PMG-certified East African Banknote Brings a Record $96,000

An exceptionally rare East African banknote that is certified by Paper Money Guaranty® (PMG®) sold for a record $96,000 to lead Heritage Auctions’ World Paper Money Signature Auction on October 20, 2022.

The East Africa, Currency Board 1920 10 Florins = 1 Pound graded PMG 63 Choice Uncirculated (lot 25138) raced past its pre-auction estimate of $30,000 on its way to being the event’s top result.

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“The winning bidder just acquired a trophy world banknote,” Heritage Auctions Numismatics Vice President Dustin Johnston said. “All extant notes of this short-lived series are very rare, with just three examples of this type graded in the PMG Population Report. The bold colors and ornate design lend to an astounding visual appeal from a golden era of banknote design.”

Other PMG-certified notes in this auction included:

• a Hawaiian Islands 500 Dollars Front Proprietary Proof graded PMG 63 Choice Uncirculated (lot 25245) that realized $66,000
• an East Africa, Currency Board 1920 50 Florins = 5 Pounds – Mombasa graded PMG 55 About Uncirculated (lot 25140) that realized $45,600
• a Trinidad & Tobago 1921 100 Dollars graded PMG 25 Very Fine (lot 25524) that realized $38,400
• an East Africa, Currency Board 1920 20 Florins = 2 Pounds - Mombasa graded PMG 55 About Uncirculated (lot 25139) that realized $32,400
• a South Africa, Reserve Bank 1928-33 100 Pounds Specimen graded PMG 62 Uncirculated (lot 25490) that realized $31,200
• an East Africa, Currency Board 1921 1,000/- Shillings = 50 Pounds - Mombasa graded PMG 53 About Uncirculated (lot 25143) that realized $28,800
• a France, Banque de France ND (1943) 500 Francs Proof graded PMG 66 Gem Uncirculated EPQ (lot 25164) that realized $26,400
• an Israel ND (ca. 1955) 500 Pruta Printer’s Design graded PMG 63 Choice Uncirculated (lot 25317) that realized $26,400
• an Israel 50 ND (ca. 1955) 50 Lirot Printer’s Design graded PMG 58 Choice About Uncirculated (lot 25321) that realized $26,400
• an Israel ND (ca. 1955) 10 Lirot Printer’s Design graded PMG 64 Choice Uncirculated (lot 25320) that realized $26,400
• a Panama 1941 20 Balboas Specimen graded PMG 65 Gem Uncirculated EPQ (lot 25461) that realized $25,200

Prices realized include buyer’s premium. The $ symbol represents US Dollars.