The Rare Coin Company is set to continue to build on the success achieved in 2007, with the recent appointment of its inaugural Chief Executive Officer, Mr Edward Armstrong. Mr Armstrong commences his role as Chief Executive Officer in early January 2008, bringing with him a wealth of experience gained through an extensive career at a Senior Management level.

The appointment was spearheaded by the growth and expansion of the company during the preceding 18 months, which opened new and exciting opportunities for staff promotion and new management positions.

“The appointment of a CEO by The Rare Coin Company is a positive move both for the Company and the Australian Numismatic Industry as it continues to signify the industries move to a more professional standing, which can only ultimately benefit the broader consumer investment market,” Mr Armstrong said.

The appointment of Mr Armstrong caps off a significant 18 months for The Rare Coin Company, who recently set a new world record for the purchase of an Australian banknote at public auction. The company paid $1,223,250 dollars for an Australian 1924 George V One Thousand Pound banknote, which was sold at auction by Nobles Numismatics in Sydney on Thursday 22nd November 2007.

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

The company is set to exhibit the banknote in Albany and Perth in 2008, which will allow the general public a once in a lifetime opportunity to view a significant piece of Australia’s heritage and an outstanding artistic specimen.

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

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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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.

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