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Page last updated at 13:38 GMT, Friday, 16 April 2010 14:38 UK
200 year old Falmouth bank note sold in London auction
The 1 Falmouth Banknote
This rare piece of Cornish Currency did very well at auction

A rare Cornish Bank Note from the 19th century has been sold at auction.

The Falmouth Banknote produced in 1808 fetched £500 in a specialist auction on Wednesday 14th April.

The bank that produced the black and white piece of currency folded just two years after its production, enhancing its rarity.

It was highly sought after according to auctioneers Spink, because it was never issued and has remained in "very fine" condition.

Although it was only expected to sell for between £350 and £450, two bidders at Spink in London, one in person and one via phone fought hard to obtain the piece of Cornish financial history.

Reflecting on the notes origin, auctioneer Barnaby Faul said: "All towns and cities in England used to issue their own banknotes.

"Privately-owned merchants would start up their own banks, but their notes, which were like IOUs, could only be used locally. When these local banks, like Falmouth, went bust, their notes became completely worthless."

In recent years these types of notes have risen in popularity and value because of their many varieties, one sold in 2004 for £540.




SEE ALSO
Old bank notes sold for thousands
27 Apr 06 |  Southern Counties
A History of the World
10 Nov 09 |  History

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