The five hundred pounds was from a Leeds branch of the Bank of England, dated 1936, and went under the hammer at a banknote auction organized by the Noonan Company.
The lot—which was signed by Kenneth Bibbett, chief treasurer of the Bank of England at the time—was bought by an avid collector of bank notes. It is a truly remarkable and exceptionally rare note that has only been issued in large quantities at three branches – London, Liverpool and Leeds,” said Andrew Pattison, Head of Banknotes at Noonans.
Pattison explained that the Leeds coin is the rarest of the banknotes available. The note was expected between eighteen and twenty-two thousand pounds. It was the first copy sold at auction and only the second known copy.
Early serial number banknotes are often sought by collectors as many have not circulated. When the Bank of England issues a new banknote, it tends to donate those with notable serial numbers to the people and institutions involved in its development, as well as to charities.
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