Watch List notes:

Netherlands Indies Ministry of Finance / Javasche Bank MUNTBILJET - Small Change State Notes 1919-20 (3) a scarce early denomination set of the very first issues of these notes consisting of the very seldom seen Queen Wilhelmina portrait issues (2) both with the variety with the left signatures and title in the printing plate including the 1 Gulden Pick 100a dated Batavia, 28th November 1919 serial number EW 068268, a pleasing VF - GVF. Along with the 2 1/2 Gulden Pick 101a dated Batavia, 20th January 1920 serial number JK 066587, presentable aVF to VF. Both printed by the American Banknote Company and displaying that characteristic design look for their printing style of that period, very similar to their other prints as some of the Dominion of Canada issues from the early 1900's. Both notes feature a large portrait of Queen Wilhelmina at the centre obverse and the Netherlands Coat of Arms at centre reverse. The 1 Gulden with a classic black/grey look on obverse with a blue reverse, and the 2 1/2 Gulden with a dark olive-green obverse and a brown reverse. The lot also includes a 1/2 Gulden Pick 102 dated Batavia January 1920 serial number FZ 13922, VG this note of the second issues now printed locally by Topographische Inrichting, Batavia (Jakarta). These small denomination notes were authorised for issue due to the short supply of metal after World War I with denominations below 5 Gulden until a series of Exclusive Rights were brought to an end in 1922, with De Javasche Bank Act, and the bank's capital was increased by 50% to 9 million gulden which resulted in the bank being prohibited from issuing notes of less than 5 gulden, and all banknote designs were to be officially published. The same metal issue also arose later during World War 2 in the 1940's and some small denominations were issued again along with the invasion of the Japanese forces who also introduced their own Gulden Occupation currency.

Estimate: 100-200 GBP