When the note was first printed, it was barely worth the paper it was printed on.
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.
Before the auction at the weekend, it was believed the note might fetch up to 50 times its value, but Mr Galt was both surprised and delighted the top bid reached $747.
Among other Otago-related items was a set of three rare military medals belonging to prominent Port Chalmers man Hugh Montgomery.
Mr Galt said Mr Montgomery joined the Port Chalmers company of the New Zealand Garrison Artillery Volunteers, in 1891.
"These early medals are a scarce group and are really interesting to collectors.
His New Zealand Territorial Service Medal (12 years), New Zealand Long and Efficient Service Medal, and Colonial Auxiliary Forces Long Service Medal fetched $926 at the auction.
"Some of the hard-to-get military badges were sold for up to four times their pre-auction estimate," he said.
Items attracting international interest were two rare postage stamps — New Zealand’s very first postage stamp from 1855, and a very rare penny claret stamp which was a special issue for the 1906 Christchurch Exhibition.
The 1855 stamp sold for $11,300 and the penny claret sold for more than $13,000.
Mowbray Collectables auctioneer John Mowbray said the international stamp and coin auctions attracted "brisk bidding" and fetched more than $1 million in sales.
