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Auction: 24862 - The Robin Benke Collection of English Banknotes
Lot: 104

Treasury Note, N.K.W. Fisher, Unissued 5/- Shillings, ND (1919), serial number B/33 361003,

this rare and intriguing Five Shillings note, signed by N.K.W. Fisher, provides a unique insight into the evolution of British currency in the immediate aftermath of the First World War. Designed to address the need for fractional denominations during a period of economic adjustment, these notes were never officially released, adding to their mystique and rarity.

The design closely mirrors the Bradbury T21 series, showcasing the era’s commitment to both functionality and aesthetic appeal. Produced through the photogravure printing method by Waterlow Bros & Layton - a highly respected name in security printing, the notes were meticulously crafted on premium white banknote paper supplied by William Joynson & Co. A distinctive composite watermark emphasises the denomination "FIVE SHILLINGS" at the top, flanked below by a striped box and the number 5.

The signature of N.K.W. Fisher underlines the historical significance of this note. Fisher, a senior official in the British Treasury during this pivotal time, played a crucial role in steering the country’s financial recovery from the strains of war. His signature not only authenticates these notes but also links them to an era marked by innovative monetary policy and economic resilience. Fisher’s tenure coincided with one of the most challenging periods in Britain’s financial history, as the nation sought to stabilise its economy amidst the lingering effects of wartime expenditures. His efforts to rebuild public confidence in the currency remain a testament to his foresight and dedication. These notes, though unissued, stand as enduring symbols of the careful planning and adaptability of his administration.

While never formally circulated, a small number of these Five Shillings notes are believed to have entered use, creating intrigue among collectors and historians,

(EPM T27, Pick 352), in PMG holder 25 Very Fine, only 2 notes in higher grade on PMG Census

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Estimate
£3,000 to £4,500

Starting price
£2100