Rare banknotes sell for thousands at Lichfield auction

The notes from Borneo and the Straits Settlements had been stored in a Midlands garage for five years before going under the hammer with Richard Winterton Auctioneers.

Printed in the 1920s, 1930s and 1940s, the collection totalled £7,950 at The Lichfield Auction Centre, Wood End Lane, Fradley Park, across three sales on August 5, 12 and 19.

Highlights included a single 1922 British North Borneo Company $5 note which sold for £900.

They were initially collected by a West Bromwich man who bequeathed them to his nephew, an unnamed 60-year-old from Pelsall.

He ‘didn’t know where to start’ and stored them in his garage until seeking guidance from Richard Winterton Auctioneers.

The vendor said: “My uncle meant a lot to me. He was a good man and this is not so much about the money but his legacy.

“I don't know if he knew what he'd got in terms of value. I certainly didn’t know they were worth anything and after he passed away in 2018 in his late 70s I kept them in my garage for five years.

“I didn't know where to start so I eventually made an appointment at The Lichfield Auction Centre to see numismatics specialist Phil Bridge, who was really helpful.”

He added: “My uncle used to collect all sorts of things with the intention of passing them to me. The sale has gone way beyond our expectations and I'm really chuffed – it's so nice for my uncle’s memory."

Auction highlights included a rare British North Borneo Company $5 banknote dated December 1 1922, which sold for £900 on August 5.

Five British North Borneo Company Sandakan 50 cents banknotes sold at £500 and a Government of the Straits Settlements $1 banknote from 1930 made £380.

A parcel of £800 Sarawak 1935 $1 banknotes made £800 on August 12.

And on August 19, a parcel including five Straits Settlements $1 banknotes and three Sarawak 10 cent notes sold for £560.

Numismatics specialist Phil Bridge put in about 20 hours’ research on the notes.

“I have seen some similar banknotes before but they are few and far between – many will have been lost due to the war and the passing of time,” he said. “Some weren't in the best condition but that doesn't seem to have made a difference at auction. That speaks as to how rare they are. That rarity combined with an international audience has led to some excellent results at auction.

“I'm very pleased for our vendor. He didn't know anything about these notes and thought it was wise to check whether they were worth anything. He's held on to them for a number of years and has now had a nice surprise.”