The Frank Goon Reference Collection of British Malayan Banknotes

Foreword

Singapore has always been a personal favourite destination of mine - somewhere I term a magical place to visit. I conducted my first auction there at the New Otani Hotel (presumably not so new any more). I have met such great people in Singapore, many of whom I have been dealing with now for several decades.

First amongst them is Frank, whom I met a full three decades ago in 1993. Frank has been an integral part of my love for Singapore and over the course of my almost annual auctions and visits I hope that I have played an important role in helping him build his collection. I know I have used the expression before but I make no apology for using it again - Frank is the definition of a true gentleman collector. I cannot remember Frank ever quibbling a price and his generosity hosting me and colleagues was always freely given and much enjoyed. Now with these wonderful auctions of his own collection, the wheel has turned full circle. I am sure there is an element of regret in parting with his collection, but I trust that the final process will be as enjoyable as the time spent creating ‘The Frank Goon Reference Collection of the Banknotes of British Malaya’.

The collection itself is a wonder. It clearly shows Frank’s passion for the subject, and really highlights his eye for quality. I was reading the various forewords in Frank’s award-winning book The Banknotes of British Malaya, and was staggered to realise that the book was initially published as far back as 2011. At the time of the first edition, I wrote that the collection was ‘nearing capacity’ as it was becoming increasingly difficult to source new material of a quality to match what was already there. Clearly, I spoke too soon, since a second edition was published in 2015, showing that Frank did indeed manage to track down some wonderful additions to the collection! It is hard to believe that almost a decade on, I am writing another foreword, but this time for Part One of the auction of the ‘Frank Goon Reference Collection of the Banknotes of British Malaya’.

I know Frank feels that, as much as he has a passion for collecting, there must come a time to step back and let other collectors share in this wonderful enthusiasm for history and heritage. From our conversations, I know that the decision to sell has evolved over several years and I fully appreciate it is a wrench to let something go that you have invested so much care and passion in. I hope that this and subsequent catalogues will leave a lasting and affectionate testament to the collection.

In conclusion, I can only reiterate my thanks to Frank, and wish our many hopeful collectors the very best of luck.

Barnaby Faull


Part One

Welcome to the catalogue for Part One of the legendary Frank Goon Reference Collection of British Malayan Banknotes. It is difficult to overstate how important the Frank Goon Collection is, but suffice to say that it is the finest private collection of banknotes from the region ever assembled. It contains around 800 individual pieces, several hundred of which are unique, or so rare that they do not appear on the market for generations at a time. The collection also contains many of the finest known examples of dozens of notes, many of which appear in this first auction. It includes notes from the Straits Settlements, Sarawak, British North Borneo, Malaya and British Borneo, Malaysia, Singapore, and Brunei, with each of the three parts of the collection featuring a selection of notes from the aforementioned countries.

In many ways, the Straits Settlements provides the core of the collection. The early private bank notes are astonishingly rare, with only a handful appearing in auctions in a normal year. Frank has around 20 in this first part alone, including several from incredible issue locations such as Malacca and Thaiping. The issued HSBC $10 and Chartered Bank $500 specimen are real highlights. The later government notes are also wonderful, and two notes featuring George V really stand out, though for very different reasons. The 1933 large format specimen for $1000 is simply a handsome and impressive note, with the portrait of the King and the prowling tiger below providing truly iconic images. Issued only two years later, the $5 of 1935 with a PMG grade of 67 EPQ, is remarkable for being the finest known of over 800 graded.

Sarawak and North Borneo are smaller sections, but the quality of what Frank has managed to collect is far beyond imagining. The Sarawak $10 of 1922 is in stupendous grade and is a remarkable survivor, considering its high denomination and the tiny print run. From North Borneo, the most impressive item is arguably the $1 issued in the Nissan Estate during the Second World War. This unassuming little note is likely to be one of only a handful to have survived to bear witness to the traumatic Japanese occupation of the region.

The Malaya section is dominated by the almost mythical proof set of $1, $5 and $10, dated 1939. This important set of notes are the only examples in private hands, and are in many ways the ‘crown jewels’ of the entire collection. Throughout the auction are many wonderful monochrome photographs of designs for notes that were never made. These are generally the only surviving record of these designs, and some of the most beautiful are found in the Malaya and British Borneo section. The loveliest are several De La Rue alternatives to the 1953 designs featuring Elizabeth II. The notes were eventually issued by Bradbury Wilkinson and Waterlow and Sons, but the De La Rue designs would have been every bit as attractive.

