A remarkable auction sale has seen a rare £100 banknote from 1855 reach an impressive hammer price of £32,000. This note, originally issued by the Bank of England’s Liverpool branch, is notable not just for its rarity but also for its extraordinary historical context. The £100 note was so valuable at the time of issuance that it had to be physically cut in half for safer delivery.
Historical Value and Context
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The £100 note, which was issued 169 years ago, was worth approximately £15,000 in today’s money when it was first printed. The note, which had been preserved in remarkable condition over the decades, is a fascinating testament to the history of British currency. Its high value at the time made it a significant financial instrument and, in this case, the buyer’s investment paid off handsomely.
The £10 Note from 1882
Another highlight of the auction was a rare £10 bill from 1882, signed by Frank May, the disgraced former chief cashier of the Bank of England. This note also exceeded its estimated value, eventually selling for £26,000. Frank May’s controversial tenure at the Bank of England ended in disgrace after he was found to have engaged in financial mismanagement, including making irregular loans and overdrafts to clients. His involvement in the stock market also led to financial troubles, marking a significant scandal in the Bank’s history.
Growth of the Rare British Banknote Market
According to Andrew Pattison of the auction house Noonans, the success of these sales signals a growing trend in the market for rare British banknotes. The notes were purchased by prominent collectors who are particularly interested in historical currency. The increasing interest in such items reflects the broader trend of growing demand for rare and historically significant collectibles.
The Bank of England’s Liverpool Branch
The £100 banknote from 1855 was issued by the Liverpool branch of the Bank of England, which holds a special place in the city’s history. The branch, which opened in 1826 on Castle Street, was rebuilt in a grand neoclassical style between 1845 and 1848. The building, now a Grade-I listed structure, served as the Bank’s Liverpool headquarters until 1987. Since the closure of the branch, the building has remained vacant, though plans are currently in place to transform it into a restaurant.
In 2015, the building became the center of attention when it was occupied by the Love Activists, an anti-capitalist group protesting homelessness. Despite this controversial occupation, the structure remains a significant piece of Liverpool’s architectural history.
Conclusion
The sale of these rare banknotes underscores the continued fascination with British currency and the growing market for collectible notes. With significant historical and financial contexts attached to these items, they are not only valuable in monetary terms but also as pieces of history. The auction results reflect both the ongoing demand for such rare collectibles and the rich history behind them, which continue to captivate collectors and investors alike.