Seldom-seen Czechoslovakia Banknote Debuts in Bankovky Auction after PMG Certification

An extremely rare 1919 Czechoslovakia Republic 5,000 Korun note that is certified by Paper Money Guaranty® (PMG®) is now available in a Bankovky auction on November 15-16, 2024.

Regarded by many numismatic collectors as the ultimate rarity of Czechoslovakian banknotes, the note was submitted to PMG during the Munich on-site grading event in September 2023, and it earned a grade of PMG 30 Very Fine. This is the first time this example has appeared in public auction, and it is listed (lot 189) with a starting price of €100,000 (about $109,000).

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This note was issued shortly after the founding of the Czechoslovakia Republic in 1918, but it included only a limited number of protective elements, which made it relatively easy to counterfeit. Because of this, the state began to phase it out as early as 1920. In addition, a lower volume was printed because the note was the highest denomination. In total, 500,599 notes were issued before being recalled, of which only 98 notes were not returned.

Czechoslovakia declared its independence from Austria-Hungary at the close of World War I in November 1918. After World War II, it was on the eastern side of the Iron Curtain for more than 40 years, until the break-up of the Soviet Union. In 1992, the nation split into the Czech Republic and Slovakia. The Czech Republic continues to use a currency called the Koruna today, while Slovakia gave up its version for the euro in 2009.

Another example of this note, with a perforation designating it as cancelled, was sold in 2020 for €580,000. The example featured in the Bankovky sale differs from that example, as it is uncancelled and is not a Specimen.

The Bankovky 6th auction includes more than 1,500 banknote lots, focusing on the Czech Republic, Austro-Hungarian monarchy and Central and Eastern Europe states. Other PMG-certified highlights include a Bulgaria 1919 10,000 Leva Specimen graded PMG 55 About Uncirculated and a Czechoslovakia (1945) 500 Korun Color Trial Specimen graded PMG 63 Choice Uncirculated.