Rare £100 note sells for staggering sum at auction

Proceeds will go to Oxfam’s work in east Africa and Ukraine, charity says

The note is one of fewer than 10 in existence (Oxfam/SWNS)

A rare £100 bank note found in a charity shop has sold for £140,000.

Oxfam volunteer Paul Wyman was working in charity’s Brentwood branch in Essex, when he spotted an unusual bank note in a box of donated items.

The note is one of just a few known to exist, and was issued to high-ranking officials during the time of the British Mandate in Palestine in 1927.

Mr Wyman decided not to put it on the shelf and contacted an auction house where experts valued it at £30,000.

However, it sold for a huge £140,000 when it went under the hammer at Spink auction house in London.

Mr Wyman said: “I realised that I was holding something in my hands that was incredibly rare. I couldn’t believe it when it went for £140,000.”

An unknown donor brought it into the shop in October 2020, and assessed at the auction house in February 2022.

Mr Wyman watched the auction online from his home on 28 April. He said: “The auctioneers originally valued it at £30,000 and I was amazed at that already - never mind £140,000.

“Up until then I don’t think I really believed it could be a real note because they are so incredibly rare.”

Bidders from all over the world, including the US and the Middle East, placed bids in the hopes of getting their hands on the note.

Mr Wyman added: “It’s brilliant to know I played a part in raising so much money for Oxfam’s work helping the world’s poorest people.”

Elaine Fung, a banknote specialist for Spink, said: “Less than 10 of these banknotes are known to exist. It would have been issued to a high-ranking official at the time as a token of appreciation for their services.”

Lorna Fallon, retail director for Oxfam, said: “We are so grateful to Paul and the Brentwood shop team for spotting this banknote, not to mention the generous member of the public who donated it to us.

“We are delighted that the banknote has raised so much money for Oxfam’s work around the world, which includes helping people in east Africa who are at risk of famine, and assisting refugees from Ukraine.”

The rare banknote was issued during the British Mandate in Palestine in 1927, issued by the League of Nations in 1920.

The auctioned banknote was £100 Palestine pounds, which was the currency at the time.

SWNS