Heritage World Coin Auctions
September Signature Currency Sale 4025 18 Sep 2020
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East Africa East African Currency Board 10,000 Shillings = 500 Pounds 15.12.1921 Pick 19 PMG Choice Very Fine 35. Incredible in every sense of the word, this 10,000 Shillings banknote is the highest denomination issued for the group of colonies known as British East Africa, and one of the highest denomination notes issued anywhere in the world at that time. Matched to the second highest denomination issued by the Bank of England, this note was equivalent to £500, or approximately $2,100 USD at the time. Such an enormous sum of money was simply unobtainable to almost everyone living in East Africa at the time. As such, this denomination was mostly used to settle accounts within the banking system in the colonies. However, it is known that some notes of this denomination were in private hands, used for the purchases of tracts of land, or other large scale acquisitions or infrastructure projects. The enormity of this banknote's potential ensured that few were printed and issued. At the time of cataloging, this is only the second example graded in the PMG Population Report, and only the second instance of this type offered in public auction. The East African Currency Board commissioned this denomination with a variety of dates until 1951, although each date was sparingly produced. The Currency Board also commented in 1964 that all 100,000 Shilling notes were accounted for and redeemed, but that a select few were in private hands. The exact number is unknown, although assuredly minimal. Minor staining, which has been lightened, is mentioned for accuracy on this trophy banknote. This may be the pinnacle of all George V portrait notes, and is certainly the key note for the colonies of East Africa. https://currency.ha.com/itm/world-currency/east-africa-east-african-currency-board-10-000-shillings-500-pounds-15121921-pick-19-pmg-choice-very-fine-35/a/4025-28220.s?type=CoinArchivesCurrency4025 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 56000-84000 USD
East Africa East African Currency Board 10,000 Shillings = 500 Pounds 15.12.1921 Pick 19 PMG Choice Very Fine 35. Incredible in every sense of the word, this 10,000 Shillings banknote is the highest denomination issued for the group of colonies known as British East Africa, and one of the highest denomination notes issued anywhere in the world at that time. Matched to the second highest denomination issued by the Bank of England, this note was equivalent to £500, or approximately $2,100 USD at the time. Such an enormous sum of money was simply unobtainable to almost everyone living in East Africa at the time. As such, this denomination was mostly used to settle accounts within the banking system in the colonies. However, it is known that some notes of this denomination were in private hands, used for the purchases of tracts of land, or other large scale acquisitions or infrastructure projects. The enormity of this banknote's potential ensured that few were printed and issued. At the time of cataloging, this is only the second example graded in the PMG Population Report, and only the second instance of this type offered in public auction. The East African Currency Board commissioned this denomination with a variety of dates until 1951, although each date was sparingly produced. The Currency Board also commented in 1964 that all 100,000 Shilling notes were accounted for and redeemed, but that a select few were in private hands. The exact number is unknown, although assuredly minimal. Minor staining, which has been lightened, is mentioned for accuracy on this trophy banknote. This may be the pinnacle of all George V portrait notes, and is certainly the key note for the colonies of East Africa. https://currency.ha.com/itm/world-currency/east-africa-east-african-currency-board-10-000-shillings-500-pounds-15121921-pick-19-pmg-choice-very-fine-35/a/4025-28220.s?type=CoinArchivesCurrency4025 HID08706262019 © 2020 Heritage Auctions | All Rights Reserved
Estimate: 56000-84000 USD