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HERITAGE: MARCH 2026 WORLD PAPER MONEYHeritage Auctions will be hosting their World Paper Money Signature Auction on March 26. Select items are discussed below. -Garrett 
Inflationary issues are curious, they speak of desperate times, but also to the resourcefulness of industry to "keep the ball moving." It never ceases to amaze me how "crafty" world-wide, economic systems become to protect their interests, and most importantly to continue spinning the proverbial rat-wheel. Similarly, emergency issues and overprint types, also display ingenious "shortcuts" devised from necessity. This auction is peppered with utterly rare inflationary examples for Austria, Germany, Russia and more. This has become the next frontier, so to speak, evidenced by the recent surge in demand for Eastern European material, for example. This type, although not aesthetically striking, is packed with historical importance and utmost rarity, as it is the first and only PMG graded example. If I were a betting man, I would predict an almost certain excitement for this note come auction day.
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This grandly sized, highest denomination for Lebanon is astoundingly rare, a key variety, and lingers on most wantlists for the region. Beautifully designed, this note effortlessly ticks all the right boxes: having achieved the elitest of grades, rarity and desirability. Printed on delicate French-like paper, it is unfathomable to how this large-sized example managed to withstand the unforgiving elements and climate, time, and redemption for its sheer buying power. A showstopper of Middle Eastern numismatics, this piece will have no problem in finding an advanced collection to welcome it home.
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This famed type in Specimen format is very unusual. One really needs to consider the chaos that ensued not only in business, but also in currency production of the time. With new hyper-inflationary denominations being added at a whim, it is almost extraordinary that the Reserve Bank of Zimbabwe was able adhere to standard practices like producing Specimen. An opportunity not to be overlooked, any example is missing from most collections.
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Zanzibar's Government issues of 1908-1928 have long held a special place in my mind and in the minds of advanced collectors everywhere. They are rare, undeniably exotic, and among the most beautifully engraved colonial notes ever produced. The 5 Rupees denomination was issued with three dates 1908, 1916, and 1928 - all scarce, but the 1916 variety is particularly elusive. In fact, this is only the second example we have had the privilege to offer. This piece has been thoughtfully conserved to preserve an issue that is seldom encountered in any form. What strikes me most is the eye appeal: despite the technical grade, the front presents with impressive clarity and charm, allowing the artistry to shine through. Withdrawn beginning in 1936 and replaced by East African issues, Zanzibar's notes mark a brief but extraordinary chapter in monetary history. Opportunities to acquire a 1916 5 Rupees are few and far between, so this is your chance!
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The Banque du Congo Belge issues of the 1940s and early 1950s form one of the most impressive and widely collected African currency series of the twentieth century. At the pinnacle stands the formidable 10,000 Francs dated 10 March 1942, the highest denomination of the era and a note that speaks to the extraordinary economic demands placed on the Belgian Congo during the Second World War. Large in format and striking in presence, this uniface design was likely intended for interbank or high-level financial transactions, and it may never have seen public circulation. PMG has graded just nine Specimen examples and no issued notes, underscoring the extreme rarity of the type. This Specimen, graded PMG 58, displays two bold red overprints across the face and retains completely original paper on both sides, an exceptional state of preservation for such a large and seldom-seen issue. It is the first example we have had the privilege to offer, and the denomination is virtually absent from the collector marketplace today. As both a historic artifact of wartime Central Africa and the apex denomination of a beloved series, this 10,000 Francs stands as a major African rarity not to be missed.
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Issued in 1948 by the Inner Mongolia People's Bank, this 200 Yuan note captures a pivotal and short-lived chapter in China's monetary history. Produced during the final years of the Chinese Civil War, the regional issues of Inner Mongolia were limited in both scope and duration, with only a handful of denominations released in 1948 and 1949. Survival rates are low, and the type is rare in any grade today. The design is especially appealing, featuring traditional scenes from the sweeping high plateau of Inner Mongolia, an evocative tribute to the region's landscape and culture during a time of profound political transformation. Graded PMG 64, this piece stands as the single finest graded example in the PMG Population Report at the time of writing. Its originality and superior preservation elevate an already scarce type to the highest level of collectability. For the advanced collector of Chinese or regional issues, this is a condition rarity of the highest order.
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The term "Mark" was already used in the early Middle Ages and remained in use through the 19th century as a unit of weight for silver. The exact weight varied by region; one documented standard is the "Cologne Mark," equivalent to 234 grams of silver, from which various coins were struck. Prior to German unification in 1871, the many independent German states issued a wide variety of currencies, most commonly Thalers and Gulden. In order to unify these different monetary systems, it became necessary to adopt a single currency name acceptable throughout the entire German Empire—one that would not favor any particular region. As a result, the long-established unit "Mark" was revived, and following the Imperial Currency Act of 1873, banknotes and coins bearing this new denomination were issued beginning in 1874. The 5 Mark note dated July 11, 1874, offered here at auction, is therefore the first banknote denominated in "Mark." It is listed as Pick 1 in the Standard Catalog of World Paper Money. Notes from this first issue of the German Empire are extremely rare and essential to any advanced collection. This example shows expected circulation for its age and has been graded PMG Very Fine 20.
