$8750 for £50 banknote

Press, 5 December 1985, Page 48

$8750 for £50 banknote

PA Auckland An Otaki stamp dealer has paid what is believed to be a world record price of 58750 for a New Zealand banknote. Mr John Mowbray travelled to Auckland especially to attend the P. and M. Eccles coin auction at the Sheraton Hotel and was delighted he managed to outbid others interested in the National Bank of New Zealand uniform issue £5O note. The note, of 1925, was the highest denomination issued by the National Bank, although other banks did issue

£lOO notes.' “There are only two of these notes known and it is very difficult to know what the note is worth, but it is sufficiently rare for me to consider paying that price for it,” said Mr Mowbray. The note, from a Waikato deceased estate, was one of several National Bank notes Mr Mowbray bought at the auction. He paid a total of $15,980 for the notes, to be added to his six-month-old collection. His father, Sir John Mowbray, was a former general manager of the National Bank.