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Auction: 403 - World Banknotes at NY INC
Lot: 508

Banque de Syrie, Syria, specimen 100 Livres Syriennes, Beyrouth, 1st January 1920,
in the aftermath of World War I, the Middle East found itself in a state of transition, grappling with the consequences of the Ottoman Empire's collapse. The disintegration of Ottoman rule created a power vacuum, dividing territories and giving rise to new mandates under European supervision. Syria and Lebanon, once part of the Ottoman Empire, came under French control following the post-war agreements established by the League of Nations. This marked the start of the French Mandate in 1920, a transformative period that reshaped the region politically, socially, and economically.

Amid this turbulence, the Banque de Syrie (Bank of Syria) was founded on the 2nd January 1919, with its headquarters in Beirut, Lebanon. The bank was granted exclusive authority for 15 years to issue a single currency-the Syrian pound-which would circulate across both Syria and Lebanon. The formation of the Banque de Syrie was not just an economic development but a strategic move by the French to solidify their colonial control. By introducing a new currency, the French aimed to stabilise the region's economy and ensure it aligned with their political interests. The Syrian pound was pegged to the French franc, reinforcing the economic ties between Syria, Lebanon, and France.

Beirut, the vibrant capital, became the centre of this new financial system. At the time, it was a bustling port and a crossroads of cultures from both the East and the West. Its cosmopolitan nature reflected the region's complex mix of tradition and modernization. However, beneath the surface, there was growing discontent. The imposition of French rule and changing economic conditions created unease among the local populations. While urban centres like Beirut and Damascus saw commercial growth, rural communities and the working class struggled to adapt to the new economic realities.

The Banque de Syrie played a crucial role in these developments. Its task was not only to issue the Syrian pound but also to stabilize an economy fractured by the war. By replacing the Ottoman lira with a currency pegged to the French franc, the bank aimed to bring order to a chaotic financial system. Yet, for many Syrians, the new currency symbolised the imposition of foreign control. The rural population, in particular, faced high taxes and economic policies that seemed to favour colonial interests over the needs of local people.
The creation of a high-denomination note like this 100 Livres Syriennes marked a significant step in Syria's financial system, particularly as it was conceived during the early years of the French Mandate, when the Banque de Syrie was shaping the region's economic future.

The Banque de Syrie itself underwent a rapid transformation. In 1924, just five years after its founding, the bank was renamed the Banque de Syrie et du Grand-Liban (Bank of Syria and Greater Lebanon) under the convention of the 22nd January 1924. This short lifespan under its original name likely limited the opportunities to issue large quantities of currency, making notes from this period even rarer. As a result, surviving notes from the Banque de Syrie era, such as this 100 Livres Syriennes specimen are exceptionally scarce today.

The 100 Livres Syriennes issued remains unconfirmed, with no circulating examples ever proven to exist. As a result, the specimen is the only known form of this design, offering collectors a rare opportunity to acquire a piece of numismatic history. Its rarity, combined with the uncertainty surrounding its release, makes it a highly sought-after item in the world of numismatics,


(Pick 10s, PCLB 10) in PMG holder 58 Choice About Uncirculated, previously mounted, only 2 notes in higher grade on PMG Census

Estimate
$2,400 to $3,800

Starting price
$1600