The Collins / Allen Specimen Set

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unique 1913-14 commonwealth of australia complete specimen set ten shillings - one thousand pounds

An unprecedented presentation of the utmost historical significance

Exclusive to The Rare Coin Company, Western Australia


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A History Making World First in Numismatics The Rare Coin Company (TRCC) is proud to announce a world first in the numismatic industr y - the coming together of eight historic and magnificently p reser ved Cancelled Specimen banknotes as a unique and complete set in private hands, providing an exclusive record of the first series of official Commonwealth of Australia banknotes ever issued. This is the first time the set of eight 1913 to 1914 Cancelled Specimen denominations has been offered for private sale or auction as presented. With 2013 mark ing the centenar y of the issue of Australia’s first official Commonwealth banknotes, this set is destined to become one of the most significant numismatic highlights of the 21st centur y. The successful buyer/s will be forever linked to its distinguished provenance and experience the privilege of making histor y of their own as the first to ever privately own an Australian banknote set of this incomparable rarity and prestige, outsid e of banking or museum archives. The set represents a truly unparalleled oppor tunity of the utmost impor tance in Australia’s currency histor y, and one which will assuredly capture the interest of banknote connoisseurs around the world. The kudos and pride associated with owning such extraordinar y and significant Australian numismatic icons is as profound as the value it affords.

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Missing Links to the Original Six-Note Set Th e R a r e C o i n C o m p a n y a n d t h e c u r r e n t o w n er of the original six-note se t c o m p r i s i n g t h e 1 0 / - , £1 , £ 5 , £ 2 0 , £ 5 0 a n d £ 100, have joined forces to pr e s e n t t h i s c o m p l e t e s e t . Th e o r i g i n a l s e t w a s d i s c o v e r e d i n a N o r t h Yorkshire home in England when it w a s b e i n g c l e a r e d f o r a n e s t a t e s a l e . L o n don auctioneers Spink sold the se t t o a n A u s t r a l i a n p r i v a t e c o l l e c t o r i n 2 0 0 9. It i s t h e u n i q u e £ 1 0 a n d £1 , 0 0 0 C a n c e l l e d S pecimens TRCC has acquired in m o r e r e c e n t t i m e s t h a t h a v e p r o v i d e d t h e c r ucial missing links to complete th e s e t a n d i n t h e p r o c e s s , l e d t o t h e e x c i t i n g unveiling of a consummate nu m i s m a t i c t r e a s u r e . Th e £1 , £1 0 a n d £1 , 0 0 0 a r e a l l c o n s i d e r e d u nique as individual Cancelled Sp e c i m e n s w i t h i n t h e s e t , w h i l e t h e r e m a i n i ng Cancelled Specimen de n o m i n a t i o n s a r e c o n s i d e r e d e x t r e m e l y r a r e in either private hands, ba n k i n g a r c h i v e s , m u s e u m s o r o t h e r p u b l i c i nstitutions.

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History of the £1,000 Note Up u n t i l Wo r l d Wa r I g o l d w a s a c o m m o n m edium of currency in the public an d b a n k i n g a r e n a s . H o w e v e r , d u r i n g w a r t i me, people preferred to hoard th e i r g o l d a n d an a l t e r n a t i v e t o t h e p r e c i o u s metal had to be found for the se t t l e m e n t o f l a r g e c a s h b a l a n c e s b e t w e e n banks. The solution was the in t r o d u c t i o n o f t h e £ 1 , 0 0 0 b a n k n o t e . Th e a v e r a g e w a g e d u r i n g t h e w a r w a s o n l y £ 3 per week. Most working class cit i z e n s n e v e r h a d t h e o p p o r t u n i t y t o s e e , much less handle denominations hi g h e r t h a n £ 1 0 . A l m o s t a l l £1 , 0 0 0 b a n k n o t e s issued up until 1924 were ev e n t u a l l y d e s t r o y e d i n 1 9 6 9 w h e n c h e q u e s were introduced. Ex c e r p t f r o m a n a r t i c l e a b o u t t h e e a r l i e s t £ 1 ,000 issues, written by eminent Au s t r a l i a n n u m i s m a t i s t D r A l a n N i c h o l s o n a n d published in the July, 1985 Jo u r n a l o f t h e N u m i s m a t i c A s s o c i a t i o n o f A ustralia. “It d o es see m p e r fec tly cl ea r o n e o r m o re n otes do re m ain in p u bli c h an ds so m e wh e re , an d so o n e r o r l a te r su ch a n o te mu s t app ear in th e b ank n ote m a rk e t wh e re i t w i l l un d o u b ted ly p ro ve a s tar ite m. It can cer tainly be cl ai m ed w i th co mp l e te co nfi d e n ce to b e o n e of Au s tra li a’s rares t b ank n otes a s wel l a s b e ing o n e of th e m os t in te res ting.” historic photograph of commonwealth bank, martin place, sydney,

