The catalog for the new Live Auction Banknotes for January 2020 from the numismatic company cgb.fr has been available online for a few hours. The sale will take place on Tuesday January 7, 2020 from 2 p.m. (Paris time). In the meantime, our expert Numizon has selected 7 treasury notes not to be missed. Here is the list of his purchasing recommendations and his favorites, listed in order of interest, rarity, quality and / or estimate ...

Recommendation N°1: the 5000 francs Marianne Type 1945 (Lot: # 4350008)

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This 1945 note is the work of the artist Edmond Dulac and was printed in England on the presses of the English printer Thomas De La Rue & Co. of London. The medallion profile is inspired by a portrait of the resistant and artist Léa Rixens. The number of issued notes is still totally unknown to date. The note is not dated but contains the printed signatures of Chamski and Diethelm. The copy for sale is numbered "04K 304001" and is classified as AU-, unpinned with double central fold. In terms of pedigree, this bill has long been illustrating the Fayette catalogs including the prestigious 2007 edition, pages 502-503, as well as the pages of the Standard Catalog of Money Paper General Issues 1368-1960.

The starting price of this lot has been fixed at € 7,000 for an estimate at € 10,000.

> Numizon inventory:

This banknote is very rare with only 6 copies listed:

  • 02K 185506 in AU grade (sold € 8,200 at cgb.fr, Live Auction Banknotes of October 2017, lot # 4160293),
  • 02K 185507 in AU grade (photo on page 102 of the book "World War II, Remembered", by Schwan and Boling),
  • 02K 461070 in UNC grade (most beautiful example known in private collection and illustrates the Type on the FBOW website),
  • 04K 304001 in AU- grade (the sale note),
  • 05K 475501 in unknown grade (no information available on this item),
  • 08K 366001 in unknown grade (on sale on ebay in December 2014 at the deliberately wacky price of € 29,999).

> The opinion Numizon: iconic note not to be missed for a collector already advanced in the collection of war banknotes and the French Treasury or for any collector wishing to have a rarity whose value will be guaranteed.



Recommendation N°2: the 500 francs France back Type 1945 (lot: # 4350047)

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This polychrome note was designed and issued in 1945 in the United States by the Forbes Lithograph Manufacturing Company and brought to France by American troops during the landing on June 6, 1940. The number of issued notes is still completely unknown to us today. The banknote is numbered "49988005" and is classified as AU grade. Note for information that this copy retains its AU quality from 2017, despite a recent PCGS 62 Uncirculated grading! This type of bill has no signatures.

The starting price of this lot has been fixed at € 19,000 for an estimate at € 22,000. However the rating of the note in the Fayette-Dessal catalog of the 2019 edition indicates € 8,000 in AU grade and € 11,000 in UNC grade! This "French rating" however remains relatively relative because the 500 francs France back Type 1945 "without Series" is a very rare bill known only in 7 copies in the FBOW inventory. With Anglo-Saxon collectors accustomed to much higher prices for American notes with similar rarity, this “Franco-American” note could achieve an exceptional price ... and return to the other side of the Atlantic!

> Numizon inventory:

  • Serial # only 41866249 in VF/XF grade (Palombo House),
  • Serial # only 49988004 in UNC grade (sold € 6,200 FAI by Millon House, Drouot in 2017, lot # 121),
  • Serial # only 49988005 in AU grade (sold for € 15,500 at cgb.fr, Live Auction 2017, lot # 4160325),
  • Serial # only 74651277 in F grade (photo sent by a collector),
  • Serial # only 74651278 in VF/XF grade (copy from the J.C. Deroche Collection),
  • Serial # only 74651280 in VF grade (Palombo House),
  • Serial # only 99857533 in F/VF grade (Palombo House).

> The Numizon notice: a bill not to be missed for a collector with a fairly large budget!



Recommendation N°3: the One Pound France Type 1944 (lot : #4350009)

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The origin of the 1 Pound BMA (British Military Authority) Type 1944 note is still rather mysterious. We believe that the British Military Authority decided in 1944 to print a lot of 100 copies of One Pound banknotes overprinted in black letters for Bulgaria, Greece and France, probably in order to deceive the German enemy on the imminence of an Allied landing in southern Europe. The distribution of this hundred bills for the three countries remains to be confirmed but according to the notes already listed, we obtain the following probable rankings:

  • Bulgaria: 25 copies (39Z 000001 to 39Z 000025),
  • Greece: 25 copies (39Z 000026 to 39Z 000050),
  • France: 50 copies (39Z 000051 to 39Z 000100).

