1925 Ten Pound Kell/Collins R54 Very Fine PCGS VF30

Front: Coat of arms at left, George V at right, denomination at centre

Back: Wheat carting scene (Narwonah) at centre, denomination either side

Period on Issue: May 4th 1925 ~ November 1927

Mintage: 866,000

This note is a truly rare store of value that survived the Great Depression intact.

The total number of ten pound notes from the Treasury and Gold Bearing series available to collectors is so small that some will accept one in any condition they can get.

Reserve Bank of Australia records indicate that by October 23rd 1945, just 5,000 Treasury and Gold Bearing Ten Pound notes (of all types) were still outstanding.

No wonder collectors find them so difficult to obtain over half a century later.

(More information on this may be gained from page 204 of Mick Vort-RonaldÕs definitive work ÒAustralian BanknotesÓ.)

Significant Purchasing Power Right Throughout the Great Depression

Nominal wages records show that the average weekly wage in Australia ranged from £4 to £5 per week between 1927 and 1933. The total purchasing power of this pair of notes therefore equates to at least a month, if not five weeks. In current terms (early 2022), that equates to between $6,000 and $7,500. Very, very few families indeed would have had the wealth required to preserve that sum of money in ready cash during a time of unparalleled hardship, a time when unemployment exceeded 32%, and many families lost their homes as a result.

Amazing Paper Texture When Compared to Notes Issued More Recently

The first thing a collector notices when they first handle a Gold Bearing ten pound note is the texture of the paper - it is far different to notes printed in more recent years.

This difference is technically explained by the different Mean Double Fold (MDF) rating they have. Gold Bearing notes were printed on paper with a 1,500 MDF rating, whereas Australian notes printed from 1933 onwards had a 2,500 MDF rating, while our paper decimal notes had a 3,150 MDF rating. These technical figures at least show that the Gold Bearing notes were half as strong as our decimal notes. Paradoxically, that weakness doesn't seem evident when you handle a Gold Bearing note in premium grade however - they exhibit a strength and firmness to them that belies their technical rating.

This particular note did circulate for a reasonable period of time, but has stood up well to the ravages of time.

It has folding throughout the body of the note, but has intact edges and corners and remains problem-free.

SKU: 3276