MILLION POUND BANKNOTE AUCTIONED BY SPINK

Treasury note, for £1,000,000, with text: 'entitles the Bank of England to payment of ONE MILLION POUNDS', London, 30 August 1948, red serial number D 000008, green text on white Bank of England watermarked paper, crowned arms top centre flanked by lion and unicorn, vertical green panel at left and right, PAYABLE ON DEMAND top right. Printed signature of E.E. Bridges low right. The note is hole cancelled over the signature and stamped 'Cancelled, 6 October 1948, Bank of England'.

Light folding otherwise extremely fine. Of the greatest rarity and the highest denomination note available to collectors. One of only two surviving examples, this one million pound note was issued in connection with the Marshall Aid plan after World War II and was intended for internal use as 'records of movements', the notes were in use for only a period of six weeks. It is believed that nine examples were produced, only two notes are believed extant, the other seven being destroyed.

The two surviving examples, numbers seven and eight were given as mementos to the respective U.S and U.K Treasury Secretaries. In the U.K's case this was E.E. Bridges. Number seven was first sold in 1977 and is listed in the Guinness Book of Records as being the highest denomination note in private hands. A magical denomination.

To read the complete lot description, see:
Auction: 16008 - British and World Banknotes Lot: 296 (www.spink.com/lot-description.aspx?id=16008000296)

To read the earlier E-Sylum article, see:
SPINK TO AUCTION MILLION POUND BANKNOTE (www.coinbooks.org/esylum_v11n39a25.html)

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