Watch List notes:

GREECE. Ionian Bank. 25 New Drachmai, 1877. P-S141. PMG Fine 12 Net. Restoration.
Pitidis 231b. Printed by PBC. 1877. The Ionian Bank was founded in 1839 to conduct business in the Ionian Isles, which at the time were a British Protectorate. The Ionian Bank served as the central bank of the United States of the Ionian Islands, and later expanded to Greece and the Eastern Mediterranean. The Ionian Islands were transferred to Greece in 1864; the British intended the transfer to be a gesture of support for the new King. The reunification took place on the 21st May, 1864.

This note was issued at the island of Kefalonia in 1877. At upper left are the arms of King George, with the banks' arms at top center flanked by draped flags of Great Britain and Greece. Large green under printed "25" at bottom center. "25" counters are found in three of the four corners. The penned signatures are still observed, which is a real treat considering the age and circulation. On the back is a dark blue design consisting of geometric shapes, with the bank name at center, and three "25" counters. The 1876 series were the first to be issued in Drachmai by the bank; previous series were in pounds.

This note is an anomaly of survival, and it is believed to be unique with a printed date. This is the first example we have handled in our lengthy auction history, and we can safely assume that it is missing from even the most advanced collections of Greek paper money. This note should also appeal to collectors of British Protectorate currency. This is the only example listed on PMG's population report, and a quick glance at Greek reference books such as Greek Paper Money Early Banks and Notes, 1822-1927 by Theodore Pitidis-Poutous list no examples recorded in their census, or even an estimate for possible survivors. PMG comments "Restoration". PMG Pop 1/No Others Graded.

Estimate: $50000 - $75000