PREVIEW: WORLD BANKNOTES: 28 AUGUST

When the sterling crisis hit in 1949 and the Pound was devalued, European currencies followed suit – it was well understood that they had been over-valued against the dollar for some time, and post-War pressure from the US under the Marshall Plan made devaluation inevitable.

Pakistan chose not to follow suit, which meant that it had to impose a ban on the import and export of currency other than for Saudi Arabia, because of pilgrims heading for Mecca.

This led to currency being smuggled out of the country to finance pilgrimages, so to counteract its effects, Pakistan issued Haj notes.

The first Haj notes were issued in 1950 for 100 rupees and were overprinted in English: For pilgrims from Pakistan for use in Saudi Arabia & Iraq. The pattern for this note was used until 1972, with the 1972 issued under the State Bank of Pakistan rather than the Government of Pakistan.

In the intervening years, Haj notes of other denominations also came into use.

Importantly, considering their purpose, these Haj notes were not legal tender in Pakistan.

A highlight of this auction is a State Bank of Pakistan, Haj Pilgrim Issue, 100 Rupees of 1972, carrying the Khan signature, and with the black over print ‘HAJ PILGRIMS FROM PAKISTAN FOR USE IN SAUDI ARABIA ONLY’ at centre. A choice uncirculated example, this note is joint highest listed on the PMG population report, making it extremely desirable and rare. The estimate is £8,000-10,000.

Other notes issued for specific religious purposes include the temple tokens of India. This catalogue includes an extremely rare 10 rupee token from 1876 issued for the Sri Kar Temple, in Jammu & Kashmir that carries a guide of £4,000-5,000.

Notes are also issued to mark anniversaries, and a Central Bank of the Philippines, commemorative 100,000 Piso from1998, was issued to commemorate the 100th anniversary of Philippine independence – the largest banknote ever issued at 35 x 21.5cm. Sold with original presentation album, it has a special serial number, 786, considered to be lucky and holy in Islamic countries. A scarce opportunity to obtain a superb example of this note, the estimate is £5,000-6,000.

Siam’s support of the Allies in the First World War led to it being included in diplomacy decisions-making as part of the Treaty of Versailles and also becoming a founding member of the League of Nations.

All of this paved the way to the country’s colonial independence, and against this backdrop the Government of Siam issued currency including a note featured here, for 100 Ticals on 1 August 1919. A superb original example of a scarce note, with only two better than this known, it should sell for £4,000-5,000.

Numerous other highlights are expected to garner string bidding at this auction.