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Auction: 7002 - Banknotes of Hong Kong & China
Lot: 1708

Hong Kong and Shanghai Banking Corporation, unissued 50 taels, Shanghai, 18- , black and white, value in blue low left and right, arms of the bank top centre, TLS 50 top left and right, vertical panel at left and right with text Ying Shang Huifeng Yinhang (The English Commercial and Abundant Exchange Bank), SHANGHAI in low centre Margin, Promise to pay the bearer on demand at its office here fifty taels Shanghai Sycee value in text at centre, reverse red-brown, arms at centre, value at left and right (PS. 375 (reported not confirmed), Cribb, Money in the Bank p.134), a lovely Ashby engraving, ink cancellation by signatures and serial numbers, a lovely fresh good extremely fine and of the highest rarity. Estimate HK$ 300,000-350,000The first issue of the Shanghai office (established on 3 April 1865, soon after the Hong Kong office opened) likely consisted of Hong Kong and Shanghai Banking Company Limited notes on Hong Kong overprinted for Shanghai, thus similar to those overprinted for the Yokohama Branch (opened in 1866). See Cribb p.167 fig. 5.39. In December of 1866 the Bank´s change in status was reflected in its new designation, The Hong Kong and Shanghai Banking Corporation. The second issue of Shanghai notes, and the first comprising distinctly printed notes, was prepared in the summer and autumn of 1866. It was comprised of notes in denominations of 5, 10, 25, 50 and 100 Taels Shanghai Sycee and it follows therefore that this Shanghai 50 Tael note was likely engraved and printed by Ashby toward the end of 1866; certainly notes bearing the new Corporation designation were issued in Hong Kong, hand dated 1 January 1867. For further information on the preparation of the Corporation notes, see Cribb p.43, note 2.27. The third issue of Hong Kong Shanghai Bank notes was prepared after 1872 but before 1877 and this only of the 1 Tael denomination, to complete the series ( See Cribb p.135.) This note was apparently only released in 1888 (and always appears with an "8" handwritten over the "7"). Its printing was likely inspired by the authorization in 1872 of a $1 denomination for Hong Kong by the local government. An example of an issued 1 Tael appears in this sale as Lot 1707. In 1884 the new dollar denominated Shanghai notes arrived and were placed in circulation. Accordingly on 31st March 1886 the Bank destroyed the remaining unissued Shanghai notes on hand, 1502 pieces totalling 83,735 Taels. For some reason the 1 Tael notes were not destroyed, and were issued briefly in 1888; all notes seen bear relatively low serial numbers. Of the specimen 5, 10, 25, 50, and 100 Taels, one of each survive, damaged, in the Bank´s own superb collection. No issued example of any second issue (1866-1884) Shanghai Taels note exists thus this 50 Taels represents a unique opportunity to acquire a note printed in the first year or 18 months of the Bank´s operation, exceedingly rare and most desirable.

Sold for
HK$390,000