Beauty in Every Form at Stack’s Bowers

Bank notes showcasing ornate designs, and some plain ones too, sold well at the live Mid-Year 2025 World Paper Money Auction held by Stack’s Bowers Galleries on July 8–10. The strength of the show was in the diversity of pieces up for sale, which was an offering of notes from throughout the world valued at a wide range of estimates.

One of the most “noteworthy” currencies sold was a specimen 1939 Banque de Syrie et du Liban 250 livres (P-21s, PCLB 55s, PMG Choice Uncirculated 64) that was won with a bid of $33,600. High-grade issues of this note are hard to find, and as the only example that PMG has graded in Uncirculated condition, the quality of this specimen outstands other non-circulated examples. The piece was described by Stack’s Bowers as, “Without a doubt one of the highlights of this sale and one of the most important Lebanese notes we have ever offered.”

Colored in soft pastels and printed on thin French paper, the bill was created during the French Mandate period for Lebanon and Syria. The note’s obverse shows St. John’s Church in Byblos as the 13th-century Crusader fortress Sea Castle in Sidon stars on the reverse. The word “specimen” is stamped in black on both sides.

Another note that performed well at the auction proved that beauty isn’t everything. A tan-colored, sparsely decorated 1919 cancelled British Military Mission 500 rubles from Russian Central Asia (P-S1149, PMG Very Fine 20) sold far above its $3,000–$5,000 estimate at $21,600. Stack’s Bowers has only seen two appear at auction in recent history, and at present, this is the only example in the PMG population report. This is the fourth and final note of this issue from the Al Kugel collection, which began to be sold by Stack’s Bowers at the Maastricht Auction on May 9.

Although there isn’t much to look at—the simple design on the face features printed English text at top and Russian at the bottom with a red splash of a stamp and handwritten “R” on center right—this note has a fascinating history. It was printed for the British Military Mission in Trans-Caspia (modern-day Turkmenistan), which was set out to protect British and allies’ interests in the area against German and Turkish forces and Bolshevik influence. The making of these notes addressed a cash shortage experienced by the British Military and were payable three months after the date for 500 roubles.

More information about the Mid-Year 2025 World Paper Money Auction can be found at stacksbowers.com.

You may also like:

Shares All Sold of One-of-A-King Bank Note NFT

Paper Money Market: Gen Z is Making Cash Cool Again

What’s New in Bank Notes - June 2025