PMG-certified Greek Banknote Tops September A. Karamitsos Sale

A 19th century Greek banknote certified by Paper Money Guaranty® (PMG®) took center stage in the September sale presented by A. Karamitsos. The Greece, Ionian Bank Limited 1884 10 New Drachmai graded PMG 15 Choice Fine (lot 6383) realized €54,280 or about $64,000 USD — more than double its starting price of €23,000 (about $27,000 USD).

Greece, Ionian Bank Limited 1884 10 New Drachmai graded PMG 15 Choice Fine. Realized: €54,280 (about $64,000 USD) Click images to enlarge.

For nearly 50 years, the Ionian Islands were a protectorate of the British Empire, a legacy that is reflected by the flags of the United Kingdom and the United States of Ionian Islands, which flank the bank seal on the front of this note. While the protectorate ended in the 1860s when the islands were transferred to Greek control, the bank continued to exist well into the 20th century.

Other PMG highlights in the sale included:

• a Greece/Ionian Islands ND (1941) 500 Drachmai graded PMG 63 Choice Uncirculated EPQ (lot 6613), which realized €8,850 (about $10,500 USD)
• a Greece, Provisional Administration 1822-24 500 Grossi graded PMG 53 About Uncirculated (lot 6340), which realized €8,850 (about $10,500 USD)
• a Greece/Ionian Islands ND (1941) 1,000 Drachmai graded PMG 64 Choice Uncirculated (lot 6615), which realized €8,260 (about $9,800 USD)
• a Greece, Provisional Administration 1826 5,000 Grossi graded PMG 20 Very Fine (lot 6341), which realized €5,664 (about $6,700 USD)
• a Greece ND (1900-17) 100 Drachmai Front Color Trial Specimen graded PMG 63 Choice Uncirculated (lot 6389), which realized €5,428 (about $6,400 USD)
• a Greece, Provisional Administration 1822-26 250 Grossi graded PMG 35 Choice Very Fine (lot 6339), which realized €4,956 (about $5,900 USD)
• a Greece/Bulkes ND (1945-49) 5 Dinars graded PMG 55 About Uncirculated (lot 6594), which realized €4,720 (about $5,600 USD)

Prices realized include buyer's premium. Starting prices are provided by the auction house.

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