Author Topic: Historic £1 Million Banknote up For Sale  (Read 1836 times)

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Offline Bimat

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Historic £1 Million Banknote up For Sale
« on: September 16, 2011, 08:32:36 AM »
£1million banknote up for sale

16/09/2011

YOU’RE going to need a few bob to buy this £1million note.

The green banknote – number seven of nine – is expected to sell for £50,000 at auction.

It was issued on August 30, 1948, as part of US President Harry Truman’s Marshall Aid programme to fund Europe’s rebuilding after the Second World War.

The note, stamped “Cancelled” in October 1948, is being sold later this month by a private collector in Britain.

Auctioneer Chris Webb said yesterday: “How it found its way from the bank in the first place is anybody’s guess.”

Source: Mirror

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translateltd

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Re: Historic £1 Million Banknote up For Sale
« Reply #1 on: September 16, 2011, 11:02:11 PM »
It's interesting to compare this against some forged £500,000 notes that a group of Chinese-based fraudsters tried to present to the Bank of England a few years ago:

http://www.stuff.co.nz/148256/Kiwi-arrested-in-massive-UK-fraud-case-bailed

Part of the defence was that the BoE had indeed issued notes of such high value - it would have been interesting to see a real one presented by the prosecution!



« Last Edit: September 16, 2011, 11:27:25 PM by translateltd »

Online Figleaf

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Re: Historic £1 Million Banknote up For Sale
« Reply #2 on: September 16, 2011, 11:53:10 PM »
Apparently, that was two years ago. Any developments in that case? It reminds me of the case of a couple of Scandinavians who succeeded in exchanging some German inflation banknotes for US dollars many years ago. I think they got away with it.

Anywhom, it is difficult to see the super-high values as banknotes. Rather, they were used to transfer large sums from one bank to another, more like a paper counter or a standardized check. They weren't used for buying or paying stuff. They became obsolete when banks started using computers to transfer money.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

akona20

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Re: Historic £1 Million Banknote up For Sale
« Reply #3 on: September 17, 2011, 12:21:29 AM »
The good old movie "The Million Pound Note" was interesting.

Offline Coinsforever

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Re: Historic £1 Million Banknote up For Sale
« Reply #4 on: September 17, 2011, 01:14:27 AM »
£1million banknote up for sale

The note, stamped “Cancelled” in October 1948,

What was purpose or reasons for cancelling that note any idea /guesses.

Cheers ;D
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translateltd

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Re: Historic £1 Million Banknote up For Sale
« Reply #5 on: September 17, 2011, 02:12:38 AM »
Apparently, that was two years ago. Any developments in that case? It reminds me of the case of a couple of Scandinavians who succeeded in exchanging some German inflation banknotes for US dollars many years ago. I think they got away with it.


Charges were dropped, as I understand it, though the "notes" were all seized by the BoE.  The local guy who appears to have been the "patsy" in the case is still telling his story to the press and local coin clubs, and is apparently writing a book on the subject.

"Notes" illustrated in the press (e.g. "Investigate" Magazine, December 2007) show the obverse to be based on the "Hollom" 10/- note of the 1960s, paired with the reverse of a £5 note of the 1970s, with the numbers changed, but with numerous errors (spelling/typographical) and the curious use of a Courier font to write the denomination, which has a "Chinese" look about it.  They even omitted one of Hollom's initials in his signature.


Online Figleaf

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Re: Historic £1 Million Banknote up For Sale
« Reply #6 on: September 17, 2011, 02:14:27 AM »
If you compare the date on the note and the date of cancellation, you will find that it was valid for one month only. It may have been used only once or a few times. The article in the first post suggests that it was used for Marshal aid. The note itself says it entitles the Bank of England to withdraw from a "consolidated fund".

Maybe the consolidated fund was the vehicle to transfer money from the BoE to the Exchequer and vice versa. If so, the Exchequer (representing the UK government) may have received Marshal aid and transferred it to the BoE as it arrived. The note would be cancelled when the BoE had drawn the amount of the note from the consolidated fund.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.