Set of five 1970s-era United Arab Emirates banknotes hits $29,500 at Archives International Auctions Five 1970s-era banknotes from the United Arab Emirates, in denominations ranging from 1-to-100 Dirhams, sold for $29,500 at a June 4th auction held by Archives International Auctions in New Jersey.
News-Antique.com - Aug 01,2013 - (FORT LEE, N.J.) – One lot consisting of five 1970s-era banknotes from the United Arab Emirates, with Serial Number “000002” in denominations ranging from 1-to-100 Dirhams, sold for $29,500 at a live and Internet auction held June 4th by Archives International Auctions (www.archivesinternational.com) in the firm’s gallery located at 1580 Lemoine Avenue in Fort Lee. The set was easily the sale’s top lot.
All the notes were fresh and brightly colored with excellent embossing and sharp corners. Each banknote featured a camel caravan, palm tree and derrick on the face, with landmarks and historical designs on the back. “This set would be the centerpiece of any advanced U.A.E. collection and nearly impossible to duplicate,” said Dr. Robert Schwartz of Archives International Auctions.
The auction, only the fifteenth for Archives International Auctions, had just over 900 lots of U.S. and worldwide banknotes, coins, scripophily (the collecting of stocks and bonds), and autographs. Around a dozen dedicated collectors attended the event live, while an estimated 70 others bid via the Internet. Phone and absentee bids were also taken. The sale grossed $242,579.
“Online bidding has been on the increase over the last three years, I’m sure not just for us but for the auction industry overall,” Dr. Schwartz said. “People are happy being able to bid on multiple auctions at once, from the comfort of home. As for the sale itself, it was strong, with the strongest sectors being foreign banknotes, U.S. Federal bonds and a few other lesser categories.”
Following are additional highlights from the auction. All prices quoted include an 18 percent buyer’s premium.
One other lot was able to crack the $20,000 mark. It was a large-size Fourth Liberty Loan “star” replacement gold bond (4 ¼%), issued on Oct. 24, 1918 and the only one known. Graded extra fine by Pass-Co, the bond hit $22,420.
A circa-1845 Commercial Bank of India unlisted Bombay denomination rarity in the amount of 5 Rupees, in choice fine to very fine condition but unfortunately torn in half vertically with both halves intact, went for $5,900. The note, rare and desirable and with no serial numbers, had commerce, ships, a harbor scene and buildings on the front and “Five Rupees” on the back.
A one-page holograph letter written in France on Aug. 25, 1720 by John Law, the Scottish financier and speculator, rose to $5,020. The letter, in very fine condition with just some minor toning at the margins, was regarding the exchange of 200,000 Livres for 10,000 Livres banknotes. Law founded Banque Generale in 1716, the first bank in France that issued paper currency. It was set up to help develop and colonize Louisiana, called the “Mississippi Scheme.”
An extremely rare and historic Series A proof banknote for Banco Espanol de Puerto Rico (circa 1889), in the amount of 50 Pesos, unlisted face and back proofs printed on India paper with archival notations, realized $2,480. The banknote had “00000” serial numbers and was graded in choice to gem uncirculated condition.