Group of Seven PMG-certified Zanzibar Notes Realizes Over $850,000 in Spink Sale

A group of seven Zanzibar notes certified by Paper Money Guaranty® (PMG®) has realized over $850,000. With an example of each denomination of the Zanzibar Rupee issued in the early 1900s, the group was the centerpiece of Spink's World Banknotes at NYINC sale, held January 14, 2022.

The top note was a 1920 500 Rupees graded PMG 35 Choice Very Fine (lot 314) that realized $288,000 — well above its pre-auction estimate of $100,000 to $200,000. This is the largest of the seven denominations of Zanzibar Rupee, which were issued by the British protectorate off the east coast of Africa from 1908 until 1935.

Zanzibar 1920 500 Rupees graded PMG 35 Choice Very Fine. Realized: $288,000 Click images to enlarge.

A 1908-16 50 Rupees graded PMG 15 Choice Fine (lot 316) realized $180,000, exceeding its pre-auction estimate of $70,000 to $120,000. The denominations share a common design that includes a dhow (a ship used in the Indian Ocean) at left and clove harvesters at right. All are considered rare.

Zanzibar 1908-16 50 Rupees graded PMG 15 Choice Fine. Realized: $180,000 Click images to enlarge.

Meanwhile, a 1908-28 20 Rupees graded PMG 30 Very Fine (lot 317) realized $156,000, surpassing its pre-auction estimate of $50,000 to $80,000. It was one of five of the Zanzibar notes to beat its pre-auction estimate and one of four to realize prices over $100,000.

Zanzibar 1908-28 20 Rupees graded PMG 30 Very Fine. Realized: $156,000 Click images to enlarge.

The other PMG-certified Zanzibar notes in the sale were:

• a 1908-16 100 Rupees graded PMG 45 Choice Extremely Fine (lot 315) that realized $144,000
• a 1908-28 10 Rupees graded PMG 20 Very Fine (lot 318) that realized $38,400
• a 1908-28 5 Rupees graded PMG 15 Choice Fine (lot 319) that realized $31,200
• a 1920 1 Rupee graded PMG 15 Choice Fine (lot 320) that realized $14,400

Prices realized include buyer's premium. All estimates were provided by the auction house. All dollar amounts are US dollars.