July 2024 Greensheet Market Analysis: International Market Continues Momentum

July is traditionally the slowest month for the numismatic marketplace, as vacations are taken and a generally more relaxed attitude towards deal making comes to the fore. Of course, there are the regular offerings of online weekly auctions of both U.S. and World paper money to keep material moving and to supply both collectors and dealers. The next major United States currency sale will be part of the larger Global Showcase auction held by Stack’s Bowers in mid-August, which is essentially what used to be the ANA auction.

Globally, there was a significant auction event taking place the very week I was writing this article, that being the Heritage HKINF World Paper Money Signature sale in Hong Kong. Held in conjunction with one of the three major shows there, it produced some strong results. Standing out to me the most were some of the prices realized of early Philippines notes, which feature significant crossover appeal as these were all printed by the Bureau of Engraving and Printing (BEP) in Washington D.C. Three of the notes in the sale are types that appear at public auction very infrequently, so I was keen to see where the prices would land once it was all said and done. Leading the way was an iconic note, the Philippine National Bank 100 Pesos of the Series of 1920 (BNB B714a). This note, featuring the portrait of explorer Ferdinand Magellan with deep green and red underprint, was the highest denomination issued at the time. While there were originally 200,000 notes printed it is unlikely many entered circulation due to the high contemporary value. This example was graded PMG Very Fine-20 with a paper pull on the reverse that obscured a bit of the design. Despite this minor flaw, the note sold for $21,600, which appears to be a new record. Back in June of 2019 Lyn Knight sold an example graded PMG VF25 for $12,925. Next up was an earlier note from the same issuer as above. The Philippine National Bank was established in 1916, and in 1919 it took stocks of banknotes from the Bank of the Philippine Islands (which operated under different authority) and overprinted them with their bank title, seal, and signatures. This was only done for three denominations: 5 Pesos, 10 Pesos, and 20 Pesos. The example in the Heritage sale was of the 10 Pesos variety (BNB B706a) and was graded a problem-free PMG Fine-15 and sold for $15,600, a fitting price for such a scarce piece.

The earliest note-issuing bank in the Philippines was established by the Spanish in 1851, and eventually in 1898 after the Spanish-American War and the subsequent Treaty of Paris this bank was transferred to Philippine ownership. By this time, it was named El Banco Espanol Filipino and the first BEP printed notes were of the issue of 1908. This is really the first collectible series of Philippine banknotes, as all earlier notes are very rare in issued form, and even Specimens are rarely seen. Two of the higher denominations were offered in the HKINF sale. The 50 Pesos (BNB B319a) was a lovely PMG VF25 with bold coloration for the grade and brought $9,600. There were just 10,000 notes originally printed of this denomination. Previously in 2019 Heritage sold a solid VF20 example of this note for $3,600. Next came the 20 Pesos (BNB B318b), graded PMG F15 with a minor ink mark just to the left of the bank seal but still presenting very well. With an original printage of 30,000 pieces, this survivor sold for $9,000. Finally, another famous type for Philippines collectors, that being the Bank of the Philippine Islands 200 Pesos of 1912 (BNB B606a) of which a scant 700 notes were originally printed. The example sold by Heritage was another beautiful PMG VF20 with no comments, and it brought $8,400. In 2018 Stack’s Bowers sold a PMG VF30 with an ink mark for $3,960. I must admit that it is genuinely exciting to see the very scarce world notes achieve these prices, as serious collectors are realizing their true value. In the sale overall, twelve notes achieved prices greater than $20,000. One final mention, for those who wish to go to the online catalog and view them, is that this sale featured all four design types of the $10,000 notes issued by Singapore. These large, beautiful notes are well known as having among the highest face value of all notes in the world, which currently sits at $7,399 U.S. dollars. And yes, they are still legal tender.

We now look forward to August and the annual gathering that is the World’s Fair of Money in Chicago and hope to see the continued growth of the paper money market.