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Auction: 24009 - World Banknotes
Lot: 8

Commonwealth of Australia, [Landmark Discovery] specimen £50, ND (ca. 1924),
in an extraordinary turn of events, the elusive 1924 Australian £50 note has finally emerged, a full century after its proposed consideration. Once deemed a mere myth among collectors and historians, this remarkable discovery reshapes our understanding of Australia's early banknotes and stands as one of the most significant finds in numismatics, igniting enthusiasm across the community.

The backdrop to this extraordinary note is a pivotal period in Australia's monetary history. Following World War I, the nation embarked on a journey of recovery, growth, and modernisation. Central to this transformation was the establishment of a unified financial system that underscored Australia's increasing economic independence.

The path to a centralised currency took shape with the federation of Australia in 1901, granting the newly formed Federal Parliament authority over banking and currency. The Australian Notes Act of 1910 laid the essential groundwork for a national currency system, empowering the Commonwealth Treasury with exclusive control over banknote issuance and prohibiting banks and the Queensland Government from circulating their own notes by means of a 10% tax on any of their issues still circulating. This legislative framework aimed to consolidate the nation's financial infrastructure and prevent the confusion caused by the circulation of a multitude of different private bank notes.

A key milestone in this evolution was the establishment of the Commonwealth Bank of Australia in 1911, which ultimately assumed the responsibility of managing banknote issuance. In 1924, subsequent amendments empowered the bank to gain direct control over note production, significantly modernising Australia's financial landscape.

In the course of our investigation to describe this remarkable note, we eagerly reached out to Mick Vort-Ronald, a distinguished expert in Australia's monetary history. Despite a very late hour in Australia, he promptly responded, expressing his excitement and declaring the timing to be nothing short of perfect. After all, the very next day, he was poised to send his sixth edition reference book to the printer, and with this ground-breaking discovery in hand, Mick couldn't wait to include details about the £50 note. He even showcased it prominently on the front cover of his new edition - a fitting tribute to a note that has long been regarded as the missing link in Australia's monetary narrative!

Vort-Ronald 6th Edition Book Page 71 Plate Note,

(Vort-Ronald P. 71, Pick Unlisted), in holder 64 Choice Uncirculated. An extraordinary discovery that borders on the unbelievable, this banknote stands as a breathtaking testament to numismatic history, previously unknown and unrecorded

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Estimate
£10,000 to £15,000