Group of Qatari Banknotes from 1981 Fetch Hammer Price of £230,000 – Fifteen Times their Pre-Sale High Estimate - at Noonans

A group of six very rare banknotes (die proofs) from the Qatar Monetary Agency all dating from 1981, that were never circulated, fetched a combined hammer price of £230,000 – fifteen times their presale high estimate - on the second day of an auction of World Banknotes at Noonans Mayfair (16 Bolton Street) on Friday, November 28, 2025.

The highest price of the group was paid for the obverse and reverse die proofs for the 500 Riyals of the 1981 series, which bear no serial numbers or signatures, but are typewritten ‘QATAR.’, and are dated ‘25/11/80.’. On the reverse, is a design of an offshore oil platform. Achieving a hammer price of £60,000, they had been estimated to fetch £3,200-£3,800 [lot 900].

Following the sale, Andrew Pattison, Head of the Banknotes Department at Noonans said: “This was a genuinely remarkable result. They did extraordinarily well because this is the first time anyone has ever seen a set of proofs for this popular 1981 issue of notes.  Despite the rarity, we did not expect the extraordinary response that the market showed to the notes.  There were multiple bidders up to a fairly high level, and then two extremely serious individuals who fought each lot up to the levels we saw on the day.  The full set eventually went to the same bidder, who is an extremely serious collector of rare notes from the entire region.” 

Elsewhere in the sale – a £5 note from the Southern Rhodesia Currency Board realised a hammer price of £22,000 against an estimate of £5,000-7,000. Dating from 1 December 1952, it was uncirculated and described as the finest Southern Rhodesia £5 note ever to come to market [lot 1013].

Mr Pattison commented: “The Rhodesia notes were particularly special, and in fact represent a career highlight for all of us at Noonans.  Notes from Southern Rhodesia and Rhodesia and Nyasaland are some of the most popular in the world and they are all very beautiful designs, and appeal to collectors of Africa, the Commonwealth, and Elizabeth II.  These notes, consigned by the family of the signatory, Sir Anthony Grafftey-Smith, had the additional appeal of bearing the first or second serial numbers ever issued, and this caused a significant stir among collectors, resulting in spectacular results.  There were seven notes in total that sold to six different collectors, really highlighting the strength and diversity of the top of the market.”