'Extremely rare' £500 note from Leeds fetches £24,000 at auction

An extremely rare £500 bank note has been sold for £24,000 at auction.

The note, from the Bank of England branch in Leeds, is dated 1936 and is only the second one of its kind known to exist.

Auctioneers Noonans said the item had been expected to fetch between £18,000 and £22,000.

It is the first note of its kind to be sold at auction.

Adjusted for inflation, £500 in 1936 would have had the same purchasing power as about £45,000 today.

Andrew Pattison, of Noonans, said: "It is indeed a fantastic note.

"£500 notes are very rare, and in fact only available from three Bank of England branches - London, Liverpool and Leeds - although some were issued in Birmingham and Manchester none have ever come to light."

He added: "Of those available, Leeds branch, like this one, are the rarest.  It comes from a long-term collector and is only the second example ever to come to the open market."

The note has been signed by Kenneth O.Peppiatt who was the Chief Cashier at the Bank of England.

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