Rare Palestine banknote found in Brentwood Oxfam charity store sells for £140,000
A charity shop in Essex has discovered a rare foreign banknote which has been sold online for £140,000 – 1,400 times more than its original value. Paul Wyman was volunteering at the Oxfam branch in Brentwood when he noticed a strange banknote in a bundle of donated goods, reports the Mirror.
The £100 Palestinian pound was given to high officials during the British Mandate in Palestine in 1927 and is one of less than ten that should exist. Paul, who located the note, opted not to put it on the shelves and instead called an auction company, who valued it at £30,000.
When it went under the hammer at London’s Spink auction house, it sold for a whopping £140,000. Paul said: “I realized I was holding something incredibly rare in my hands.
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“I couldn’t believe it when it cost £140,000.” The note was delivered to the store by a mysterious donor in October 2020, and it was appraised at an auction house in February 2022.
Paul watched the auction online from his home in April. He said: “The auctioneers originally valued it at £30,000 and I was already amazed – let alone £140,000.
“Until then, I don’t think I really believed it could be a real note because they’re so incredibly rare.” However, bidders from around the world, including the United States and the Middle East, submitted bids in hopes of getting the mark.
The money the ticket was sold for will go to Oxfam charity work. Paul said: “It’s great to know I’ve been instrumental in raising so much money for Oxfam’s work helping the poorest people in the world.”
Elaine Fung, banknote specialist for Spink, said, “Less than ten of these notes are known to exist. They were said to have been issued to a high-ranking official at the time as a token of appreciation for their services.”
Lorna Fallon, Oxfam’s retail director, said: ‘We are so grateful to Paul and the team at the Brentwood shop for spotting this banknote, not to mention the generous member of the public who gave us donated it. “We are delighted the note has raised so much money for Oxfam’s work around the world, which includes helping people in East Africa at risk of starvation and helping refugees from Ukraine. .”
The note sold at auction was for 100 Palestinian pounds, which was the currency at the time.