A New World Record Price for any Australian Numismatic Item has been set. A 1913 10 Shilling Note was auctioned by International Auction Galleries on March 9th (Lot 126) for A$1.909 million (U.S. $1.767 million) (includes buyers fee), the Highest Price ever for an Australian Numismatic Item, and the Highest Price for any Numismatic item ever sold in Australia of any description!

This landmark sale Eclipses the Previous Record Price by a whopping $685,750 to become the new King! The Record Breaking Sale of the First Ever Commonwealth Banknote printed in Australia is the most significant single sale of any major Auction House, and is sure to keep IAG’s name in the record books for many years yet!

A key point also was the fantastic overall strength of the sale in what many might perceive as a weakening economy, with numerous record prices set and 9 individual lots selling for more than $100,000.

As reported by Numismater “The successful bidder was Sydney-based rare bank note dealer John Pettit, who purchased it for a client. The client has been described by Pettit in the Aussie media as having “one of the best Australian bank note collections and he wants this as the iconic piece in his collection.”

Pettit believed it to be a good deal. “To me this is not expensive for what it is. It’s always going to be relevant to our history. It’s a note that all collectors know because of the photograph of the Governor-General’s daughter holding it up when it was being printed.” 

THE STORY OF THE FIRST 10 SHILLING NOTE:

On the 1st of November 1910 the Australian Notes Act was proclaimed to general public acceptance, but nonetheless prompted widespread criticism and fear from many areas. The then current system of State based currency issues and the recent banking crisis caused the Labor Prime Minister Andrew Fisher to progress with this somewhat radical idea. The arrival of the first paper 10 Shillings note in the history of the British Empire was met with the belief that it could cause the spread of disease through the lower classes handling banknotes, as well as the possibility of widespread financial disaster. Nonetheless progress continued on, and the Banknotes Tax Act previously passed assured that the private issue notes were quickly redeemed. An interim currency series using “Superscribed” private bank issues was a stop gap measure, and they substituted as paper currency for several years until a new design and official currency system could be instituted.

On the 1st of May 1913 the first official Commonwealth banknote was printed with a number of important personages in attendance, including Andrew Fisher, The Governor of the Commonwealth Bank Dennison Miller, the Governor General Thomas Denman, and the Lord Mayor of Victoria. A quick demonstration of the printing process was followed by a ceremony where the first banknotes were then produced by a hand numbered machine press. The Governor General’s daughter, Judith, was then involved in operating the lever of the hand press to produce the first Australian Banknote, with the serial number M000001, and was subsequently presented with this important note. Thomas Denman and his family returned to England upon the completion of his term, and the note then remained with the family’s descendants until it was returned and sold in Australia in 2000 by Mr. Barrie Winsor. The note is still in its original Government House envelope, inscribed in old ink “Judith’s 10/- Note, May 1st 1913”.

THE IMPORTANCE OF OUR FIRST COMMONWEALTH BANKNOTE:

This note, often described as the “Holy Grail” of Australian Numismatics, should by all rights really be in a museum. The very first Australian Commonwealth Note ever produced, and in fact the very first official issued 10 Shillings note anywhere in the world is thus both immensely historically and numismatically important. The fact that this note is also the very first issued of billions of Australian Currency Banknotes produced means it also has significance far outside of just its numismatic importance. It is an item that can rightly be deemed a “National Treasure” and as such is truly the most prestigious numismatic item ever offered in this country.

Any collector will always tell you that the first of anything is always the most significant, but unlike many other “Firsts”, this item is unique as its number does in fact indicate that it was the first printed; the first of many to follow. This note has the absolute indisputable historical background and the “Number One” serial number to back up its claims and thus is perhaps our only piece of issued Commonwealth Currency that can indisputably be called the very first issued. Most countries have never released their first issued currency note, as they have generally been kept in official archives or museums, thus this note is again of world wide significance.

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