WBNA JAMAICAN BANKNOTE HIGHLIGHTS

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V26 2023 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 26, Number 44, October 29, 2023, Article 18

Here are a number of highlights from the World Banknote Auctions sale of the Isabella Chang Fong & Ian Marshall Collection of Jamaican Banknotes. "IM Commentary" are notes from consignor Ian Marshall. Bibliophiles take note - a print version of the catalog, sure to be an important reference, is available. -Editor

World Banknote Auctions has now launched Isabella Chang Fong & Ian Marshall Collection of Jamaican Banknotes at www.worldbanknoteauctions.com. The most advanced collection of Jamaican paper money ever offered at public auction, this sale takes place on Thursday, November 3rd, at 1 PM EDT / 10 AM PDT. Our bidding platform can be accessed directly by going to bid.worldbanknoteauctions.com or through our mobile apps. This sale will be broadcast live on our website, with live bidding, accessible anywhere in the world. Bids can also be placed prior to the auction.

Please note that since a printed catalog was prepared a 20% buyer's premium applies to this sale.

Lot 8229: Jamaica, Receiver-General's Office Kingston ND (ca. 1820s) PMG Choice UNC 63 10 Pounds (Proof)

Quite arguably one of the most important items in this collection, and an example of the earliest paper money for Jamaica, and also the first paper money specifically for use in the British West Indies. In 1822, an issue of certificates was authorized by order of the House of Assembly to ease financial transactions on the island. Denominated in Pounds, a total of 100,000 Pounds was issued in denominations of 5 Pounds, 10 Pounds, 20 Pounds, 50 Pounds, and 100 Pounds. They were recalled just a few years later, in 1824, and replaced by a new series of the same denominations. In 1846 just 1,994 Pounds remained outstanding from these first issues of Jamaica currency. In 1840, another issue was prepared (see the next lot). However, as commercial banks were authorized to issue in December of that year, the next series was never issued.

The 1822 series was printed by Perkins & Heath in London. A uniface design is seen, similar to contemporary English issues, but with a small crocodile at left giving it a local feel. The notes were issued by the "Receiver-General's Office Kingston" and entitled the bearer to receive a stated sum from the public treasurer. Upon issue, the notes were to be signed by several members of the Commissioners of Public Accounts.

This is a wonderful and extremely rare Proof from this very first series of banknotes for Jamaica. Some minor stains (due to it having been mounted) are seen on the back, but the overall appearance is strong. The paper is fresh for being over two centuries old and is free from writing, holes, or other problems. Not surprisingly, this is the only note of this series in the PMG population report. A museum-quality item that belongs in every serious collection of banknotes from Jamaica or in a collection focusing on the early monetary history of the British West Indies. PMG mentions "Minor stains".

IM Commentary: No issued examples known to exist of this series of any of the five denominations issued. This 10 Pound Proof is one of two known existing Proofs for this issue, the other being a 100 Pound. An exceptional item of the highest rarity.

Lot 8230: Jamaica, Islands Treasury ND (ca. 1840s) P-S111p / B011 PMG About UNC 55 50 Pounds (Proof)

Another issue of certificates was prepared in 1840 to be issued later that year. Similar in design to earlier issues, the establishment of several commercial banks in Jamaica in 1839 and 1840 deemed this issue unnecessary. In fact, 1840 was an important year in Jamaica's financial history as it abolished the use of Spanish coinage (apart from the doubloon, which remained legal tender until the early 20th century) and exclusively made British Sterling the currency of the island.

This series was again printed by Perkins & Heath in London, and no issued examples are known to exist (in fact, this series was likely never released into circulation). The 50 pound denomination seen on this Proof would have tremendous purchasing power in Jamaica at the time of issue. Even if this were issued, it is unlikely that many of the local population would ever have seen a banknote such as this. Mounting remnants typical for Proofs are seen, but the grade assigned by the grading service is perhaps a bit harsh, as there are no folds, and the eye-appeal is excellent. As many catalogers of rarities have stated before we must ask the question "Where are you going to find another one?" A tremendous item of the highest rarity destined for the finest collection of the British West Indies. PMG mentions "With 'Specimen' Overprint".

IM Commentary: It is unclear why this issue of notes was prepared, and it is likely that they were never issued due to the recall of all the Island Certificate Issues. It seems unlikely that Pick S101 to S105 exists and could be a mistaken attempt to catalog the previous lot. Proofs for a 1 Pound, 2 Pound, 4 Pound and 100 Pound are also known.

C.C. Anderson signature. While the 10/- Shillings denomination of this series has had a handful of auction results over the past decade, all are with the second signature variety. Until now just a single piece with the C.C. Anderson signature was believed to exist, but we are excited to add this piece as the second of the known 10/- Shillings with this signature. As you can read from Ian's commentary this note is a major rarity and is surely missing from even the most advanced Commonwealth collections. This evenly circulated note is intact with even circulation and just has some grade-limiting rust that is worth mentioning. The color is strong, and the paper quality appears above average for the technical grade. A massively important opportunity and without a doubt one of the highlights of the sale. PMG mentions "Rust".

