PREVIEW: BRITISH & IRISH BANKNOTES 12 OCTOBER

Matthew Marshall served as Chief Cashier to the Bank of England from 1835 to 1864, crowning a long career of 54 years with the bank that began in 1810 when he was 19 years of age.

A note for £50 in 1845 would have been a rarity anyway – today it would have the equivalent buying power of almost £7,800.

 

In Marshall's case, however, the note was made rare still by the difference in wording used for a period up till 1855. Instead of the usual promise that replaced it – "I promise to pay to bearer, on demand" – this and other notes of the period instead bore the legend "I promise to pay Mr Matthew Marshall or bearer".

This £50 note is dated 6 October 1845, and carries the serial number H/U 19654. It features a small vignette of Britannia and has been cut and rejoined, with annotations, stamp and pinholes.

Overall it is in good fine condition with superb original paper quality, and is a high denomination for this cashier. As such it is a remarkable note and excessively rare. The estimate is £15,000-20,000.