Rare £500 Leeds banknote could fetch £22,000 at auction

The note is dated 1936 and signed by the then chief cashier of the Bank of England, Kenneth O Peppiatt

A rare £500 note from a branch of the Bank of England in Leeds is expected to fetch up to £22,000 when it is sold at auction.

The note, dated 1936, is only the second of its kind known to exist, and the first one to be put up for sale.

Auction house Noonans said £500 notes were only ever issued at three branches of the Bank of England - London, Liverpool and Leeds.

It will be sold in a sale of rare banknotes on 1 and 2 March.

Andrew Pattison, head of the banknote department at Noonans, said: "It is indeed a fantastic note.

"£500 notes are very rare and, in fact, only available from three Bank of England branches - London, Liverpool and Leeds. Although some were issued in Birmingham and Manchester none have ever come to light.

"Of those available, Leeds branch, like this one, are the rarest.

"It comes from a long-term collector and is only the second example ever to come to the open market."

The note is signed by Kenneth O Peppiatt, who was Chief Cashier at the Bank of England, and is expected to fetch £18,000 to £22,000.