1928

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historic panoramic photograph of narwonah, new south wales used for the ten pound design

Australia’s First Commonwealth Issues

Limited Print Run Specimen Issues

Fo l l o w i n g F e d e r a t i o n i n 1 9 0 1 , t h e A u s t r a l i a n Government assumed

Specimen notes were printed in extremely limited numbers and generally

re s p o n s i b i l i t y o f n o t e i s s u e f r o m p r i v a t e t r a ding banks. The Australian

reser ved for banking, museum and law enforcement archives as examples

Go v e r n m e n t N o t e s A c t w a s p a s s e d i n 1 9 1 0 and The Commonwealth Bank

of issues from a new series. Occasionally they were also presented to

Ac t w a s p r o c l a i m e d i n 1 9 1 1 , p a v i n g t h e w a y for the first in the series of

dignitaries. Early examples were taken from any par t of the serial number

Co m m o n w e a l t h o f A u s t r a l i a b a n k n o t e s .

sequence of a normal run and perforated with the word “CANCELLED” to

Th e e c o n o m y o f t h e n e w C o m m o n w e a l t h w a s heavily reliant on mining and

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prevent their use as currency.

ru r a l d e v e l o p m e n t s a n d d e s i g n s o n t h e b a c k of the first notes reflected this.

Due to its size, the £ 1000 also featured black diagonal lines as an

No p o r t r a i t o f t h e r e i g n i n g m o n a r c h K i n g G e orge V appeared on the front,

added precaution. Specimen notes have subsequently captured spirited

wh i c h o u t r a g e d s o m e m e m b e r s o f t h e p u b l i c at the time.

collector interest.


The Significance of Cancelled Specimens

Part of the Foundations of Australian History

Re s e r v e d f o r a r c h i v i n g , d i s p l a y o r p r e s e n t a t i on as a record of a new note

While most of the earliest Commonwealth Cancelled Specimens were reser ved

iss u e , o n e o f t h e o n l y w a y s e a r l y C a n c e l l e d Specimens ever found their

as official historical ar tifacts in their own right in traditional locations such

wa y i n t o t h e p u b l i c c o l l e c t i n g a r e n a w a s t h r ough the latter. Dignitaries

as printing and banking archives, ar t galleries or museums, there were those

or o f f i c i a l s i n v o l v e d i n t h e i r p r o d u c t i o n w o u ld occasionally be awarded a

destined to be preser ved for posterity in far more unusual resting places.

Sp e c i m e n . R e a l i s i n g t h e i r c o l l e c t a b l e a p p e a l and value they, or those who m a y h a v e i n h e r i t e d t h e n o t e s , o c a s s i o n a l l y e lected to sell them.

In May, 1913, denominations from 10/- to ÂŁ 100 were forwarded to the Commonwealth Bank of Australia Governor in Sydney, to be placed under the

Co n s i d e r i n g t h e y w e r e r e s e r v e d i n e x t r e m e l y limited numbers and some

foundation stone of the bank’s new city centre building. A 10/- was sent to

ev e n p o s s i b l y l o s t , p o o r l y s t o r e d o r d a m a g e d, their ver y existence in

the State Public Works Depar tment, in Melbourne, Victoria, to be preser ved in

su p e r i o r q u a l i t y i n t o d a y ’ s m a r k e t i s c o n s i d e red truly remarkable.

a bottle in a cavity under a memorial stone at Flemington Bridge. 7


front

(

a t 135%

)

australian coat of arms and royal crown

1913 George V Collins / Allen Ten Shilling Cancelled Specimen Note 8


back

(

a t 135%

)

goulburn weir

-

part of australia’s first big irrigation scheme

Extremely Rare - Only Three Known in Private Hands 9


front

(

a t 135%

)

australian coat of arms and royal crown

1913 George V Collins / Allen One Pound Cancelled Specimen Note 10


back

(

a t 135%

)

victoria quartz gold mine, bendigo

-

the world’s deepest gold mine at the time

Unique in Private Hands 11


front

(

a t 130%

)

