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Auction: 25008 - World Banknotes
Lot: 471

(x) Burns, Philip & Co. Ltd., Pacific Islands Issue, Remainder £5, ND (ca. 1900´s-20s), serial number 1000,
Solomon, Gilbert, Ellice & Other Groups,

In the early decades of the 20th century, as colonial infrastructure struggled to meet the needs of remote Pacific Island economies, Burns, Philip & Co. Ltd. emerged as more than a merchant house - it became a vital pillar of everyday life. Through its network of steamships, trading posts, and regional offices, the company operated across vast island groups such as the Solomon, Gilbert, and Ellice Islands, connecting isolated communities with the wider world. Faced with chronic shortages of official currency, Burns, Philip began issuing its own notes, designed to facilitate commerce in areas where coins and government paper money were in short supply. These notes, though privately produced and unofficial, became widely accepted - circulating not only in local stores and agencies but also aboard the company's steamers. The present £1 remainder note is a compelling artifact from that era. Printed with the designation "Solomon, Gilbert, Ellice & Other Groups," it served as a trusted medium of exchange for day-to-day transactions, making it far more accessible to the average islander than the higher denominations. While the £5 note may have been used primarily in bulk trade or internal accounting, a £1 note would have passed through many more hands - a salary, a purchase of supplies, or credit at a coastal outpost. Of note is the printed promise on the face of the note: "These orders are negotiable at the agencies of Burns, Philip & Co. Ltd. in the various groups, also on board their steamers trading among the islands, and are payable in gold at the offices in Sydney and Brisbane." This remarkable clause underscores the company's function as a bridge between local economies and global trade - offering trust, stability, and convertibility across an empire of ocean and islands. Today, this £1 remainder stands as a rare and evocative relic of a time when one private company carried the weight of currency, commerce, and community on its shoulders - and did so with remarkable reach and authority across the South Pacific.
(Pick unlisted), in PMG holder 63 EPQ Choice Uncirculated

Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium.

Estimate
£1,200 to £1,800

Starting price
£950