1899 Bank of Egypt pound brings record $66,000 to lead Heritage's World Paper Money Auction above $2 million
Egypt National Bank of Egypt 1 Pound 5.1.1899 Pick 2b PMG Choice Very Fine 35.
DALLAS, TX.—
An Egypt National Bank of Egypt 1 Pound 5.1.1899 Pick 2b PMG Choice Very Fine 35 inspired a flurry of competitive bidding until it set an auction record at $66,000 to lead Heritage's Oct. 16 World Paper Money Signature® Auction to $2,084,001.
This magnificent note features two camels on its obverse vignette in a popular image considered in Egypt to be a token of prosperity. The final result made it one of many notes in the auction that more than doubled its pre-auction estimate.
"The market continues to grow," says Dustin Johnston, Senior Vice President of Numismatics at Heritage Auctions. "With one in five lots realizing more than twice the estimate, there is no better barometer to illustrate the growth than the incredible selection we presented in this auction."
Johnston continues, "Many of the world's most popular notes were sprinkled throughout this offering, led by the Egyptian 1899 1 Pound note that realized $66,000 and a Rhodesian 1961 10 Pounds notethat has the never previously offered Richards signature, realizing $31,200 against a $10,000-up estimate."
Also faring exceedingly well was a beautiful Zanzibar Government 10 Rupees 1.1.1908 Pick 3 PMG Very Fine 20 Net that climbed to $38,400. Paper currency of the Zanzibar government remains among the most desirable of all world paper money; the 10 Rupees is the third denomination of the series, issued between 1908 and December 1935. PMG has graded just 10 examples of this denomination, across the three known dates: 1908, 1916 and 1928.
More than two dozen bids came in for a Romania Banca Nationala 1000 Lei 1929 (ND 1941) Pick UNL Specimen PMG Choice Uncirculated 63 until it ended at $31,200. This Specimen is dated January 31, 1929, and includes three signatures that were only present until March 1929. It is recorded that a small cache of unused stock was overprinted and prepared for issuance during World War II, but it was reportedly destroyed by 1945. The existence of any issued or remainder examples is truly unknown, leaving only this interesting and very rare Specimen.
An incredibly rare Rhodesia and Nyasaland Bank of Rhodesia and Nyasaland 10 Pounds 1.2.1961 Pick 23b PMG About Uncirculated 55 EPQ, the first and only example graded in the PMG Population Report, more than tripled its pre-auction estimate at $31,200. This offering, which is one of the rarest and most unknown of all Queen Elizabeth II banknotes, features the final date for the type; it is the only date to feature the signature of B.C.J. Richards.Verkooijen Collection
A Netherlands Indies Javasche Bank 300 Gulden 30.4.1901 Pick 58bs PLNI18.7s.a.1 Specimen PMG Choice Uncirculated 63 sold for $28,800, more than five times its pre-auction estimate, to lead a 90-lot trove that traces the arc from the sailing era's trading companies to 20th-century Caribbean banking and features notes from locales that once were part of the global Dutch influence, including strong offerings of Netherlands Indies and Surinamese notes, as well as a bounty of choice material from numerous other countries like the Netherlands, Panama, Curacao and Canada. This Specimen is one of just five pieces presently graded Choice Uncirculated in the PMG Population Report.
From the same collection comes a Netherlands Indies United East India Company, Amboina 20 Rijksdaalders 29.3.1809 Pick S128 PLNI1.4a PMG Very Fine 30 that drew a winning bid of $28,800. The earliest units of paper money created for the Netherlands Indies are letters of credit issued by the Dutch East India Company. This first-generation example was issued via Fort Victoria, in Amboina, Maluku.
The only example graded in the PMG Population Report of a Curacao Curacaosche Bank 500 Gulden 25.11.1954 Pick 44 PLNA15.7 PMG Very Fine 30 from the same collection brought $25,200. Curacao banknotes of the 1940s and 1950s are surprisingly rare in issued format, with the higher denominations being very rare to nearly impossible to obtain. This 500 Gulden was the highest denomination of the series, with only 2,000 printed and issued — nearly all of which were withdrawn or redeemed in the 1960s.
"Mathis Verkooijen's collection of Dutch and Dutch Colonial paper exceeded expectations," Johnston says. "Dutch collectors had a great year with what we brought to market in 2025."
Nearly doubling its pre-auction estimate was a Lebanon Banque de Syrie et du Liban 100 Livres 1945 Pick 53s Specimen PMG Gem Uncirculated 66 EPQ that finished at $27,600. This note is nicknamed the "Magic Carpet" note due to its incredible designs on both sides. This is a Specimen, as evidenced by the solid zero serial numbers, and is tied with one other for the finest grade in the PMG Population Report for Specimen of this type.
A Panama Banco Central de Emision 20 Balboas 1941 Pick 25s Specimen PMG Gem Uncirculated 66 EPQ from The Albert Field Hamilton Bank Note Co. Collection closed at $26,400. Panama's Central Bank issue of 1941 is arguably the most famous series of banknotes issued in the 20th century. Four denominations were printed by the Hamilton Bank Note Company of New York, all of which were only issued by banks for seven days, after which time the unissued stock was destroyed. Additionally, the process of withdrawing the notes actually issued into circulation was successful, as most were exchanged for USD and then destroyed as well. This Specimen represents the highest denomination of the short-lived series. PMG has graded 14 issued examples and only nine Specimen. This example is tied with two others for the finest grade in the PMG Population Report.The auction offered treasures for collectors of all levels, including a Serial Number 1 South Africa Gouvernements Noot, Pretoria 5 Pounds 28.5.1900 Pick 55a PMG About Uncirculated 53 that sold for an auction-record $9,000. The first £5 note from the Second Anglo-Boer War issued in Pretoria, it is the first variety of the type, with rosette design under denomination and "No" before the serial number.
