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Colin Cooke Numismatic Forum - English 1,000,000 Quid note sells at auction in London!
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General: English 1,000,000 Quid note sells at auction in London!

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    You can read all about it here; http://news.bbc.co.uk/2/hi/uk_news/england/london/7645866.stm .

    Talk about being sold for under a tenth of the face value.

    The new owner will be laughing all the way to the bank - the Bank of England,that is,as it were!

    The British & British Commonwealth notaphilic community will be talking about this historic auction for many years to come.

    I've reported it for mentioning up on http://www.banknotenews.com .

    Aidan.
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    It does have a canceled stamp on it from the bank of england - not sure what year it was canceled.
    I think if you think it will be honoured by the bank of england , you will just be laughed at it would imagine!
    Incidently it would probaby have the worth of a 20 million pound note taking inflation into account!
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    Peter,
    Although it does have a handstamp & a punch-hole through the signature,it is still an extremely rare note.

    In my view,I reckon that it should be worth around 500,000 Quid.

    I've never seen notes denominated higher than 50 Quid,apart from a Scots 100 Quid note that I did see in a collection some years ago.I think Ulster still issues 100 Quid notes as well as Scotland.

    Aidan.
  4.  Report Post
    Yes aiden,
    It's price reflects that this is a very specialist area of collecting , and should be a lot higher but for the fact there are a very small number of collectors for specialist notes like this
    If it was an american note of similar rarity it probably would have sold for £500,000.
    I suspect it was only used for interbank transfers ,or indeed international transfers of cash.
    It certainly could not have been spent in a shop- I bet you could have bought Harrods including all it's stock for a note of this value
  5.  Report Post
    Peter,
    The 1,000,000 Quid notes were only legal tender for circulation between the various branches of the Bank of England.

    I wonder what other British Commonwealth countries have issued high denomination notes that are or were legal tender between the various branches of their central banks.

    Aidan.
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    I can only think of Mark Twain's story "The Million Pound Bank Note", later made into a film called, "Man with a Million"
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    The highest truly legal tender note we have used here in the US was the $10,000 Federal Reserve Note, but a $100,000 note was issued for payments between the Federal Reserve and Treasury that were not meant for general circulation. There have been negotiable US Treasury Bond Notes that were issued in the 1, 5 and 25 million dollar denominations, but to say they were really everyday currency is a joke. Now we only issue $100 bank notes from the Federal Reserve directly for our largest denomination to curb money laundering and drug dealer payments, thus making them more bulky and harder to hide.
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    <blockquote><cite>Posted By: RareBronzeCollector</cite>I can only think of Mark Twain's story "The Million Pound Bank Note", later made into a film called, "Man with a Million"</blockquote>

    That was a great movie starring Gregory Peck, too bad they don't make movies like that anymore!
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    John,
    Canada used to have a $1,000 note in circulation until 2000,when the Bank of Canada was forced to pull them,due to money laundering.

    Both Brunei & Singapore still have $1,000 & $10,000 notes,but very few people will see those.

    Aidan.
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    Too bad the criminals ruined it for many of us! It would be great to go into a coin shown and whip out a $500 or $1000 Federal Reserve Note to make a purchase. One other interesting denomination that Canada had was a $25.00 note that would still be very useful today for many transactions. I wish the US made one too in addition to the higher dollar notes and it would be good to bring back the $2.00 note too.
  11.  Report Post
    John,
    America still issues $2 notes,but like the $1/2 coin & the Canadian 50c. coin,they are seldomly seen in circulation.

    Singapore used to have $25 notes,as did Brunei.

    Malaysia had a 1 Ringgit note,then it was discontinued in favour of the 1 Ringgit coin.In 2000,the 1 Ringgit coin was discontinued,because of forgery,& replaced by a new 1 Ringgit note.The 2 Ringgit note has since been discontinued,but it still remains legal tender.

    Aidan.

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