Now, Mowbray’s auction house, in Wellington, believes the rare banknote will fetch 50 times its printed value.
Mowbray Collectables coins, medals and banknotes director David Galt said the rare note was printed by Scottish early settler and Otago province superintendent James Macandrew as a promoter of The Otago Banking Company, but he never got a licence to issue the banknotes.
It is expected to fetch about $500 at the auction and is one of many items with a total value of $1.3 million, which are up for auction at Mowbray’s on March 18-19.
Among other Otago-related items is a set of three rare military medals belonging to prominent Port Chalmers man Hugh Montgomery.
Mr Galt said Mr Montgomery was born in Carnwath, Lanarkshire, Scotland, in 1871 and migrated to New Zealand with his family in the late 1870s.
He joined the Port Chalmers company of the New Zealand Garrison Artillery Volunteers, in 1891.
"His father and two brothers were also volunteers, resulting in the family being a significant part of this company."
"They are from the period before 1911 when local military volunteer units were formed across New Zealand, including in Otago, as the backbone of New Zealand’s defence.
"The artillery was important to help protect ports such as Port Chalmers, where Montgomery lived and served."
On his death in 1916, Mr Montgomery was a Lieutenant and was accorded a military funeral.
His New Zealand Territorial Service Medal (12 years), New Zealand Long and Efficient Service Medal, and Colonial Auxiliary Forces Long Service Medal were expected to fetch about $1000 at the auction.
Also among the items attracting international interest are two rare postage stamps, owner John Mowbray said.
"What will be on offer includes an example of New Zealand’s very first postage stamp from 1855 [expected to fetch $10,000], and a very rare penny claret stamp which was a special issue for the huge 1906 Christchurch Exhibition," he said.
Related Stories
Comments
Some comments you read are in correct in the circumstances existing at that time. Hence a little meaningless. The reason Macandrew did not get a license is that no such requirement existed in NZ law at that time. New Zealand and Dunedin settlers only arrived part way through 1848 and Dunedin was less than 1 years into establishing an existence.
There is much bigger story you should investigate and print. Johny Jones was the first pioneer to found a colony of settlers in this region in 1837. Jones also gained ownership of most of the South Island. Well before the first settler ships to Dunedin of 1848. Well before Macandrew printed and issued his own promissory pound notes under a Company name. Jones notes were the first Dunedin Currency issued.
The story goes that Macandrew kept buying up many of Jones's notes and then tried to bankrupt Jones by presenting all the notes at once. Jones one of the richest people in NZ had the reserves and simply paid Macandrew. Detail of this story can be found in a book in Dunedin Public Library written by Jones grandson Alfred Eccles.
If you can find a Jones's note then that would be a really interesting story.