Watch List notes:

World Currency
States of North Africa Currency Commissioners 5 Cents ND (1900s) Pick 10 and 10ct. Example Intended for Circulation and 17 Color Trials. A design that this cataloger has certainly never seen before. Research for these appealing designs comes to a dead end, including any queries for a proposed "State of North Africa," Barnett-Loames signatures, or the effigy which almost certainly depicts the side-facing bust of Pericles. Yet, your cataloguer has recognized the serial number font on all examples (which bear block 1257 and serial 091531) as distinctively Italian, used on small change notes from 1893 to 1904, printed by the Oficina Governativa Carte in Valori, Turin (Italy Pick 23, 33, and 35). These serial numbers are different from later Italian notes, as these feature rounded 0 and 3s. It is far more likely the designs and color combinations were executed by a British printer as our consignor purchased them from a Spink sale that featured many specimens and proofs from domestic printers. Then possibly numbered by the Italian government, which oversaw much of North Africa at the time. Pinpointing these dates helps to decode why these notes were issued. From the unification of Italy in 1871, there was much nationalistic fervor to have Italy join in the colonization race, which it was behind in comparison to namely England and France. Italy already had large spheres of influence in large parts of North Africa, reaching from Algeria to Tunisia to Libya. From 1879 onwards, there were several attempts by Italy to gain colonies in North Africa, including the First Italo-Ethiopian War, in which the vastly outnumbered Italy was defeated. Later attempts however, were more successful, including the Libyan campaign, up to gaining some more African territories at the end of World War I. These notes may have been prepared for what was envisioned as a North African state under Italian control, akin to French West Africa, French East Africa, British West Africa, British East Africa, German East Africa, and other colonial domains. However, due to certain political and operational issues, that plan never came into fruition and apparently not even records were kept of this grand plan. A multitude of different color palettes are used on this set, one of which is designated as the issued example, with all others Color Trials. All of the color combinations are rare, and we believe most of them in this set to be unique. All bear the same designs and serial numbers. Three examples are PMG About Uncirculated 55 EPQ, one example is PMG Choice About Uncirculated 58 EPQ, two examples are PMG Choice Uncirculated 63, with a tear noted on both examples, three examples are PMG Choice Uncirculated 64, with a hinge noted on the purple-brown/tan example. Five examples are PMG Gem Uncirculated 65 EPQ and four examples are PMG Gem Uncirculated 66 EPQ. As this set may very well be the discovery set of this design, more research is certainly needed. A lower estimate we expect will be easily exceeded will be used, for the benefit of all collectors, historians, and economists everywhere who may want a chance of acquiring this pleasing and historically important set. From the Feeling Good Collection HID08701242017

Estimate: 20000-30000 USD