Rare Victorian banknote sells for £38k at auction

The £100 note from May 1894 was sold to a collector of rare UK notes, auctioneers said

A 130-year-old banknote from the Birmingham branch of the Bank of England has sold for £38,000 at auction.

The Victorian banknote is dated May 1894 and was signed by Horace G. Bowen, who was chief cashier between 1893 and 1902.

Noonans Mayfair auctioneers said the "very rare" £100 note was sold to a passionate collector of rare UK notes who was delighted with his purchase.

Andrew Pattison, from the firm, said: "We are extremely pleased but actually not too surprised by how well the note sold.

"It is just such a rare note, with the magic combination of Bowen's signature, £100 denomination and Birmingham issue location - and the condition was wonderful."

The banknote is one of only two surviving Bowen notes above £5 issued anywhere other than London, the auctioneers said.

It was estimated to sell for between £24,000 and £30,000.

The Bank of England had a branch in Birmingham from 1827 which was relocated three times before it closed in 1997.

Elsewhere in the sale, a rare £500 note dating from October 1929 sold for £36,000.

It was the only known surviving £500 note signed by Basil G Catterns, who was chief cashier between 1929-1934.