This 1929 50-pound note from British Mandate Palestine had its initial price set at $80,000. (King David Auctions)
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By Jack Gold, World Israel News
The rarest and most expensive banknote that has ever been put up for sale in Israel – a 1929 British Mandate 50 Palestine Pound note – will be auctioned by the King David Auctions House on Thursday.
Professional catalogs of banknotes and coins have declined to determine its price due to its rareness.
Experts estimate that during the years the banknote was valid, one could buy land in the most expensive areas in Israel.
Enclosed with it are the original certificates of the late collector Avraham Birenbaum.
Its condition is described as “very fine” with “insignificant folds, small pin holes, thick, healthy paper.”
While the opening price stands at $80,000, bidding is estimated to rise as high as $100,000.
Yehuda Cohen, of the King David Auction House, said that “during the period of the British Mandate, banknotes were issued in various amounts, some of which were very large.”
He noted that “there is a great deal of interest surrounding the bill, and wealthy people from the Arab world are taking interest as mostly sheiks from Saudi Arabia and Qatar, because of its historical value.”
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