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STACK'S BOWERS JULY 2025 WORLD PAPER MONEY SALEStack's Bowers will be hosting their The Mid-Year 2025 World Paper Money Auction on July 8-10. Select items are discussed below. -Garrett 
BELGIAN CONGO. Banque du Congo Belge. 100 Francs, 1.2.1929. P-11f. PMG Very Fine 30. Without place of issue. While we are no stranger to rare Belgian Congo notes, we have only offered this variety twice before, with this being the finest example offered by us to date, despite some minor restoration that, if anything, has only helped improve the appearance of this piece. Equal in appearance, if not better, than the piece from the Scott Lindquist collection, which we sold in May of 2023 for $16,800 (that piece was graded PMG Very Fine 25 with a 'stained' comment). We will keep our estimate for the present piece at a modest level, but don't be surprised if a similar figure is needed to bring this rarity home. PMG Comments "Minor Restoration". Estimate: $5,000 - $10,000.
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DENMARK. Nationalbanken i Kjobenhavn. 100 Kroner, 1897. P-4b. PMG Choice About Uncirculated 58 EPQ. Surely one of the highlights of the present auction, this 1897 dated 100 Kroner is an extremely rare type in any grade, but especially so in such lofty condition. This type was introduced for circulation in 1888 and, after a slight change in the watermark, would be issued until 1910. Despite having been issued for over two decades survivors of this type are very rare; in fact, we can make the claim that this note represents one of the great rarities of European paper money from around the turn of the century. This date has the printed signature of J.C. Jacobsen at left and an unidentified manuscript signature at right. PMG has graded just two examples of this Pick number. Of those two, this is by far the finer, as the other is graded Choice Very Fine 35. That example is included in an advanced long-term collection and is unlikely to come to the market anytime soon. We are not aware of any pieces having appeared at public auction for almost two decades, further confirming the rarity of this type. Both PMG graded examples, including the 1897 dated example offered here, feature a red "MAKULATUR" overprint on the back, along with punch hole cancellation near the signatures. This cancellation was applied upon withdrawal of the note. Amazingly, the present example spent very little (if any) time in actual circulation, and is seen here in fully original condition, with just some handling limiting the grade. It would make for the perfect representative in an advanced Danish collection and will certainly be cherished by whoever is able to bring this rarity home today. Estimate: $15,000 - $17,500.
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FRANCE. Tresor Central. 5000 Francs, ND (1944). P-109s. Specimen. PMG Choice Uncirculated 64 EPQ. The highest denomination of this important and historic series of France that played an important role in the restoration of the country's economy after World War II. Introduced into circulation in June of 1945, these notes replaced notes issued by the Vichy regime during the war. Three denominations were issued, which remained in circulation for about a year, and were then withdrawn. The 5000 Francs seen here in specimen format is the highest denomination and it is rare in any form. According to the Banknote Book just seven issued notes are known to exist, making specimens an attractive alternative, although they are very scarce as well. This specimen is tied for finest in the PMG population report as of the time of cataloging and is nicer than the piece we sold in our recent Maastricht auction for $5,280 (that piece graded PMG 64 with a comment for a previous mounting). Not to be missed. Estimate: $3,000 - $5,000. Provenance: From the Al Kugel Collection.
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ITALY. Banca d'Italia. 5000 Lire, 12.5.1960. P-85c. PCGS Currency Superb Gem New 68 PPQ. After World War II, the Bank of Italy kept the classic designs, with small differences, such as in the seal. The higher denominations especially would take until the 1960s until they were finally replaced with updated notes in smaller formats. This is one of the finest examples of this large-format type we have ever offered, and it is in near perfect-grade, as fresh as the day it was printed, and worthy of a premium bid. Estimate: $4,000 - $6,000.
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LEBANON. Banque de Syrie et du Liban. 250 Livres, 1939. P-21s. PCLB 55s. Specimen. PMG Choice Uncirculated 64. Without a doubt one of the highlights of this sale and one of the most important Lebanese notes we have ever offered. The 1939 series of the Banque de Syrie et du Liban offers some of the most iconic Middle Eastern notes in existence, but unfortunately, high-grade examples are scarce to non-existent for most denominations. This even applies to specimens, which were often (mis)handled and are typically encountered in lower grades. As such, this is not just the sole finest example of this type in both issued format as well as specimen, it is also the only uncirculated example graded, with the next finest specimen graded a paltry 53 in comparison. The highest denomination of the 1939 series seen here the front shows the baptistery of St. John's church in Byblos and the Sea Castle in Sidon on the back. As a typical product of French printers, it is on fairly thin French banknote paper with appealing French pastel colors, which are bright and culminate in an artful ensemble seldom found on any other series of notes. Both sides show a fairly non-obtrusive black specimen stamp. Clear originality can be seen in the PMG holder. A premium example destined for one of the finest Middle Eastern collections. Estimate: $30,000 - $50,000.
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