A North African Rarity in our 2026 Mid-Year Sale

Our Mid-Year 2026 World Paper Money Auction has now been posted. Featuring both a live session and an internet session, the sale of nearly 900 lots offers a wide variety of items in all price ranges. In the live session, one note that stood out to me is lot 77207, a 1952-dated 5000 Francs from Tunisia graded Gem Uncirculated 65 EPQ by PMG. The note is from an iconic series of notes issued by the Banque de l’Algerie et de la Tunisia in the early 1950s featuring scenes of antiquity that can be found in the country.

The design, which is typical of French-produced notes of the era, is printed in natural earth colors on the front and has as its center design element an image of the Roman ruins at Dougga, flanked with a bust of Emperor Vespasian. The back, which is more colorful, shows the ‘Triumph of Bacchus’ mosaic from Hadrumetum, today known as Sousse. Both cities were important for Roman Africa (where Vespasian served early in his political career), with Dougga described as one of the best preserved Roman archeological sites in North Africa.

This type, the highest denomination of the series, was issued in 1950 and again in 1952. The offered example, dated 29 May 1952, is from the latter issue, which according to the Banknote Book was issued between January and July 1952 with series 213 to 346. A look at the PMG population report reveals the rarity of this note at the uncirculated level: out of 81 examples presently graded, just five have reached the uncirculated level, with this surpassed by a single example grading finer. This and the sole 66 EPQ are the only examples that have been graded with the EPQ designation at the uncirculated level, making the example in our auction among the finest known of this iconic type.

With demand for high-quality classic notes such as this at an all-time high, expect spirited bidding to take this example home, but in your author’s not so humble opinion, it will be worth it. This lot has everything going for it; it is attractive, large-format, and top grade. An important opportunity and certainly one we don’t expect to repeat anytime soon!