The Malaysia, Singapore and Brunei sections are dominated by some incredible examples of printers’ artwork. Many of these ‘essays’ are handpainted and pasted together, and all of them are of immensely high production value. Most of them have never been offered before, and are stunningly beautiful, not to mention unique! The highlights are probably the pair of Malaysia designs for ’The Central Bank of Malaya’, which never existed. They are some of the earliest designs to feature Tunku Abdul Rahman and the quality is unsurpassed.

This is not only the first part of the Frank Goon Collection, but also the first Noonans Singapore auction. As such, it has been something of an adventure organising the auction and putting together this catalogue. There are many people without whom this auction would not have been possible, so we would like to say thank you to the following:

Jeremy Lee and Hann Boom, among others, who provided invaluable advice while cataloguing the collection.

Sim, Kitty and the other show organisers at the Singapore International Coin Fair, who have made great efforts to accommodate us at every turn. Colin Blyth and all the graders at PMG who worked so hard on the collection and graded it so efficiently, and to such a high level of quality. The immensely hard working staff at Noonans, for whom this was a wholly new experience, and often a challenging one.

And finally - and most importantly - Frank Goon himself, for entrusting his collection to Noonans for auction.

All of us at Noonans hope that you enjoy the catalogue, and we are looking forward to seeing many of you in Singapore on 25 March for what will certainly be a memorable occasion.

The very best of luck with your bids.

The Noonans Team

Part Two

It is hard to believe that it has been a whole year since the auction of the first part of The Frank Goon Reference Collection of British Malayan Banknotes. The sale was a tremendous success, with a third of the notes lovingly collected by Mr Goon finding new homes with collectors just as passionate as he is. Noonans are now proud to present you all with the second part of this remarkable collection. Just like part one, this section includes a cross section of notes from across British Malaya - the Straits Settlements, Sarawak, British North Borneo, Malaysia, Singapore and Brunei, with a few surprise additions from Hong Kong!

Notes from the Straits Settlements once again provide the heart of the collection. Here you will find more notes from the early private banks, including the North Western Bank of India, The Oriental Bank, The Chartered Bank of India Australia & China, and the Chartered Mercantile Bank of India, London & China. These notes survive only in tiny quantities and are amongst the rarest items in the collection. It scarcely seems possible, but the Straits Settlements Government notes found in part two are even more remarkable than those in part one. The two undisputed stars of the show are the specimen $1000 of 1911, of which only two examples are known, and the spectacular $100 of 1925 in a 50 EPQ, about uncirculated, PMG holder. The latter note is by far the finest known example of this popular note, and the paper quality is truly sensational.

As ever, Sarawak and British North Borneo are smaller sections, by virtue of the fact that so few notes were issued in each location. The standout Sarawak note is certainly the Charles Johnson Brooke specimen $25 - a remarkable denomination and an even more remarkable survivor. The sheer quality of the North Borneo notes in the collection continues to speak volumes about the kind of collector Mr Goon is. Many of these notes are the finest examples ever seen, and the series of $10 notes issued from 1905 to 1942 are sure to be favourites this time round. It is also important to mention the highly unusual Darvel Bay Tobacco Plantation notes, a full set of which has never been offered for sale before.

The Malaya section is full of wonderful notes, including a beautiful early piece of De La Rue printers artwork for a $5 note. Potentially of greatest interest though, are the three consecutive $100 notes from 1942, two of which are graded 63, uncirculated, making them the finest pair of such notes ever graded by PMG. The Malaya & British Borneo section is similarly lovely, with the star note being a superb colour trial of the legendary $10,000 featuring the young Queen Elizabeth II. There are also some more unique essays and photos of notes that were never made, including a series of notes for the ‘Board of Commissioners of Currency, Sarawak, Brunei and North Borneo’ - a name which was certainly never taken any further than the concept stage.

Just like the first part of the collection, the Malaysia, Singapore and Brunei sections are filled with exceptional proofs, colour trials, and replacement notes. The finest items are clearly the many printers essays however, and the most remarkable of these are the set of 1966 designs for Singapore Orchid Series, denominated not in dollars, but in Ringgit. These four designs are hand painted and pasted together to the highest standard, and are amongst Mr Goons favourite items in the collection as a whole, and it is easy to see why. In addition to be being absolutely beautiful, they are a unique record of a currency that never occurred.

