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Australia's No. 1 Bank Note Fetches $1.77 Million
 | By Kerry Rodgers, Bank Note Reporter
March 11, 2008 |
When the hammer fell at International Auction Galleries' Australian and World Rare Coin and Banknote Auction March 9, Australia had a new champion. The very first Commonwealth bank note printed in Australia had become the most expensive numismatic item sold in that country, be it coin or note.
The price paid of A$1.909 million (U.S. $1.767 million) easily beat the A$1,223,250 (U.S. $1.136 million) paid in November 2007 for an Australian 1924 George V £1,000 specimen note (Standard Catalog of World Paper Money No. P-2Ab).
The new record is held by the 10-shilling note with serial number M000001 (SCWPM P-1A). The note was printed May 1, 1913, and numbered by the Governor-General Thomas Denman's daughter Judith, who was subsequently presented with it by Prime Minister Andrew Fisher.
The successful bidder was Sydney-based rare bank note dealer John Pettit, who purchased it for a client. The client has been described by Pettit in the Aussie media as having "one of the best Australian bank note collections and he wants this as the iconic piece in his collection."
Pettit believed it to be a good deal. "To me this is not expensive for what it is. It's always going to be relevant to our history. It's a note that all collectors know because of the photograph of the Governor-General's daughter holding it up when it was being printed."
The whereabouts of the piece had been unknown until it turned up in a letter file in England in 1999. It returned to Australia when it was bought by a collector eight years ago. It was offered for sale back in March 2006 by Noble Numismatics but then failed to reach its reserve.
This time around, three bidders fought it out until the price went past A$1.6 million when one dropped out. The two remaining contenders continued the battle until the hammer fell for the last time at A$1.66 million. With 15 percent buyers premium added, the final price was A$1.909 million.
International Auction Galleries managing director Paul Hannaford was pleasantly surprised: "It was $300,000 more than we were expecting."
The overall IAG auction realized more than A$5.6 million. The firm's next numismatic auction is scheduled for Sept. 21, 2008.
IAG's Web site is www.iagauctions.com. Mailing address is P.O. Box 1380, Broadbeach, Queensland 4218, Australia; telephone +(07) 55 380300; e-mail address mail@iagauctions.com.
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