Rare banknote worth US$83,636

Rare banknote worth US$83,636

SINGAPORE (Reuters): One of the world's rarest and largest
denomination banknotes has been sold for S$138,000 (US$83,636), a
London auction house said recently.

The Straits Settlements $10,000 banknote was issued in 1930
for the British-administered territories of Singapore, Malacca
and Penang.

It was sold to an unidentified bidder at an auction Saturday.

Spink & Sons said the auction of more than 870 lots of coins,
banknotes and stamps in Singapore garnered S$1.63 million,
slightly above expectations, and attracted collectors and dealers
from around the globe.

Banknote expert Barnaby Faull said the S$10,000 note,
depicting the crowned head of George V, was the only one ever
seen.

"It is an incredibly rare piece of Singapore's history," Faull
told Reuters. "This one only exists because it was sent to an
archive ... for reference purposes."

The note was also an important slice of Singapore's financial
history as the large denomination indicated it was probably an
interbank note for large transactions, he said.

"It probably would have bought a street in Singapore in 1930,"
said Faull.

The auction featured more than S$700,000 worth of banknotes
and coins and S$850,000 worth of stamps and covers.

Holding an auction of mostly Southeast Asian collectibles in
the midst of the economic crisis gripping Asia did not faze
managing director Tim Hirsch.

"In any crisis there are always people who make money," he
said. Collectors in the region tended to focus on Southeast Asian
collectibles as a whole, he added.