Previously Unknown British India Note Among PMG-Certified Rarities in London Sale

Posted on 9/11/2019

Spink estimates the 1925 "discovery note" being offered in early October is worth at least £70,000.

A rare note from British India certified by Paper Money Guaranty® (PMG®) will be in the spotlight at the Spink World Banknotes Auction taking place October 2 and 3, 2019, in London.

The India / British Administration 1925 1,000 Rupees note was issued in Kurrachee, now Karachi (a Pakistani city since 1947). Before this “discovery note” came to light, the only known issuing branches for 1925 British India 1,000 Rupee notes were Bombay (now Mumbai) and Calcutta (now Kolkata).

This is the only 1925 British India 1,000 Rupee note known to have been issued in Kurrachee (now Karachi). The PMG-certified “discovery note” is expected to bring upwards of £70,000 ($86,000 USD) at auction.
Click images to enlarge.

Attesting to its uniqueness is the fact that the note is not listed in the Standard Catalog of World Paper Money. Graded PMG 25 Very Fine, this note has an estimate of £70,000 to £80,000 (about $86,000 to $99,000 USD).

“This note is a significant discovery that will be highly sought by advanced India collectors,” said Kelvin Cheung, Spink Global Head of Banknotes and Bonds.

The auction also features rare notes issued by the East African Protectorate and the East African Currency Board. An East Africa / British Administration 1912-16 500 Rupees note issued in Mombasa is expected to sell for between £40,000 and £50,000 (about $50,000 to $61,000 USD). Graded PMG 53 About Uncirculated NET, the note is likely unique in issued format.

Another British East African note, an East Africa, Currency Board 1921 10,000/- Shillings issued in Mombasa, carries an auction estimate of £30,000-£40,000 (about $37,000 to $50,000 USD). Graded PMG 35 Choice Very Fine, this note is the only known example in issued format.

Other significant PMG-certified banknotes being offered in the upcoming Spink auction include:

All estimates provided by the auction house.

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