PREVIEW: ASIAN BANKNOTES: 19 JUNE

Completing the set of previews for Noonans’ inaugural sale of bank notes in Hong Kong is a further selection of rarities from the earliest years of the 20th century.

Pegged to the Spanish or Mexican Dollars circulating in China during that period, the 1 March 1907 $25 issued in Tsingtau by the Deutsch-Asiatische Bank is a masterpiece of colonial banknote design.

Genuine examples are rare to find – even rarer are the obverse and reverse uniface proofs such as those offered in this auction. With no serial numbers or signatures, and showing Germania at right, each side has three small cancellation holes. Light mounting traces appear on the reverse, but otherwise the proofs of this uncirculated and extremely rare note are in outstanding condition, in addition to being extremely beautiful. The estimate is HK$200,000-260,000.

The Ta-Ching Bank was established as China’s first central bank in 1905, establishing branches throughout the country. An extraordinary complete set of die proofs dated 1 October 1909 is offered here as separate lots with a combined high estimate of HK$182,000.

“With no known issued notes, proofs like these are some of the only ways collectors can acquire the type, and the quality of the engraving is astonishing,” said Noonans’ Head of Banknotes, Andrew Pattison.

Each denomination has three proofs: an obverse and two reverse die proofs, including colour proof, which varies from value to value. The obverse of each note shows the Chinese statesman Li Hongzhang at left, with the Temple of Heaven, Beijing, at right.

The $100 colours are black and green respectively, with the proof set estimated at HK$40,000-50,000. The $50 (reverse colours black and red brown) is guided at HK$34,000-40,000; the $10 (black and deep purple) at HK$30,000-36,000; the $5 (black and blue) at HK$24,000-30,000; and the $1 (black and green) at HK$20,000-26,000.