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Auction: 24862 - The Robin Benke Collection of English Banknotes
Lot: 129

Bank of England, J. G. Nairne, £5, Hull, 21st September 1916, serial number 88/T 57722,

this £5 note was issued in Hull on the 21st September 1916, and it´s a poignant piece of British monetary history, particularly given its issuance during the height of World War I. It features the signature of John Gordon Nairne, who served as Chief Cashier from 1902 to 1918. Born in 1861, Nairne's tenure at the Bank was marked by significant economic challenges due to the war, including the suspension of the gold standard in 1914 and the introduction of Treasury notes. His leadership was crucial in navigating the Bank through these turbulent times.

The note, serial number 88/T 57722, has been graded and encapsulated by PMG as 25 Very Fine, paper maker's notch. Remarkably, this note is one of the finest known examples, with only one other note from this series certified by PMG in a higher grade, which underscores its rarity and desirability among collectors.

The Hull branch of the Bank of England, where this note was issued, was established in 1826 in response to the financial crisis of 1825-1826. Hull, with its strategic location on the River Humber, was vital for trade, particularly in fish, timber, and grain, making it an essential intersection in Britain's economic network. The branch was part of the Bank's strategy to distribute currency more effectively across the country, providing stability during times of economic uncertainty.

In 1916, £5 was a significant amount, often representing more than just a means of transaction; it might have been used for savings, substantial purchases, or even as part of the wartime economy where larger sums could be involved in supporting the war effort. The design of the note would include the traditional image of Britannia, along with intricate security features and Nairne's signature, reflecting the artistry and security measures of the time,

(EPM B208bc, Pick 304c), in PMG holder 25 Very Fine, paper maker´s notch, only 1 note in higher grade on PMG Census

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Estimate
£2,000 to £3,000

Starting price
£1400