australian coat of arms and royal crown

1913 George V Collins / Allen Five Pound Cancelled Specimen Note 12


back

(

a t 130%

)

hawkesbury river, new south wales

Extremely Rare - Only Three Known in Private Hands 13


front

(

a t 135%

)

australian coat of arms and royal crown

1913 George V Collins / Allen Ten Pound Cancelled Specimen Note 14


back

(

a t 13 5%

)

a record wheat crop in

1909/10

saw the value of wheat output increase dramatically

The only surviving Specimen example from the original Treasury issues

Unique in Private Hands 15


front

(

a t 135%

)

australian coat of arms and royal crown

1914 George V Collins / Allen Twenty Pound Cancelled Specimen Note 16


back

(

a t 135%

)

timber was cut in tasmania for overseas shipbuilders in the

1800 s

Extremely Rare - Only Three Known in Private Hands 17


front

(

a t 135%

)

australian coat of arms and royal crown

1914 George V Collins / Allen Fifty Pound Cancelled Specimen Note 18


back

(

a t 135%

)

flock of sheep marks vital role the wool industry played in australia’s economic development

Extremely Rare - Only Three Known in Private Hands 19


front

(

a t 130%

)

australian coat of arms and royal crown

1914 George V Collins / Allen One Hundred Pound Cancelled Specimen Note 20


back

(

a t 130%

)

waterfalls on yarra river, victoria and in blue mountains, new south wales

Extremely Rare - Only Two Known in Private Hands 21


front

(

a t 95%

)

australian coat of arms with black cancellation lines

1914 George V Collins / Allen One Thousand Pound Cancelled Specimen Note 22


back

(

a t 95%

)

same as the

ÂŁ50

due to being hastily introduced in world war i

The final and most significant missing link to the entire set

Unique in Private Hands 23


Australia’s Earliest Banknote Signatories James Richard Collins

CMG CBE (1869-1934)

B o r n i n B a l l a r a t , V i c t o r i a , M r J a m e s R i c h a r d C o l l i n s j o i n e d t h e V i c t o r i a n P u b l i c Ser vice as Tr e a s u r y c l e r k in 1 8 8 6 a n d a l s o m a n a g e d t h e f i r s t O l d - A g e Pe n s i o n s O f f i c e i n V ictoria. M r C o l l i n s b e c a m e A c c o u n t a n t t o t h e C o m m o n w e a l t h Tr e a s u r y i n 1 9 0 1 , A s s i s t a nt Secretar y to t h e Tr e a s u r y i n 1 9 1 0 a n d S e c r e t a r y t o t h e Tr e a s u r y f r o m 1 9 1 6 t o 1 9 2 6 . H e w a s d i r e c t o r o f t h e N o t e I s s u e B o a r d i n 1 9 2 3 a n d p r o m o t e d t o a d i r e c t o r o f the C o m m o n w e a l t h B a n k o f A u s t r a l i a i n 1 9 2 4 . I n 1 9 2 6 h e w a s a p p o i n t e d f i n a n c i a l adviser t o t h e h i g h c o m m i s s i o n e r i n L o n d o n a n d m e m b e r o f t h e L o n d o n B o a r d o f A d v i ce of the C o m m o n w e a l t h B a n k . M r C o l l i n s w a s a l s o a m e m b e r o f v a r i o u s o t h e r b o a r d s a n d leader of the delegation to the Assembly of the League of Nations in 1931.

George Thomas Allen

CMG ISO (1852-1940)

B o r n i n G e e l o n g , V i c t o r i a , G e o r g e T h o m a s A l l e n j o i n e d V i c t o r i a ’ s S t a t e Tr e a s u r y Depar tment in 1 8 7 1 a n d r o s e t o t h e t i t l e o f A c c o u n t a n t t o t h e V i c t o r i a n Tr e a s u r y i n 1 8 9 5 . H e became the first S e c r e t a r y t o t h e C o m m o n w e a l t h Tr e a s u r y w h e n a p p o i n t e d i n 1 9 0 1 , r e t a i n i n g t h is position until his retirement in 1916. A m o n g s t h i s ma n y s k i l l s , M r A l l e n h e l p e d t o d r a f t t h e A c t e s t a b l i s h i n g t h e C o m monwealth B a n k i n 1 9 1 1 , a n d w a s c o n s i d e r e d f o r t h e p o s t o f f i r s t g o v e r n o r o f t h e b a n k . H e attended the 1 9 1 1 I m p e r i a l C o n f e r e n c e a s a n a d v i s e r t o t h e n P r i m e M i n i s t e r A n d r e w F i s h e r . I n 1913 the M e l b o u r n e H e r a l d n e w s p a p e r c o m m e n t e d t h a t , t h o u g h h i s m e t h o d s w e r e u n o b trusive and his d i s p o s i t i o n r e t i r i n g , ‘ h i s p o w e r i n f e d e r a l f i n a n c e w a s s o m e t h i n g t o b e r e c k o n ed with’.

