The E-Sylum:  Volume 10, Number 4, January 28, 2007, Article 22

1858 HONG KONG NOTE SOLD BY SPINKS

On January 22 Bloomberg news followed up its earlier report on the
auction of a rare Hong Kong banknote:

"An 1858 Hong Kong banknote with a face value of $25 sold for
HK$782,000 ($100,145) at a Hong Kong sale of Chinese paper currency,
said auctioneer Spink.

"The final price, including 15 percent buyer's commission, compares
with Spink's pre-sale estimate of between HK$650,000 and HK$750,000.
The unissued black-and-white banknote by Chartered Mercantile Bank of
India, London & China is one of about 600 items that fetched more than
HK$8 million combined, the London-based auction house said in a
statement. Chartered Mercantile changed its name to Mercantile Bank
in 1892 and was bought by HSBC Group in 1959.

"'The prices were surprisingly high,' said Otto Lam, a 13- year
banknote collector who wrote a doctoral thesis on Western banking
in 19th-century China and bid in absentia. 'Many people have spare
cash because of the strong stock-market performance.'"

To read the complete article, see: Full Story

  Wayne Homren, Editor

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