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East Africa East African Currency Board 1000 Shillings = 50 Pounds 15.12.1921 Pick 18 PMG Choice Extremely Fine 45.. ...
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Description
A Low Numbered George V High Denomination
East Africa East African Currency Board 1000 Shillings = 50
Pounds 15.12.1921 Pick 18 PMG Choice Extremely Fine 45.The East African Currency Board, founded in 1920, was tasked with providing for the currency and banking needs of the colonies of Kenya, Uganda, Tanzania, Zanzibar, and later, Somaliland and Aden. In 1921, the group adopted the Shilling, which remains the currency standard in all the former African colonies that were previously under British control.
An interesting blend of colors adorn the face of the 1000 Shillings, which was equivalent to £50 at the time. This was 10 times higher than the highest denomination typically seen in British Colonies that used the Pound system. As such, limited print totals were executed, in response to the small demand. In fact, 1000 Shillings was such a large amount of money that most of these banknotes were used as clearing tools within the banking system itself. Purchases of automobiles, or plots of land, however, could have been paid using a note of this caliber. Evidence suggests that some examples did, in fact, circulate. In 1964, the Currency Board commented that no new notes were needed of this denomination, and known examples were actively being redeemed. All but 222 have been accounted for at this time. The example on offer is serial number 24 for the date and type. This adds desirability to an already extremely rare type. Lightened stains, mentioned on the back of the third party holder, do little to diminish the overall impression of this splendid example, which shows limited folding and handling. At the time of cataloging, this is only the second example to be offered in public auction, and only the fourth graded in the PMG Population Report. Iconic, extremely rare, and missing from even the best collections of African, British Commonwealth, and King George V portrait banknotes.
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