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Auction: 24009 - World Banknotes
Lot: 91

National Bank of Egypt, [Issued] 50 Piastres, Cairo, 1st January 1899, serial number A/1 223739, An exquisite piece of history from one of Egypt's most transformative periods. Established in June 1898 in Cairo through the merger of three prominent firms: Cassel of London, Salvago of Alexandria, and Suarés of Cairo, the National Bank of Egypt stands as a testament to the economic aspirations and political dynamics of Egypt at the close of the 19th century. Its foundation marks a significant milestone in the nation's financial history, embodying a blend of local ambition and foreign influence during a period of profound transformation.

As the late 1800s unfolded, Egypt found itself navigating a delicate balance between modernisation endeavours and colonial pressures. Following British occupation subsequent to a military intervention in 1882, Egypt was in the process of solidifying British control over its finances, infrastructure, and governance. In the midst of this milieu, the establishment of the National Bank of Egypt emerged as a pivotal initiative, aiming to instil economic stability and foster development. With the exclusive right to issue notes in Egypt for 50 years, the NBE commenced issuing its inaugural notes on 3 April 1899, convertible into gold. These banknotes, adorned with serial numbers and prefixes expressed exclusively in English letters and Western numbers, bear testament to the international influence on Egypt's financial architecture.

Despite external influences, the NBE swiftly became indispensable to the Egyptian economy, facilitating currency issuance, managing public debt, and financing major infrastructure projects. It played a pivotal role in supporting vital sectors such as the cotton industry, the linchpin of Egypt's exports and a cornerstone of national income. The establishment of the NBE not only addressed economic imperatives but also mirrored Egypt's quest for modernisation and economic autonomy amidst colonial interests and burgeoning nationalist fervour.

This banknote, the lowest denomination of its series, has the obverse adorned with a pyramid and Great Sphinx of Giza, encapsulating the timeless grandeur and cultural richness of one of Egypt's most revered landmarks, symbolising the enduring spirit and heritage of this ancient civilisation.

Signed by Frederick Rowlatt

(Pick 1b, BNB 101), in PMG holder 20 Very Fine, previously mounted, ink, impressively well-preserved with a striking design, this banknote boasts exceptional quality despite being over a century old, an incredibly rare find

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Estimate
£10,000 to £15,000