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NYINC 2025 World Paper Money Results

As we approach the end of the first month of 2025, we have also closed the book on our first major sale of the year, that held in conjunction with the New York International Numismatic Convention. Four sessions of world paper money crossed the block offering a wide variety of items from around the world. Bidding across all categories was strong, with more than a few notes selling only after what we can genuinely call “a bidding frenzy.” In this blog we look at some of the noteworthy results of the sale. All prices are in U.S. dollars and include 20% buyer’s premium. To take advantage of the current market and to consign to one of our upcoming sales, please contact Dennis Hengeveld at [email protected] or call 800-458-4646.

Session A offered noteworthy rarities from around the world. Lot 20058 was the finest known King George VI 100 Dollars from the British Caribbean Territories, graded Choice Very Fine 35 by PMG, which brought $28,800.  Lot 20286 featured a 50 Piastres from Egypt (dated 1899 but issued after 1906), graded Extremely Fine 40 by PCGS Banknote and displaying a newly discovered large Rowlatt signature. Demand for such Egyptian rarities remains high, and the note brought $38,400. Lot 20276 offered a rare East Africa 50 Florins = 5 Pounds note from 1920 graded Choice Very Fine 35. It was made even more special by bearing serial number 1, meaning it was the very first note of the issue. Despite having been cancelled, the note brought $32,400. Session B continued our journey around the world and offered other key notes, including a complete set of Qatar & Dubai specimens led by the 25 and 50 Riyals in lots 21201 and 21202, both of which sold for $14,400. Portuguese notes performed very well, with multiple bidders on many lots, highlighted by an exceptional 1892 50,000 Reis in lot 21174 that brought $19,200, setting a new record for the type.

The NYINC sale for Stack’s Bowers Galleries has traditionally been strong for Latin and South America, and the 2025 auction was no exception. Highlights from all over the region ranged from rare issued notes to unique trial pieces and even unissued designs. Several collections of Venezuela were offered, highlighted by lot 21331, an incredibly rare 1811 8 Pesos graded PMG Choice Fine 15 by PMG. After a fierce bidding battle, the dust settled, and the note brought $60,000. Lot 21138 presented a very rare 5 Pesos from the 1894 Commemorative issue of Nicaragua which celebrated the 402nd anniversary of the discovery of America by Columbus. Despite being graded Very Good 8 by PCGS Banknote the note saw fierce bidding activity and brought $21,600.

The sale also included another installment from the fabled Al Kugel Collection, one of the most advanced and valuable collections of world paper money to be brought to the market in the past 25 years. Included were some key lots from heavily-collected Danzig, including lot 20267, a rare 1923 2 Gulden graded PMG Choice UNC 62 that brought $12,000. Russian and related material also saw strong results, including an unissued 3 Rubles from the South Russian Government that sold in lot 21214 for $31,200. Finally, we offered more key notes from Tannu Tuva, including the sole PMG-graded example of the 1940 25 Aksha. Graded Very Fine 30 and offered in lot 21272, it realized $31,200.

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