A 1920s banknote is expected to fetch more than $70,000 when it goes under the hammer in New South Wales next week.
The rare five-shilling note was one of a million when first printed, but now just four remain after they were burned by the government.
It’s sale forms part of a $3.5 million auction to be held at the NSW State Library hosted by currency-trading company Noble Numismatics, News.com.au reports.
A 1920s banknote is expected to fetch more than $70,000 when it goes under the hammer in New South Wales next week
The rare five-shilling note was one of a million when first printed, but now just four remain after they were burned by the government
The note was first proposed during World War I, when the price of silver began skyrocketing.
Fearing people would horde shilling coins for the metal, the Australian Government printed more than a million notes instead.
But after the price of silver fell following the war the notes were burned in 1922 and thought to be destroyed.
However four resurfaced in 1993 as having belonged to then Assistant Secretary to the Treasurer, C.J Cerutty, with one later auctioned and three sold privately.
It’s sale forms part of a $3.5 million auction to be held at the NSW State Library hosted by currency-trading company Noble Numismatics, with founder Jim Noble (pictured) calling the note’s history ‘unprecedented’
The auction runs across four days from November 21 to 24 and includes a range of other ‘collectable’ currency such as a Commercial Bank of Australia Limited 10 pound note (pictured) worth about $10,000
Jim Noble, the founder of Noble Numismatics said it was ‘an exciting note to own’ and that it had a long and ‘unprecedented’ history.
‘The only other time they destroyed a lot of notes (was when) they destroyed 1000-pound notes in the 1960s,’ he said.
But despite the high price-tag the note is attracting, the owner is likely to be kicking themselves after previously purchasing it for more than $300,000.
‘For your own private super, people could buy things, and some people did, (but they) didn’t know what they were buying. I guess he’s not smiling about it, that’s for sure,’ Mr Noble said.
The auction runs across four days from November 21 to 24 and includes a range of other ‘collectable’ currency.
Among those items listed on Noble Numismatics website is an Elizabeth I, fine sovereign valued at $35,000, a George V coin valued at $45,000 and a 1925 10 pound note worth an estimated $40,000.
Other items listed on Noble Numismatics website as of worth, is an Elizabeth I, fine sovereign valued at $35,000 (pictured)