A record price of $1,223,250 dollars has been paid by The Rare Coin Company for an Australian 1924 George V One Thousand Pound banknote. The banknote was sold by Nobles Numismatics at auction in Sydney on Thursday 22nd November 2007 and was subject to intense competition by both private and commercial bidders.

The banknote is the only known thousand pound note in private hands and it was last sold at auction in November 1998 where it realized $86,000. Controversy surrounded the note’s purchase at this time, where it was seized by the Federal Police after the Reserve Bank of Australian claimed ownership, which the Bank later relinquished.

The Rare Coin Company’s purchase of this highly important numismatic item represents a significant milestone for the Australian Numismatic Industry, this being only the second known time in Australia’s history that the $1 million dollar price barrier has ever been reached for a single item.

Company Director Robert Jackman said the record price paid for the £1,000 note purchase coincided with the Company’s 25th Anniversary Year, demonstrating its continuing commitment to providing its clients with only the highest quality numismatic rarities.

“As one of Australia’s leading numismatic specialists, we are thrilled to secure such an important numismatic rarity as we believe that through our many years experience we are able to direct clients as to the areas with the best investment potential,” he said.

“The numismatic industry in Australia is now widely renowned to offer investors with an outstanding record of strong and dependable capital growth and this is no better demonstrated by the return on investment the seller of the £1,000 note is now benefiting from,” Mr Jackman said.

The Rare Coin Company has now sold the banknote to an existing client who was one of three prospective interested buyers the Company consulted with.

Further background information about the £1,000 pound banknote
• Unique 1924 George V One Thousand Pound Issued Specimen Note
• The first Australian One Thousand Pound Notes were printed at the Government Printing Office in Melbourne by the Commonwealth Stamp Printer in 1914.
• These were signed R. Collins, Chairman and Directors, Note Issue Dept. of the Commonwealth Bank and T. Allen, Secretary of the Treasury.
• This was probably the shortest circulation note ever issued in Australia.
• Following a brief introduction to the public, the £1,000 note was soon restricted to internal transfers of funds between banks only.
• In 1924 another batch of £1,000 notes were printed bearing the signatures of James Kell and R. Collins. These were never issued for circulation and were reserved for banking purposes only.
• The illusive £1,000 note, never meant for public use, is today many times more valuable as a collector’s piece than its intrinsic value of $2,000.
• In the 1930’s the Commonwealth Bank removed all £1,000 notes from circulation and to present the note as a specimen placed four cancellation punch marks and the word ‘CANCELLED’ perforated across the centre.
• This is the only circulated example known in private hands bearing the signatures—Kell/Collins—and of the utmost numismatic significance.

About The Rare Coin Company:
The Rare Coin Company is an Australian owned business which was originally established in 1982 in Albany Western Australia. Over the years the company has undergone many stages of development to emerge as one of Australia’s leading numismatic specialty firms today.

The Rare Coin Company prides itself on specializing in Australian numismatic rarities for a discerning collector and investor market both in Australia and internationally. The company has offices in Albany (head office), Perth and Sydney with consultants travelling extensively interstate and overseas promoting Australia’s numismatic market.

The aim of The Rare Coin Company is to create wealth and security for collectors and investors through the astute acquisition of genuinely rare and superbly preserved Australian coins and banknotes. Through our many years experience, our experts know the market well and are able to direct clients as to the areas with the best investment potential. The company stands behind the rarities it provides with an officially signed certificate guaranteeing authenticity and future liquidation.

Media Inquiries:
Robert Jackman – 040 022 1577
Lesley Allardyce – (08) 9892 8000
Out-of-hours media calls – 0405 668 056
Email: lesley.allardyce@rarecoin.com.au

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