1927 One Pound Kell/Heathershaw R25 PCGS Choice Unc 64

Front: National crest at left, portrait of George V at right, denomination and centre and in corners

Back: Captain Cook's landing at centre, denomination either side

Period on Issue: February 7th 1927 toJanuary 1928

Provenance:

Lot #2869, Noble Numismatics Auction 34 (November 1990). Estimate: $500, Hammer: $700, Nett: $700.

This is a truly premium example of a rare KGV one pound variety.

James Kell began his tenure as Governor of the Commonwealth Bank onOctober 10th 1924, and retired on May 31st 1927.

James Heathershawbegan his tenure as Secretary to the Commonwealth Treasury fromAugust 3rd 1926, and retired onApril 28th 1932.

The one pound notes bearing both of these signatures were on issue for less than 12 months, fromFebruary 1927 toJanuary 1928.

When the Commonwealth announced the release of the newnotes to the public, they stated that: "The 1 pound notes will be issued with a new style of numbers. The serial letters and prefix numbers on these notes are increased in size, and are the same size as the other numbers on the notes. Apart fromthese changes the notes will be similar in all respects tothe present issue of 1 pound notes."

When this particular note was offered for sale via auction inNovember 1990, it was described by the auctioneer at that time as being inabout Unc condition. The catalogue value for an R25 1 pound note at that time was $1,000 inUncirculated condition, and $500 inExtremely Fine condition. The hammer price of $700 indicates that there was competition for the note, and that it made a price well above that accepted for anExtremely Fine.

When I viewed this note for the first time, I noticed that the note had been pressed, and that there was a partial bend on one side of the note. No other flicks, folds or creases were evident at all. The partial bend for mine was not enough to preclude it completely from anUncirculated grade - the designation that PCGS have given this note demonstrates that conclusion was correct.

It may well be the onlyUncirculated example of this note to appear for sale at auction for at least the past 5 years, if not longer.

It is a truly premium example of one of Australia's early one pound banknote varieties.

Click the PCGS icon below to verify the certificate details for this note directly on the PCGS website.

PCGS Certificate Number: 42520597

SKU: 2683