Less than 15 known copies!

A 10 colones Type 1932-1936 banknote (Ref. Pick: # 181) issued by the International Bank of Costa Rica (Banco Internacional de Costa Rica) is currently for sale on ebay. The banknote is not in excellent condition but it really deserves your full attention, as it is only the 2nd copy for the year 1935 and one of 12 copies currently known in the world!

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Banknote description

Costa Rica. Banco Internacional de Costa Rica. Provisional issues of 1932-1936. Dates: 1932 to 1936 (1). Dimensions: unknown. The note is identical to the 10 colones dated 07.11.1931 (Ref: Pick: # 179), but does not have the red overprint on the reverse: "CERTIFICADO DE PLATA". Series: D. Watermark: No. Material: Paper. No security thread. Printer: Thomas De La Rue (TDLR), London, England. Multicolored print on the front, predominantly blue and olive green. Description of the front: Three men "Los lecheros" on horseback in the center. Numbering in red. Frame and background composed of guilloche patterns and rosettes. Signatures in black of the Minister of Finance (El Ministro de Hacienda) and of the Director (El Director). Value "10" in the corners. Description of the back: Printed in monochrome brown and featuring a profile portrait of Christopher Columbus in the center. Frame and background made up of guilloche patterns and rosettes with the value "10" in the corners.



Numizon inventory

Only 4 copies of this note were graded and listed in the PMG Population Report, i.e. three graded copies PMG 25 VF and one graded copy PMG 64 EPQ (Top Pop copy). Unfortunately, we do not have the numbers of 2 of these graded banknotes and these must therefore be taken into account in the inventory of the 10 copies currently referenced and which we present to you in detail below:

ReferenceDateNumberGradePriceComments
P-181a120.01.1932054557PMG 25 VF$ 625Spink USA, Auction #343, 2019 (lot #43).
P-181a120.01.1932092269F+$ 800Spink USA, Auction #338, 2018 (lot #250).
P-181a120.01.1932117622F-€ 500Christoph Gärtner, Auction #46 (lot #443).
P-181a120.01.1932124923--Photo seen on Banknote Museum website.
P-181a120.01.1932128867PMG 25 VF$ 1080Heritage Auctions, 2019 (lot #28505).
P-181a120.01.1932135803VG/F-€ 500Christoph Gärtner, Auction #46 (lot #444).
P-181a120.01.1932165066--Photo of the WPM.
P-181a203.12.1935205184G-For sale on ebay in September 2020.
P-181a221.12.1935240000PCGS 35 VF$ 1800Heritage Auctions, 2020 (lot #28140), Ruth W. Hill Collection.
P-181a303.12.1936309971Choice Fine$ 705Stack's Bowers, 2017 (lot #1074).
P-181ctSpecimen Undated000000PMG 58 Choice About UNC£ 500Spink, Auction #15009, 2015 (lot #203).
P-181ctSpecimen Undated000000EF£ 900Spink, Auction #13004 (lot #348) with two cancelled holes on signatures.
P-181ctSpecimen Undated000000EF£ 450Spink, Auction #16005 (lot #394) with the date "1930" in top margin.


Our opinion !

The erroneous quotes offered in World Paper Money (2) undoubtedly have a misleading effect on most collectors, because this note cannot be found whatever its condition and is still missing from many advanced collections on Central American banknotes. "Limited issuance and convertibility to silver has prevented most of these notes from being saved for posterity" (3).

But informed collectors are not mistaken and we observe a rise in selling prices. In conclusion: the ebay sale is not to be missed under any circumstances! And for those of you who wish to acquire one of the three known specimens, a copy is currently available for "Buy It Now" for $ 2000 on ebay.




Notes

(1) Known or possible dates are: 20.01.1932, 03.12.1935, 21.12.1935, 26.02.1936, 10.03.1936, 05.08.1936, 27.08.1936, 31.10.1936, 03.12.1936, 13.12.1936, 17.12.1936.
(2) Grades and quotes in dollars: G = $ 20, F = $ 125 and XF = $ 450!
(3) Heritage Auctions comment about the sale of the Ruth W. Hill copy!


Our Sources

"Costa Rica" Standard Catalog of World Paper Money, 1368-1960, 12th edition (page 396).
Photos from the sales archives of Christoph Gärtner, Heritage Auctions and Stack's Bowers.
Reference website: "Banknote Museum, Costa Rica".



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