PMG-certified Iraqi Banknote Sells for More than $150,000 in Noonans Auction

Two Iraqi banknotes certified by Paper Money Guaranty® (PMG®) were the top lots at a Noonans auction of global banknotes on November 29-30, 2023. Each of the notes, which both realized far above their pre-auction estimates, were pedigreed to a prominent Iraqi Treasury official.

The top banknotes are an Iraq, Government of Iraq 1931 (ND 1941) 100 Fils Specimen graded PMG 25 Very Fine (lot 499), which realized £124,000 (about $156,000), and an Iraq, Government of Iraq 1931 (ND 1944) 50 Fils Specimen graded PMG 35 Choice Very Fine (lot 500) which realized £62,000 (about $78,000).

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The front of each note depicts a youthful Faisal II, the final monarch of Iraq, who ascended to the throne in 1939 at the age of 3 after his father's death in a car accident. These notes were previously presented to Abraham Elkabir, Iraq's inaugural Director-General of Finance, who held the position from 1927 to 1948. Elkabir, who passed away in 1973, played a crucial role in representing Iraq at significant global events, such as the Bretton Woods Conference in 1944.

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Other PMG-certified highlights in this auction included:

• a Sweden, Sveriges Riksbank 1939 10,000 Kronor graded PMG 55 About Uncirculated EPQ and pedigreed to the Peter Holland Collection (lot 907), which realized £21,080 (about $27,000)
• a Russia, State Credit Note 1882-94 100 Rubles graded PMG 30 Very Fine (lot 807), which realized £19,840 (about $25,000)
• a French India 1875 10 Roupies Specimen graded PMG 65 Gem Uncirculated EPQ and pedigreed to the Peter Holland Collection (lot 353), which realized £14,880 (about $19,000)
• a Palestine, Currency Board 1939 500 Mils graded PMG 64 Choice Uncirculated EPQ (lot 721), which realized £11,160 (about $14,000)
• a Palestine, Currency Board 1939 500 Mils graded PMG 63 Choice Uncirculated EPQ (lot 722), which realized £10,540 (about $13,000)
• a South Africa/Transvaal 1900-19 20 Pounds graded PMG 15 Choice Fine and pedigreed to the Peter Holland Collection (lot 878), which realized £10,540 (about $13,000)
• an India / British Administration 1871-1901 5 Rupees graded PMG 20 Very Fine and pedigreed to the Peter Holland Collection (lot 445), which realized £10,540 (about $13,000)
• a Ceylon, Oriental Bank Corporation 1870-81 5 Rupees graded PMG 15 Choice Fine and pedigreed to the Peter Holland Collection (lot 247), which realized £10,540 (about $13,000)
• a Straits Settlements ND (1890-1903) 5 Dollars Specimen graded PMG 65 Gem Uncirculated EPQ and pedigreed to the Peter Holland Collection (lot 904), which realized £10,540 (about $13,000)
• a Malaya / British Administration 1942 (ND 1945) 50 Dollars Specimen graded PMG 63 Choice Uncirculated and pedigreed to the Peter Holland Collection (lot 597), which realized £9,300 (about $12,000)
• an India - Princely States / Hyderabad ND (1938-41) 100 Rupees graded PMG 35 Choice Very Fine NET (lot 443), which realized £9,300 (about $12,000)

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