Five PMG-certified Persian Banknotes Each Realize More than $75,000 in Spink Sale

Five banknotes from the Kingdom of Persia certified by Paper Money Guaranty® (PMG®) each realized more than $75,000 in a Spink auction of rarities pedigreed to an astounding collection of vintage notes from the country that today is called Iran. The Michael E. Bonine Collection of Persian and World Banknotes auction was held November 16, 2023.

The top lot in the auction was a Kingdom of Persia, Imperial Bank 1890-1923 25 Tomans graded PMG 25 Very Fine (lot 41). It realized £84,000 (about $104,000), several times its pre-auction estimate of £15,000 to £25,000 (about $18,400 to $30,700). The portrait on the front of the note is of Nasr al-Din Shah Qajar, who ruled from 1848 until he was assassinated in 1896.

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Another top lot was an extremely rare high-denomination note: a Kingdom of Persia, Imperial Bank ND(1890-1923) 1,000 Tomans Specimen graded PMG 64 Choice Uncirculated (lot 45). It realized £78,000 (about $97,000). According to the auction house, it took Bonine more than 50 years to add this rarity to his already impressive collection of Persian notes. All but one of the issued examples of this note, the highest denomination ever issued by the Imperial Bank of Persia, were redeemed and destroyed.

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Meanwhile, a Kingdom of Persia, Imperial Bank (1890-96) 1 Toman - Bushire graded PMG 30 Very Fine (lot 10) realized £62,400 (about $78,000), several times its pre-auction estimate of £12,000 to £18,000 (about $14,700 to $22,100). This rare example stands out from the other first Qajar series notes, most notably since it does not include the iconic lion and sun motif on the back, and instead prominently features the English word "ONE" at the center. Only four issued examples are listed in the PMG Population Report.

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Bonine built his paper money collection thanks to his travels around the world. He was especially interested in Middle Eastern currency, focusing his efforts and research on systematically collecting banknotes of the Imperial Bank of Persia for more than 30 years. The bank, which was legally based in London, helped bring modern banking operations to the Kingdom of Persia.

Other PMG-certified highlights in this auction included:

• a Kingdom of Persia, Imperial Bank 1924-32 100 Tomans graded PMG 40 Extremely Fine (lot 109), which realized £62,400 (about $78,000)
• a Kingdom of Persia, Imperial Bank 1890-96 1 Toman graded PMG 25 Very Fine (lot 11), which realized £62,400 (about $78,000)
• a Kingdom of Persia, Imperial Bank 1890-1923 20 Tomans - Yezd graded PMG 30 Very Fine (lot 38), which realized £34,800 (about $43,000)
• a Kingdom of Persia, Imperial Bank ND(1890-1923) 500 Tomans Specimen graded PMG 64 Choice Uncirculated (lot 44), which realized £33,600 (about $42,000)
• a Kingdom of Persia, Imperial Bank 1924-32 50 Tomans - Teheran graded PMG 25 Very Fine (lot 107), which realized £32,400 (about $40,000)
• a Kingdom of Persia, Imperial Bank 1890-1923 3 Tomans graded PMG 25 Very Fine (lot 23), which realized £25,200 (about $31,000)
• a Kingdom of Persia, Imperial Bank 1890-1923 10 Tomans - Tabriz graded PMG 20 Very Fine (lot 36), which realized £22,800 (about $28,000)
• a Kingdom of Persia, Imperial Bank 1890-1923 5 Tomans graded PMG 35 Choice Very Fine (lot 29), which realized £15,600 (about $19,000)

Prices realized include buyer's premium. The $ symbol represents US Dollars.