Friday, 19 September 2008

£1,000,000 note for auction

Spink are to offer a £1m Treasury Note. Dated London 30 August 1948, and printed with the red serial number 000008, it is one of only two surviving examples from the nine thought to have been printed in connection with the Marshall Plan.

They were intended for internal use as “records of movement” and were in use for only a period of six weeks.

Unlike the usual banknotes, which carry a promise from the Bank of England to pay the bearer on demand the sum shown, this Treasury Note states that it “entitles the Bank of England to payment of one million pounds out of the Consolidation Fund of the United Kingdom”.

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.

Estimate is £40,000 and will be up for auction in Spinks sale on October 1st.

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