Rare Bank Note strikes Gold

The rare coin company has done the rare things yet again. The company has got into the habit of displaying rare feats of   acquiring rare coins and bank notes by clinching the mega route. This would be the second time in   less than four months. The Rare Coin Company has set a new world record for the price paid for an Australian banknote at public auction. In November 2007, the Company paid $1,223,250 dollars for an Australian 1924 George V One Thousand Pound banknote, which was sold at auction by Nobles Numismatics in Sydney.

The banknote is the only known thousand pound note in private hands and it was last sold at auction in November 1998 where it realized $86,000. Controversy surrounded the note’s purchase at this time, where it was seized by the Federal Police after the Reserve Bank of Australian claimed ownership, which the Bank later relinquished. The Rare Coin Company’s purchase of this highly important numismatic item represents a significant milestone for the Australian Numismatic Industry, this being only the second known time in Australia’s history that the $1 million dollar price barrier has ever been reached for a single item.

Company Director Robert Jackman said the record price paid for the £1,000 note purchase coincided with the Company’s 25th Anniversary Year, demonstrating its continuing commitment to providing its clients with only the highest quality numismatic rarities. Jackman was excited about this and said as the company was one of the leading numismatic specialists they were thrilled to secure such a   rare numismatic rarity  and with their vast experience could direct clients to the area with the best investment potential. The Australian Numismatic Society is reputed to offer strong and dependable capital growth   and this was better demonstrated   by the return on investment  the seller of the £1,000 note has reaped.

Some vital information about the £1,000 note

• Unique 1924 George V One Thousand Pound Issued Specimen Note 
    • The first Australian One Thousand Pound Notes were printed at the Government Printing Office in Melbourne by the Commonwealth Stamp Printer in 1914. 
    • These were signed R. Collins, Chairman and Directors, Note Issue Dept. of the Commonwealth Bank and T. Allen, Secretary of the Treasury. 
    • This was probably the shortest circulation note ever issued in Australia. 
    • Following a brief introduction to the public, the £1,000 note was soon restricted to internal transfers of funds between banks only. 
    • In 1924 another batch of £1,000 notes were printed bearing the signatures of James Kell and R. Collins. These were never issued for circulation and were reserved for banking purposes only.     • The illusive £1,000 note, never meant for public use, is today many times more valuable as a collector’s piece than its intrinsic value of $2,000. 

The most expensive Bank note was worth  $1223,250  paid by The Rare Coin Company to Nobles Numismatics at Albany, Western Australia on  November 22,2007.