The very first banknotes of the National Bank of Egypt (established on June 25, 1898) are world-class rarities that are often the highlights of any advanced collection. While denominations ranging from 25 Piastres to 100 Egyptian Pounds were issued in the first series with the date of the establishment of the bank printed on the notes, the four highest denominations are only known in specimen format, and the 50 Piastres and 1 Pound are both rare in issued form. For both, two signature varieties are known, the first signed by Sir Elwin Palmer and the second by Sir Frederick Rowlatt. What was not known, until now, is that there are two distinguishable signature formats for the Rowlatt signature.
Both signature varieties of the 50 Piastres (identified as Pick-1a for the Palmer signature and Pick-1b for the Rowlatt signature) are rare, although the Palmer is seen much less frequently. Based on our estimates perhaps only 20% of the entire print run of 400,000 was the Palmer signature, explaining why that note is so rare and offered very infrequently. Type collectors will typically settle for the Rowlatt signature, a very acceptable choice. But the discovery of both a large and small Rowlatt signature brings another dimension to this important issue and deserves additional research beyond the scope of this blog article.
All issued 50 Piastres notes from the Law of 1898 series (introduced for circulation in January 1899) feature the A/1 prefix. The signature change from Palmer to Rowlatt occurred after June 26, 1906, when the latter became Governor of the National Bank of Egypt (a position he held until February of 1921). The note with the large Rowlatt signature that was the catalyst of this article bears serial number A/1 080326. It must be one of the earliest notes with the Rowlatt signatures issued, although we are not sure where the cutoff is. However, the signature is larger than on other pieces seen, including two Pick-1b’s sold by WBNA (acquired by Stack’s Bowers Galleries earlier this year) in 2023, both of which had serial numbers near the end of the suspected print run.
That the large signature variety was produced in very limited numbers is obvious, as serial number A/1 128602, the next lowest serial number of which we are aware, has the small signature variety. It is unclear just how many were printed, but it must have been a small fraction of the total number produced. What is clear, however, is that the signature is obviously larger (about 40%) and should constitute a different variety. Whether or not it is worth a premium remains to be seen. Collectors will have a chance to acquire the note discussed in this article at the January 2025 NYINC Auction. Not only does it have the newly discovered signature size, it is also one of the nicest examples of this type we have ever seen, graded Extremely Fine 40 by PCGS Banknote.
We are still accepting consignments for the January 2025 NYINC auction, but the deadline is rapidly approaching. To consign your items alongside this rarity, please contact Dennis Hengeveld at [email protected].
