The £5 Ploughman

A banknote from the Republic of Ireland for the period 1929 to 1939 will be offered at auction in the next Heritage Auctions sale on April 24, 2020 (1). This is a 5 Pounds Type 1929 note from National Bank Limited (Ref. Pick:# 27 or TBB: B109N) also called "The Ploughman". The note is dated March 15, 1933 (15-3-33) and numbered 03 NK 052526. Graduated PMG 65 Gem Uncirculated EPQ, it is also one of the four most beautiful copies known in the world (see table PMG Population Report below).

P27_5Pounds_03NK_052526ok.jpg

P27_5Pounds_03NK_052526vok.jpg


Presentation of the note

Although the constitution of an Irish Free State (Saorstát Éireann) was proclaimed on December 6, 1922, Ireland (Eire) did not really gain independence until December 1937. The Republic of Ireland then became a parliamentary system in which the two official languages ​​are English and Irish. This is why the composition of the front of this 5 Pounds note is divided into two parts: the texts on the left in English and their translation in Irish on the right. In the center, a large rosette and the numerical value serve as a dividing line. Below, a plowing scene is represented with a peasant and his two draft horses in the Irish countryside, hence the nickname attributed to the note of "£5 Ploughman". The design of the front is inspired by a drawing by Mr. Desmond Brien, one of the members of the first committee of the Monetary Commission. A harp and a clover make up the watermark. The bill was printed by Thomas de La Rue in London between May 6, 1929 and September 16, 1939 (but the last dates found stop for now on January 5, 1939). The dimensions of the note are 165 x 92 mm. Main printing colors: brown and green. The note is signed by Joseph Brennan, the President of the Currency Commission and by H. A. Russell. On the back, the Saint Patrick bridge over the River Lee and the city of Cork are represented inside a large guilloche frame made up of multiple rosettes with the value “£5” repeated on the sides. Known series range: 01 NK to 04 NK. The letter "N" in the series has been assigned to National Bank Limited (2).



Numizon inventory

Our score shows 29 known copies (2) and distributed in the table below:

Issue dateSerie/NumberKnown gradeObserved price
6-5-2901 NK 001767Gsold €700 on the website adverts.ie
6-5-2901 NK 013647VF+for sale at £1350 on ebay, March 2020
6-5-2901 NK 031013PMG 40 Extremely Fine EPQunsold at £1500 Spink, Auction #17032 (Lot #3810)
6-5-2901 NK 041587Gsold for €35 by cgb.fr (Lot #b24_0416)
6-5-2901 NK 085901VFfor sale at £1600 by Pam West British Notes March 2020
6-5-2902 NK 002737VF pressedsold for £400 London Coins 2015 (Lot #267)
6-5-2902 NK 010791F/VFfor sale at €800 on the website adverts.ie March 2020
6-5-2902 NK 012960-photo of the website: irishpapermoney.com
8-5-3102 NK 055924PMG 35 Very Fine NETfor sale at $1995 ebay, March 2020
8-5-3102 NK 063608F pressedsold for £650 London Coins 2011 (Lot #3348)
15-3-3303 NK 050102Fsold for €480 Whyte's 2010 (Lot #532)
15-3-3303 NK 052523PMG 66 Gem Unc EPQunsold at $10000 (Reserve price) HA August 2018 (Lot #28127)
15-3-3303 NK 052524PMG 66 Gem Unc EPQunsold at $10000 (Reserve price) HA August 2018 (Lot #28127)
15-3-3303 NK 052526PMG 65 Gem Unc EPQfor sale at $3000 HA April 2020 (Lot #26129)
15-3-3303 NK 052557PCGS 66PPQ Gem Newunsold at $3000 Stack's Bowser 2017 (Lot #30269)
15-3-3303 NK 052571PCGS Choice About New 58 PPQsold for $3760 Stack's Bowser 2016 (Lot #30286)
15-3-3303 NK 052590-photo of the website: colnect.com
15-3-3303 NK 052596PMG 55 About Uncsold for $2160 HA 2019 (Lot #28458)
15-3-3303 NK 067548PMG 15 Choice Finesold for $705 HA 2016 (Lot #26396)
2-9-3803 NK 090374VFsold for £280 Spink, Auction #7024 (Lot #817)
2-9-3803 NK 099184Ffor sale at €950 on the website: adverts.ie March 2020
2-9-3804 NK 009441VGsold for £320 Spink, Auction #7024 (Lot #816)
5-1-3904 NK 027246XFsold for €289,65 cgb.fr (Lot #b24_0417)
5-1-3904 NK 029016-photo of the Pick Catalog, page 748
5-1-3904 NK 032129VFfor sale at $1950 ebay, March 2020
5-1-3904 NK 036688PMG 50 About Unc EPQsold for $1410 HA 2017 (Lot #27554)
5-1-3904 NK 036697PMG 35 Choice Very Finesold for $940 HA 2017 (Lot #27555)
5-1-3904 NK 037534VFSold for £600 London Coins 2019 (Lot #1541)
(4)04 NK 040700-National Bank Limited archive

A recent find?

We observed in our score the probability that a number of banknotes in good quality concerning the date of 15-3-33 are the subject of a recent discovery. The numbers assumed range from 03 NK 052523 to 03 NK 052596. But we have not yet been able to confirm this hypothesis!



Valuation

1) Rating in £ indicated for 6 conservation states on the irishpapermoney.com website.

2) Rating in $ indicated for 3 conservation states by The Banknote Book.

PoorVGFineVFEFUNC
1)£120£400£600£900£1600£2800
2)-$400-$1000-$2500


PMG Population Report

17 notes are currently referenced in the PMG Population Report and distributed according to the following qualities:

PMG 15PMG 25PMG 35PMG 40 EPQPMG 45PMG 45 EPQ
122112
PMG 50 EPQPMG 55PMG 55 EPQPMG 64PMG 65 EPQPMG 66 EPQ
111113


Notes

(1) See our news in English from March 23, 2020: "Upcoming auctions".

(2) Concerning this Consolidated Banknote issue, created and regulated by the Monetary Commission between 1929 and 1941, eight Irish banks had to share the issue of this note. And in order to recognize the denominations issued by each of these banks, a specific serial letter was assigned to them:

  • B = Bank of Ireland (5 Pounds Pick # 9),
  • H = Hibernian Bank (5 Pounds Pick # 15),
  • M = Munster & Leinster Bank (5 Pounds Pick # 21),
  • N = National Bank (5 Pounds Pick # 27),
  • O = Northen Bank (5 Pounds Pick # 33),
  • P = Provincial Bank of Ireland (5 Pounds Pick # 39),
  • R = Royal Bank of Ireland (5 Pounds Pick # 45),
  • U = Ulster Bank (5 Pounds Pick # 51).

See all Ploughman 5 Pounds referenced in the PMG Population Report!

(3) Note that our score only includes 9 “PMG” notes out of the 17 copies graded in the “PMG Population Report”. We must therefore add 8 PMG copies to the Numizon inventory, which gives 37 banknotes currently known for the Type!

(4) The National Bank received its last batch of £ 5 notes dated November 5, 1944 and the highest number observed was "04NK 040700" (date unknown but probably 5-1-39).


Sources




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