Finally, this auction includes a handful of superb proofs and specimens from Hong Kong. While not part of the core collection, they nonetheless fit well at the end of the auction and are sure to garner great interest, particularly in the case of the incredible HK$500 of 1895!

Noonans once again wish to thank all those who have worked with us to make this catalogue a reality.

Sim, Kitty and the other show organisers of the Singapore International Coin fair have, as always been nothing but accommodating.

Ted Edmunds and the graders at PMG have shown exceptional professionalism as always, sometimes in the face of significant time pressures from us! The staff at Noonans who have worked so hard to make this process as smooth as possible for all our clients.

And as ever, we wish to thank Frank Goon most of all. It is always both a pleasure and honour to work with you.

We hope all of you enjoy the catalogue, and look forward too seeing many of you in Singapore on 23 March for another busy evening of frantic bidding!

Best of luck with your bids.

The Noonans Team

Part Three

It seems only yesterday that Noonans were asked to auction the Frank Goon Reference Collection of British Malayan Banknotes. In fact it is well over three years ago now, and it is with both pride and a little sadness that we welcome you all to the catalogue for the third and final part of the collection. The first two parts displayed an astonishing wealth of notes from across the region, including the Straits Settlements, Sarawak, British North Borneo, Malaya, Malaysia, Singapore and Brunei. This final section is no exception and includes several key notes which have been long awaited by many collectors.

The Straits Settlements section is, as ever, full of incredibly rare and special notes. The private banks portion again features notes from The North Western Bank of India, The Oriental Bank Corporation, The Chartered Bank of India, Australia & China, and the Chartered Mercantile Bank of India, London & China. Of particular interest are notes issued in Malacca or Kuala Lumpur, which are vastly rarer than those from Singapore or Penang. The Government section once again provides a feast of rarities, and also grade rarities. The undisputed star of this section is a specimen for the $10,000 of 1919-33, featuring the head of King George V above a prowling tiger. This is believed to be one of only two known examples of this spectacular ‘titan’.

The sections of Sarawak and North Borneo are arguably the finest offered so far from the collection. The Sarawak notes include the finest of only two known examples of the 25 Cent emergency issue of 1919, alongside a host of other early notes, and an array of beautiful proofs, specimens and issued notes from the iconic series of 1929-40. As ever, the quality of the British North Borneo notes Mr Goon has managed to acquire are second to none, with issued notes and unique specimens on every page. Arguably the finest of these is the fully issued $5 of 1910 in scarcely believable PMG 40 grade.

The star note from this auction is the finest known example of the utterly iconic Malaya & British Borneo $1000 featuring a beautiful portrait of Queen Elizabeth II. Issued in 1953, in the first two years of the Queen's reign, this high denomination note has always been highly sought after by collectors and this, the finest surviving example, is sure to attract a huge amount of attention. The Malaya section also includes many other wonderful items, from issued notes to specimens, proofs, and even some more amazing photographs showing designs that were never put into production.

As with the first two parts of the collection, this final part includes a wide variety of notes from Malaysia, Singapore and Brunei. In the Malaysia section, the stand-out lot is undoubtedly a wonderful quality presentation booklet of specimens from the first issue, originally presented to W.H.Wilcock, the founding Governor of the Bank Negara. This historically significant and beautifully presented item is one of a kind, and should garner significant interest from collectors. Amongst the issued notes, proofs and specimens are the final group of hand-painted printers essays. The Singaporian examples are particularly fine on this occasion, and the $20 featuring an unused painting of the yellow-breasted sunbird is possibly the finest of all.

Noonans would, as ever, like to thank everyone who has helped us bring this wonderful collection to auction over the last three years.

Sim and Kitty, and all the other organisers of the Singapore International Coin Fair, have been so helpful over the entire period of time, and we likely could not have done this without them.

Colin Blyth, Ted Edmunds, and all the other staff and graders at PMG took a wonderful collection and made it even more wonderful with their professionalism and beautifully-designed custom holders.

The staff at Noonans have worked tirelessly to make all three auctions into a smooth and pleasant experience for all involved, both before and after each auction.

And finally, we wish to thank Frank Goon one final time, for allowing us the privilege of auctioning his treasures. We are certain that they have found new and equally loving homes with many other passionate followers of this hobby, and that the legacy of The Frank Goon Collection of British Malayan Banknotes will continue to live on for many generations.

Best of luck with your bids.

The Noonans Team