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Among the top banknotes in the auction is a Lebanon 1939 250 Livres Specimen graded PMG 53 About Uncirculated (lot 19), which has an estimate of £15,000 to £20,000 (about $20,000 to $27,000). From the French Mandate era, this high-denomination Specimen was printed in limited numbers for reference at a time when Lebanon was still years away from full independence. Only four Specimens of this catalog number are listed in the PMG Population Report, with only one in a higher grade than this example.
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Also featured is a Syria, Banque de Syrie et du Liban 1947 25 Livres graded PMG 20 Very Fine NET (lot 336), with an estimate of £7,000 to £9,000 (about $9,500 to $12,000). This banknote embodies a transitional era of Syria’s monetary history, issued shortly after the end of the French mandate and during the early years of Syrian sovereignty. Only eight issued examples of this catalog number are listed in the PMG Population Report.
What elevates these notes is their provenance. They come from the renowned collection of Ibrahim Salem, a Dubai-based architect turned numismatist who amassed a stunning collection of tens of thousands of world notes. Many have already been sold in landmark auctions; several years ago, PMG created an image gallery for more than 450 British Commonwealth notes from the Ibrahim Salem Collection.
Other PMG-certified banknotes in this auction include:
- a Lebanon 1945 100 Livres Front Proof graded PMG 55 About Uncirculated and Back Proof graded PMG 62 Uncirculated (lot 66), with an estimate of £9,000 to £12,000 (about $12,000 to $16,000)
- a Lebanon 1945 100 Livres Specimen graded PMG 63 Choice Uncirculated EPQ (lot 64), with an estimate of £8,000 to £10,000 (about $10,000 to $13,000)
- a Lebanon 1925 100 Livres Specimen graded PMG 63 Choice Uncirculated (lot 8), with an estimate of £6,000 to £8,000 (about $8,100 to $10,000)
- a Syria, Banque de Syrie et du Grand-Liban 1930 10 Livres graded PMG 15 Choice Fine (lot 198), with an estimate of £6,000 to £8,000 (about $8,100 to $10,000)
- a Syria ND (ca. 1943) No Denomination Front Proof graded PMG 64 Choice Uncirculated (lot 244), with an estimate of £6,000 to £8,000 (about $8,100 to $10,000)
- a Syria, Banque de Syrie et du Liban 1942 5 Livres with Serial Number 9 graded PMG 58 Choice About Uncirculated EPQ (lot 301), with an estimate of £6,000 to £8,000 (about $8,100 to $10,000)
- a Syria, Banque de Syrie et du Liban 1942 100 Livres graded PMG 20 Very Fine (lot 311), with an estimate of £6,000 to £8,000 (about $8,100 to $10,000)
- a Syria / French Administration 1920 100 Livres Specimen graded PMG 63 Choice Uncirculated (lot 174), with an estimate of £5,000 to £7,000 (about $6,800 to $9,500)
- a Syria 1925 5 Livres Front Proof graded PMG 64 Choice Uncirculated and Back Proof graded PMG 63 Choice Uncirculated (lot 188), with an estimate of £5,000 to £7,000 (about $6,800 to $9,500)
- a Syria 1925 10 Livres Front Proof graded PMG 63 Choice Uncirculated EPQ and Back Proof graded PMG 64 Choice Uncirculated EPQ (lot 189), with an estimate of £5,000 to £7,000 (about $6,800 to $9,500)
All estimates are provided by the auction house. The $ symbol represents US Dollars.
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