Spink Sale Shows Strong Market
|November 12, 2012||Filled under Featured Article|
The world paper money market in England is in fine fettle if the results of Spink’s five sales conducted from Sept. 26 to Oct. 10 in London are anything to go by. Due to editorial time constraints the results of just three of the sales are reported here. Those of the David Kirch collection of Bank of England notes , Part I, and his English provincial banks holdings, Part I, will be described in BNR’s next issue.
What’s In a Number?
The annual Bank of England charity auction kicked off proceedings on Sept. 26. The catalog consisted primarily of 150+ lots of low serial number Bank of England Boulton & Watt £50 (P-393), with some Adam Smith £20 (P-392) thrown in for good measure.
And it was all about those serial numbers. Us collectors know what we want and our slightly irrational demands saw British Association for Adoption and Fostering and Kids Co. profit handsomely. The total realized was $115,219 [£71,865].
Lot No. 1 with serial AA01 000013 took $1,346 whereas Lot No. 2, AA01 000015, could muster just $846. The succeeding lots saw prices fluctuate between $289 and $769 per note unless there was an “8” at the end of the serial number or the last three digits were solid.
As such AA01 000018 pushed the prices up to $1,270, whereas AA01 000444 took $654. Naturally top price of $1,578 among the singletons went to AA01 000888.
Two uncut sheet of £50s, 35 notes in each, realized $10,582 and $7,503 respectively. Readers may like to deduce what contributed to the price difference.
George Kanaan’s Middle East Collection
Oct. 4 was devoted to sale of the Iraq, Jordan, Gulf States, Saudi Arabia and Palestinian portions of the superb personal collection of George Kanaan. Middle East collectors are earnestly advised to browse the results of this sale on Spink’s lavish new website. There is room to mention just few highlights here. The total realized was $889,249 [£554,664].
Top selling note from Iraq was a rare issued King Faisal II 100 dinars, c. 1942, P-21. In VF it comfortably made $20,197. A specimen version of the same note, P-21s, took $13,464.
A King Faisal I specimen 10 dinars, of July 1, 1931, P-5s, sold for $18,466, while the corresponding specimen five dinars, P-4s, realized $15,004.
Specimens from Jordan were also in demand. A 500 fils (P1s) took $2,597, a one dinar (P2bs) $2,308, and a 500 fils (P5As) $2,116.
An extensive collection of specimens, trials, proofs and progressive proofs from Kuwait prompted some keen bidding with lots selling for two or three times estimate. Typical were five groups of five progressive proofs each of the 1961 issues. Those of the ¼ dinar (P-1) realized $7,311, the ½ dinar (P-2) $5,387, the one dinar (P-3) $6,157, the five dinar (P-4) $11,159 and the 10 dinar (P-5) $14,237.
Star of the show among the 15 Palestinian items, as might be expected, was the superb UNC £50 specimen of Sept. 30, 1929, P-10bs. It went for $88,502 on an estimate of $50,000-65,000.
Surprisingly, an issued £10 of Sept. 30, 1929 in good VF, P-9b, made just $5,388 but specimens of the 500 mils of Sept. 30, 1929 and of £1 of Sept. 30, 1929 both took $6,157.
If nothing else, the results of this particular sale indicate that anyone planning a collection of Qatar issues in the near future will need very deep pockets. Many of the specimen notes of both the Qatar Monetary Authority (P-1 to P-12) and Qatar Central Bank sold for two, three and even four times estimate with prices-realized of up to $11,500.
But it was two Qatar and Dubai currency notes that focused bidders’ attention. An extremely rare issued 25 riyals, P-4a, in about UNC was easily bid up to $73,123 on a $13,000-19,000 estimate. The corresponding 50 riyals, P-5a, in about EF, took $26,940 on its $5,000-7,000 estimate.
Among Saudi Arabian issues, interest was primarily centered on a specimen and composite essay of the one riyal Haj Pilgrim Receipt, AH 1375, P-2. The essay came mounted on board and took $11,545; the specimen $6,158.
Among the remaining notes a Saudi essay five riyals, P-7, also mounted on board, fetched $7,697.
The main sale of world paper took place on Oct. 2-3 prior to the Kanaan sale. It is hard to know where to start such was the abundance of desirable and rare notes on offer, some 1674 lots in all. The total realized over the two days was $2,623,826 [£1,636,248].
Two small collections attracted considerable interest and competitive bids. First up was The Isis Collection of Egypt that commenced with a number of rare National Bank proofs and specimens most of which went for well over estimate.
A 50 piastres die proof, P-1, in VF took $7,696 while a rare issued 50 piastres of Jan. 1, 1899, P-1b, in about F made $10,775. A specimen £5, P-3s, in good EF sold for $7,696, a specimen £10, P-4s, in VF $5,772 and a specimen £100, P-6s, in good EF $9,620.
An issued £100 of Aug. 2, 1914, P-16, in VG realized $28,861 with a obverse and reverse uniface color trial pair for a £100, P-17ct, taking $10,774.
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