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Saturday, December 4, 2010

Multi-coloured Lebanese banknote could float to $93,300 in London

The auctioneer has announced a second day of selling collectible currency next week

As we've reported Spink is offering a full private collection, the Pestrello collection, of rare collectible banknotes on December 9, based on banknotes from the Bank of Portugal. There are two 50 million reis notes from 1889 available; each expected to fetch up to €16,000 ($20,900).

However, that is not the last notaphilic auction to be offered this year. There is a sale straightforwardly titled World Banknotes the very next day and it is very large, with close to 900 lots going under the hammer.

Spink have been amongst those leading an exciting upswing in demand for rare paper currency, which increasing number of bidders apparently valuing them highly as an investment or heritage.

The three lots leading Spink's December 10 sale are:

Palestinian banknote

A £5 Palestinian Currency Board note dated September 1927 with red serial number A095097, displaying the Tower at Ramleh at the left of the obverse. In presentable fine condition, only about 10 examples are believed to exist of this type - it is extremely rare.

It is estimated at £20,000-30,000. This time last year a cancelled version of the same note sold for three-times its estimate, so this one could be one to watch (though Spink have responded to the markets by adjusting their prices up somewhat).

A 100 rupee note from the Reserve Bank of India with serial number HA 082057 in pale red, orange and green is priced just above it at £30,000-35,000. Almost very fine and extremely rare, it is one of the finest examples believed to exist.

Banknote from Banque de Syrie et du Liban
Banknote from Banque de Syrie et du Liban

But it is a beautiful 250 livres note from the Banque de Syrie et du Liban that is expected to be the top lot. Multicoloured on a pale blue background and bearing serial number K.5 980/00109980, it is extremely fine and one of only four known to exist.

It is estimated to sell for £50,000-60,000 (up to $93,300) in Spink's sale which will take place in London.