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Auction: 24862 - The Robin Benke Collection of English Banknotes
Lot: 151

Bank of England, E. M. Harvey, £100, Manchester, 13th November 1923, serial number 46/Y 00298,

this £100 note from the Manchester branch of the Bank of England, issued on the 13th November 1923, stands as a significant artifact in British financial history. It bears the signature of Ernest Musgrave Harvey, who served as the Bank's Chief Cashier from 1918 to 1925. Born in 1867, Harvey's career at the Bank began in 1889, and he played a crucial role during the economic recovery following World War I, notably contributing to discussions around returning to the gold standard, which was implemented in 1925 under his oversight.

The Manchester branch, where this note was issued, was established in 1826 as a response to the financial crisis of 1825-1826, which led to the failure of many provincial banks. This branch was part of a broader initiative to extend the Bank of England's control over banknote circulation across the UK, aiming for economic stabilisation through centralised currency issuance. Manchester, by then, was not only central to the cotton industry but also a burgeoning industrial area, making the branch's role crucial. By the time of this note's issuance, the branch operated from a new, more imposing building designed by Charles Robert Cockerell in 1846, symbolising Manchester's status as a commercial and financial epicentre.

In 1923, £100 was an enormous sum, equating to roughly 25 to 33 weeks of wages for a skilled worker. This denomination would have been substantial enough to cover a significant portion of a family home's cost, represent a large chunk of an annual salary for civil servants or teachers, or finance a considerable part of a luxury car purchase. High-denomination notes like this were not for everyday use; instead, they symbolised savings, significant transactions, or investments. Their high value meant they were often redeemed for newer currencies or banked rather than circulated, which enhances their rarity today.

The design of the note includes the iconic crowned Britannia, ornate scrollwork, and the promise to pay the bearer, all authenticated by Harvey's signature. This combination not only makes the note a testament to Harvey's influence during a pivotal economic period but also reflects the broader narrative of the Bank of England's expansion and its role in shaping regional economic development. The rarity of such a high denomination note from this time, especially in this condition, underscores its significance to both collectors and historians, serving as a window into Britain's interwar economic landscape,

(EPM B209ef, Pick 316d), in PMG holder 20 Very Fine, stains, annotations, only 2 notes in higher grade on PMG Census

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Estimate
£1,500 to £2,500

Starting price
£1000