Mowbray Collectables had a rare Bank of Otago £5 note up for auction in Wellington at the weekend. It was estimated to be worth about $10,000.
But a large number of people from overseas bid on it, and it ended up going under the hammer to a New Zealand collector for $12,500.
Mowbray managing director David Galt said it was among many coins, banknotes and medals that went up for auction, which raised more than $630,000.
"We are delighted with the sale of many rare coins.
"A United States 5c nickel, of 1916, with a doubled date, sold for $36,000. It was estimated to fetch $15,000.
"There was strong overseas interest from India, Asia and Australia.
"And an Otago 1868 £5 note sold for $12,500, selling well above its estimate. It was an excellent result."
The note was one of four in existence and the only one available outside of museums.
"In 1863, the Bank of Otago set out to capitalise on the discovery of gold in the region and the flourishing New Zealand wool market.
"However, an excess of personal loans overextended the institution and led to the bank being sold to the emerging National Bank of New Zealand in 1873."
Other Otago-related items up for auction included a group of World War 2 medals awarded to Otago soldier Wilfred Clyma, which sold for $1000; and a letter that features the last recorded use of the Mt Ida postmark from 1872, which sold for $870.
A unique vertical pair of New Zealand’s first stamp, the 1855 Penny, worth $12,000, went under the hammer for $17,500; and a New Zealand £1 note from 1955, signed by Chief Cashier Gilbert Wilson, bearing the serial number OK102558, sold for $8400.
