PREVIEW: HOW RUSSIA OVERSAW THE PEACE SETTLEMENT BETWEEN CHINA AND JAPAN

Founded in 1896 to supervise loans backing China’s indemnity to Japan after the First Sino-Japanese War, the Russo-Chinese Bank was headquartered in St Petersburg, with a branch in Shanghai. By 1902 it had become the second largest bank in China and by 1907 it had 47 branches across East Asia, as well as in Calcutta, San Francisco, Paris and London.

This Russo-Chinese Bank $5 note, issued from the municipality of Tientsin, 1/14 September 1903, with the serial number A001623, is printed in red on green, with a multicolour underprint.

With English text on one side and Russian on the other, it also features a different manuscript signature on each side. This very scarce Nissen & Arnold printing displays beautifully embossed serial numbers and original paper. Although a little toned and with a few edge splits, mainly along the central fold, it is overall in extremely fine condition and is an incredibly rare note. In fact, Noonans have been unable to find any other records of issued examples selling at any point in the last several decades.

As such, it will appear as a highlight of the 26 & 27 May Banknotes auction, where it will carry an estimate of £10,000-15,000.