IM Commentary: The last addition to the collection! A note we have spent 30 years looking for after failing to buy in auction the only other known issued piece, not, at the time, realizing the rarity. Likely printing 200,000 notes? The only other example also has the A/1 prefix, but no examples with this or the next signature are known with the A/2 prefix, so it is possible the printing was less. There is an outside possibility this denomination exists with the signature of W.B. Isaacs, but it has never been seen or even rumored to exist.

Lot 8014: Jamaica 1918 PMG 5/- Shillings (Front and Back Artist's Rendition)

A unique front and back artist's rendition for an unissued 5/- Shillings that dates back to the early 1930s and was produced by Thomas de La Rue in an effort to win the printing contract for the new series of notes. Very similar in design to the issued notes printed by Waterlow & Sons, but with some key differences. The most notable difference is the angle of the coat of arms and the portrait of King George V on the front. This and the next lot are some of your cataloger's favorite items in this collection and provide some rarely seen insight into the banknote design process. Not graded by PMG but overall well preserved.

IM Commentary: Very beautiful and desirable trails that have an unidentified signature for the Island Treasurer.

Lot 8221: Jamaica 1960 (ND 1964) P-52acf / B207bx VF 5 Pounds (Contemporary Counterfeit)

Prefix JF. A contemporary counterfeit that was clearly passed as a genuine note at some point. Interestingly, the serial number and signature match to genuine notes, so it is likely that this was directly copied from a note taken from circulation. Quite curious and interesting as such. An article in the Kingston Daily Gleaner of September 2nd, 1966 describes this counterfeit and there creation thereof and attempts to pass this as genuine in commerce. Not surprisingly, it failed, and several people were arrested. The printed catalog contains newspaper clippings highlighting this counterfeit's story.

Lot 8253: Jamaica, Bank of Nova Scotia 2.1.1900 P-S132as / B062as PMG Gem UNC 65 EPQ 5 Pounds (Specimen)

Fully printed specimen for the first date of the rare 5 Pound of the Bank of Nova Scotia issue. With issued notes essentially non-collectible, this specimen would make for an excellent replacement, especially at this grade level. Strong original paper and eye-appeal are seen on this example, which would make it an excellent representative for this seldom seen type.

Lot 8363: Jamaica, Colonial Bank 1.10.1898 P-S171 / B043c PMG Choice Fine 15 1 Pound

Plate note SCWPM specialized 12th edition. Fully issued example of this late 19th century 1 Pound note, which utilizes the same design as it did throughout most of the 19th century. Issued notes from the Colonial Bank, regardless of issuing branch, are extremely rare. We have identified perhaps two dozen fully issued pieces for all the different offices of the Colonial Bank around the Caribbean, with most of those from the Barbados branch, which was the primary note-issuing branch throughout most of the 19th century. Archival records show that the bank was meticulous in systematically withdrawing notes from circulation, and the number of outstanding pieces is minimal. With the 100th anniversary of the establishment of Barclays Bank (DCO) approaching it is unlikely that many issued Colonial Bank pieces are waiting to be discovered. PMG mentions "Minor rust".

IM Commentary: A nice issued piece and very rare. One of five known dates for the Jamaica issue and the Pick plate note. The other dates seen are 1885, 1896, 1902 and 1903.

Lot 8364: Jamaica, Barclays Bank 1.9.1926 P-S142r PMG Gem UNC 65 EPQ 5 Pounds (Remainder - Low S/N 1)

Perforation cancelled. The next denomination, again with serial number 1 and approval signature at upper right. The 1926 series features the printed signature of E.W. Lucie-Smith as Manager. He was the first director of the Jamaica branch of Barclays, a position which he held for a short period. He would pass away a few years later, in 1929. The notes printed for the Jamaica branch are similar to other branches, but as the Pound Sterling was the official currency of the island, they are not denominated in Dollars as seen elsewhere. This example presents exceptionally well, with strong color and originality seen on both sides. A wonderful rarity and an exceptional opportunity for the specialist.

IM Commentary: Serial Number 1 note that was cancelled and placed in the printer's archives. No other issued notes are known of this date and denomination.

Lot 8265: Jamaica, Barclays Bank 1.9.1926 P-S143r PMG Gem UNC 65 EPQ 10 Pounds (Remainder - Low S/N 1)

Perforation cancelled. The third of this exceptional trio of serial number 1 notes. Like the previous two notes seen with the signature on the upper right, this was perhaps done as part of the cancellation process. We have seen this example on other notes with ordinary serial numbers that were the first of the printing run. It appears that in some instances (but not always) the first note of a print run was cancelled and retained in the archives. They are different from specimens, and in our opinion, these are the first notes printed for the issue and true serial number 1 notes. This is another lovely Gem Uncirculated example of this extremely rare issue that is otherwise only known by a small number of specimens and proofs.

IM Commentary: Serial Number 1 note that was cancelled and retained in the Bradbury, Wilkinson & Co. archives. This is the only known example of this issue with an issued serial number

"As this was the most complete set, the auction catalog will likely serve as a reference for Jamaica collectors. We still have a few copies left and interested parties may request a copy free of charge by emailing with their mailing address to info@worldbanknoteauctions.com."