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After the vast Soviet empire collapsed in 1991, the transition from a planned economy to a market economy plunged the country into deepening economic turmoil. The political situation was equally volatile, particularly in the wake of the Soviet collapse and the power struggle between Boris Yeltsin and Mikhail Gorbachev. The ruble steadily depreciated, and the denominations printed on banknotes rose rapidly as inflationary pressures intensified. By the mid-1990s, the issuance of a 500,000 Ruble note marked a new peak. Despite this enormous face value, its purchasing power amounted to only approximately 100 to 150 U.S. dollars. Empty store shelves further fueled widespread public dissatisfaction. Only after the 1998 currency reform—when the ruble was redenominated at a rate of 1,000 old rubles to 1 new ruble—did meaningful stabilization begin. The 500,000 Ruble note offered here, in flawless condition and graded PMG Gem Uncirculated 66 EPQ, would undoubtedly be a highlight of any collection.
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With the end of democracy in Austria's First Republic under Chancellor Dollfuss and the country's increasing alignment with National Socialist Germany, Austria was annexed into the German Reich on March 13, 1938. As a result, existing banknotes denominated in Schilling became obsolete and were replaced by Reichsmark, the legal tender of the German Reich. The 100 Schilling note dated January 2, 1936, ceased to be issued. However, in June of the following year, the design reappeared in modified form—this time as a 20 Reichsmark note. The new version was printed primarily in brown rather than green and, in keeping with the era, prominently featured a large swastika at the center. The 100 Schilling note offered here at auction, overprinted and perforated "Muster" (Specimen), is one of the few surviving examples of this issue and highly sought after by collectors. Its impeccable preservation, graded PMG Gem Uncirculated 66 EPQ, makes it an icon in any world-class paper money collection.
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This large, striking Specimen captures a brief but intense chapter in Hawaiian history. It hails from the fleeting era of the Republic of Hawaii, formed after a group of men who overthrew the reigning Queen Lili‘uokalani established a provisional government of their own. This republic existed only until the turn of the century, when Hawaii was formally annexed into the United States. In my opinion, it is pieces like this that offer a beautiful glimpse into those fleeting historical moments that are so often overlooked. It is a rare and meaningful Specimen, a true numismatic treasure.
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I absolutely adore this note due to the fabric! The woven nature of the textile itself is incredibly fascinating to me. So often, I get caught up examining the imagery and details printed on a banknote and forget to appreciate the material it is made from. Unusual notes like this pull me back to the physicality of the object. I'm also drawn to the history behind them, as these notes capture yet another moment framed by geopolitical realignment. Khwarazm, under the Khanate of Khiva, became a Russian protectorate in 1873 when it was conquered. Yet, after the fall of a khanate and the collapse of Russian monarchy in 1917, the Khwarazm People's Soviet Republic emerged in the early 1920s. This was short-lived, as it was absorbed into the USSR by 1924.
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I will admit, I do have a soft spot for notes in this series. The wonderful Lady Hazel Lavery adorns the front of the note, acting as an allegorical representation for Ireland, a design her husband, Sir John Lavery, was commissioned to create. On the back, a sculpture of a river god is presented. This vignette was inspired by the Edward Smyth's keystone sculptures that adorn the Customs House in Dublin, Ireland. There are fourteen of his sculptures at the Customs House, representing the many rivers that flow through the Land of Eire. Yet, beyond the familiar vignettes, this particular note stands out for its vivid, contrasting colors, and the wonderful grade it holds with EPQ status. It is an enchanting note that I am sure will captivate many collectors.
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This note speaks to me in part because I feel that the Standard Catalogue and Banknote Book did a disservice to the breathtaking statue illustrated on the obverse of the 500 Francs French West African note. Their records simply describe either a ‘mask' or ‘bronze head of a young girl.' The bronze statue in question is, in fact, the head of Queen Idia, mother of King Oba Esigie from the 16th century Kingdom of Benin. Queen Idia was credited with much of her son's military success against neighbouring peoples. Interestingly, this is communicated through her hairstyle, which was only permitted on a war chief. After her death, Oba Esigie had four bronzes of his mother's head cast, with the one featured here currently held in the British Museum. Not only is Britain's relationship with the Benin Bronzes an ethical can of worms, but the story of Queen Idia's statue is worthy of a much lengthier exploration than I can write here. Suffice it to say, there is much more to unpack here than ‘bronze head of a young girl' suggests. This rarely offered example in remarkable Uncirculated grade is, just as Queen Idia's image, certainly worthy of additional attention.
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Last year, I went on a solo trip to the museums and galleries of Paris. I ate more French onion soup than was good for me, saw some of the world's greatest masterpieces, and spent an entire day wandering the galleries of the Louvre. I did not expect to see Mona Lisa again so soon, let alone on a Costa Rican banknote. With such a typical reverse vignette of a farmer, cattle, and a wagon, it has always baffled me that La Gioconda would be featured on a note from the Banco Internacional de Costa Rica. I don't think you could find a more unusual choice for a portrait on any other currency. This 2 Colones note is subtly coloured and presented in an exceptional grade, with only three notes in higher grades on the PMG census — an attractive and interesting piece, in outstanding condition.
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For the first time in 60 years, the 2026 Chinese New Year has heralded the Year of the Fire Horse. In the Chinese Zodiac, the horse represents freedom, strength, and a drive to succeed, and the pairing with the element of fire purportedly adds fuel to these traits. This is magnificently represented by the running horse motif and lucky red colour of the National Industrial Bank of China 1 Yuan, overprinted by the Bank of Communications. Given 2026 is my first year with Heritage Auctions, I couldn't be happier with the auspicious signs for the year to come. I anticipate that this beautiful banknote will represent good fortune for its new owner when the hammer falls in this upcoming auction.
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