PREVIEW: WORLD BANKNOTES: 25 FEBRUARY

While the world’s first true polymer banknote was reputedly issued by the Reserve Bank of Australia on 27 January, 1988, four polymer notes in this auction date to four years earlier.

Each is a choice c.1984 uncirculated Securency Polymer test note of the Government of Pakistan. Printed for 1, 2, 5 and 50 Rupees, none has a serial number, and each is perforated SPECIMEN.

The 1 Rupee is thought to be the only example in private hands, while the 2 Rupee is certainly so. The 5 Rupee is the only known example of this and the 50 Rupee a sensational trial for a Pakistan note printed on polymer. Each is estimated at £10,000-12,000.

Following the outstanding performance of Qatari notes in Noonans’ 27 November, 2025 auction, this latest outing presents another series of highlights. Leading the way with an estimate of £8,000-12,000 is a Qatar Monetary Agency, specimen 500 Riyals from 1980, with an artistic rendering of an oil rig to the reverse – “an incredibly rare specimen variety and highly desirable”, says Noonans’ Head of Banknotes, Andrew Pattison.

Other examples include a Qatar & Dubai Currency Board, colour trial 50 Riyals from 1966, with serial number A/1 000000 (excessively rare) at £7,000-£9,000; a Qatar & Dubai Currency Board, colour trial 100 Riyals, also from 1966, with serial number A/1 000000 (very rare and important), also at £7,000-£9,000; and a Qatar & Dubai Currency Board, colour trial 25 Riyals, from 1966, with serial number A/1 000000 (a spectacular colour for the elusive and highly desirable 25 Riyals) at £6,000-£8,000.