CMG: Companion of the Order of St Michael & St George

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ISO: Imperial Service Order

CBE: Commander of the Order of the British Empire


Proven Market Performance of Significant Australian Banknote Rarities february 2012 Australia

M arch 2008 Australia

A 1 9 1 3 C o l l i n s / A l l e n £2 0 S p e c i m e n Tr i a l

The ver y first Commonwealth of Australia

Note was sold by The Rare Coin Company

banknote printed in Australia in 1913

for $695,000.

(M 000001) and presented to Judith Denman, daughter of the Governor General, sold at auction for a world record $1.909 million.

March 2009 Australia

July 2007 Australia

A 1 9 5 2 G e o r g e V I £5 0 U n i s s u e d S p e c i m e n

A unique Commonwealth of Australia 1924

unique in private hands, was sold by The Rare

Kell / Collins £1,000 Cancelled Specimen

Coin Company for $750,000. Prior to 2010 the

note was sold by The Rare Coin Company

b a n k n o te l a s t s u r f a c e d f o r s a l e i n 2 0 0 6 ,

for $1.25 million.

when it was sold for an undisclosed sum.

September 2 008 Australia T h e 1 9 2 3 - 1 9 2 8 Ty p e 2 £ 1 , 0 0 0 U n i s s u e d Specimen was sold by International Auction Galleries in 2008 for $1,036,850. It previously sold in 1994 for $250,000.

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historic photograph of martin place, sydney

-

inauguration of the australian commonwealth,

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1901


The Pride of the Australian Commonwealth Note Series The Ultimate Numismatic Acquisition The 1913-14 Commonwealth of Australia Collins / Allen banknote presentation is without equal in Australian numismatics. As a foremost investment in the series’ centenar y year in 2013, the unique set offers the highest level in prestige and exclusivity. As an unprecedented discover y, this banknote presentation is indisputably of world standing, representing an extraordinar y event in the field of numismatics. The timely unveiling of this unique set in 2013 will not only cement its iconic international standing as one of the most prominent, rare and exquisitely preser ved banknote sets to have ever been offered for private sale, but affords the ultimate numismatic acquisition and a histor y-making event in its own right.

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Making Australian Banknote History The 1913-1914 Collins / Allen Complete Set of Eight Specimen Banknotes Information So u r c es

his t o r ic i m a g e S o u r c es

Spinks London Au c t i o n e e r s

The National Library of Australia

Journal of the Num i s m a t i c A s s o c i a t i o n o f A u s t r a l i a

T h e N a t i o n a l Po r t r a i t G a l l e r y - L o n d o n

Renniks Coin & Ba n k n o t e Va l u e s

M i c h a e l P Vo r t - R o n a l d

Australian Banknot e Pe d i g r e e s b y M i c h a e l P Vo r t - R o n a l d australianbanknote s . n e t The Australasian C o i n & B a n k n o t e M a g a z i n e

CREATI ON T h e R a r e C o i n C o m p a n y , A l b a n y , We s t e r n A u s t r a l i a

Ar t Galler y of SA Mitchell Librar y TRCC Publications & R e s o u r c e s

Th e i n f o r m a t i o n c o n t a i n e d i n t h i s p u b l i c a t i o n r e f e r s t o n u m i s matics only and bears no comparison to any other collectable or investment market. It is for general information only and should not be considered financial ad v i c e . Pa s t p e r f o r m a n c e i s n o i n d i c a t i o n o f f u t u r e r e t u r n s . Potential buyers into numismatics should seek professional advice from a qualifi ed rare coin and banknote specialist and a licensed Financial Advisor. No w a r r a n t y i s g i v e n a n d n o l i a b i l i t y a c c e p t e d b y T h e R a r e C oin Company or its employees for any statement of opinion, errors or omissions. All information is provided without regard to any person’s individual cir c u m s t a n c e s , i n v e s t m e n t o b j e c t i v e s , f i n a n c i a l s i t u a t i o n s o r requirements. Copyright Februar y 2013.


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