Historic banknote signed by two Scots returns home to Hong Kong after fetching UK record price at auction
A HISTORIC Hong
Kong banknote with two Scottish signatories has become the most expensive banknote ever sold in the UK after fetching £161,200 at auction.
The rare $5 HK note was issued on June 1, 1860 by the Oriental Bank Corporation, the first bank to open a branch in Hong Kong and the first to issue notes there.
It bears the signatures of manager John Mcdouall, from Stranraer, Wigtownshire, and accountant James Webster, from Crail, in Fife.
The note, which might have been a week’s wages when it was issued, was the highlight of Dix Noonan Webb’s British, Irish and World Banknotes sale in London.
It was expected to fetch between £30,000 and £50,000, but the price soared after interest from around the globe, and it was eventually sold to an anonymous bidder in Hong Kong.
Andrew Pattison, head of banknotes at Dix Noonan Webb, said: “We are delighted with the superb result achieved for this incredibly important banknote.
“The fact that it is returning to its country of origin is particularly gratifying.”
He added: “This wonderfully rare banknote furthers our understanding of early banknote issuance in Hong Kong. We can surmise that it came back here in the late 1800s, probably with a British person working or travelling in the Far East, and lay undiscovered for over 150 years.
“The manager’s signature on the lower right of this remarkable note is that of a Scotsman, John Mcdouall. The signature on the left is James Webster of Crail, Fife. One can only imagine what they would make of this.”
The recently discovered five dollar note is the earliest known fully issued banknote of any denomination for Hong Kong.
The Oriental Bank was an evolution of an earlier institution, the Bank of Western India, which was founded in 1842. It expanded quickly, opening branches all over India and Southeast Asia, and was renamed The Oriental Bank.
Following the acquisition of the Bank of Ceylon in 1850, the bank was granted a Royal Charter and was renamed the Oriental Bank Corporation in 1851.
By the mid 1850s the bank had over 20 branches all over the world. Throughout its history, however, the bank had its head office in London and a significant branch in Edinburgh.
The majority of its
Court of Directors were Scots, along with many of its senior overseas staff.
The 1860 note, which features a Royal Coat of Arms, was printed by London printers Batho & Bingley, and is almost identical to its design for a Glasgow banknote produced in the mid 1840s.
Mr Pattison added: “Five Dollars was a lot of money in Hong Kong in 1860 so for someone to have this note and not redeem it is quite unusual. They probably brought it back here and forgot about it.”
John Mcdouall was born in Stranraer on 7 February 1831. He was killed in a carriage accident in 1873, and is buried in Hong Kong alongside his daughter, who died at the age of only two months.