The note offered for sale is overprinted with "FRANCE", numbered "39Z 000056" and classified in aUNC grade with two slight horizontal marks. The starting price of this lot was set at € 8,000 for an estimate of € 12,000, the price established in the Fayette-Dessal catalog for the 2019 edition. Only 15 copies are known.

> Numizon inventory:

  • 39Z 000054 in UNC grade (sold £ 5,400 in 2010 at Spink, Auction # 1031, Tom Warburton collection, lot # 281),
  • 39Z 000056 in aUNC grade (the banknote of the sale!),
  • 39Z 000058 in UNC grade (information not available),
  • 39Z 000059 in UNC grade (The Georges Thomas Collection, May 28, 1980, Catalog page 101),
  • 39Z 000061 in UNC grade (sold € 13,000 at Corné Akkermans, Auction Sale # 28, lot # 409),
  • 39Z 000062 in UNC grade (information not available),
  • 39Z 000063 in UNC grade (on sale at 8500 € at Numiscollection in November 2008, lot # 46092),
  • 39Z 000064 in UNC grade (sold € 12,831 at cgb.fr, Live Auction Banknotes # 8 of October 2016, lot # 4080296),
  • 39Z 000066 in UNC grade (information not available),
  • 39Z 000067 in UNC grade (this bill in private collection illustrates the Type on the FBOW website),
  • 39Z 000070 in UNC grade (information not available),
  • 39Z 000075 in F grade (sold $ 2,232.50 at Heritage Auctions in April 2014, Chicago Auction # 3525, lot # 21462),
  • 39Z 000076 in UNC grade (Vannier Catalog, Paper Money # 15 of September 1982, lot # 631),
  • 39Z 000081 in UNC grade (information not available),
  • 39Z 000084 in UNC grade (for sale at € 915, Vannier Catalog, Paper Money # 17, April 1983, lot # 1068).

> The Numizon notice: a must-have note in any serious collection of French Treasury bills.



Recommendation N°4: the 5 francs Flag back Type 1944 "Block # 2" (lot : #4350016)

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Yes, we recommend this note! This is our favorite and here is the explanation ...

This small note in a particularly original format is quite easy to find for any collector wishing to start a collection of Treasury notes. Its rating in perfect grade is only € 50 for the 5 francs Flag back Type 1944 "Without Series" and barely exceeds 100 € for the 5 francs Flag back Type 1944 "Block # 2".

> Numizon inventory:

If the "Without Series" note is relatively common, the 5 francs Flag back Type 1944 "Block # 2" is really much rarer than it seems! In fact, only 123 copies are currently listed*. We have sorted our data in order to obtain a breakdown of notes by quality with the following results:

  • 9 copies in G grade,
  • 6 copies in VG grade,
  • 27 copies in F grade,
  • 4 copies in F+ grade,
  • 8 copies in F/VF grade,
  • 20 copies in VF grade,
  • 6 copies in VF+ grade,
  • 5 copies in VF/XF grade,
  • 12 copies in XF grade,
  • 6 copies in XF+ grade,
  • 1 copy in XF/AU grade,
  • 9 copies in AU grade,
  • 10 copies in UNC grade.

> The Numizon notice: for a very very affordable price, except a fierce struggle between collectors after reading this news, this is the perfect opportunity to collect one of the 10 known copies in UNC grade of these last 18 years!


(*) Data collected by our expert Yann-Noël Hénon since the year 2002!


Recommendation N°5: the 100 francs Flag back Type 1944 "Block # 2" (lot : #4350016)

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The second Numizon favorite!

As for the previous bill, the 100 francs Flag back Type 1944 is easy to find for any collector constituting a collection of treasury notes. The XF rating is € 100 for the 100 francs Flag back Type 1944 "Without Series" and € 150 for the 100 francs Flag back Type 1944 "Block # 2" offered for sale by cgb.fr. The copy is numbered "00409509" and classified in XF grade.

> Numizon inventory:

The "Without Series" note is already relatively complicated to find in good quality. But things get complicated with the 100 francs Flag back Type 1944 "Block # 2" listed only 69 copies*. We have sorted our data in order to obtain a breakdown of notes by quality with the following results:

  • 2 copies in VG grade,
  • 8 copies in F grade,
  • 4 copies in F+ grade,
  • 7 copies in F/VF grade,
  • 16 copies in VF grade,
  • 9 copies in VF+ grade,
  • 7 copies in VF/XF grade,
  • 8 copies in XF grade,
  • 3 copies in XF/AU grade,
  • 1 copies in AU grade,
  • 3 copies in UNC grade.

> To find your way, here are some sales of this bill:

  • 00454997 sold in XF grade at 160 € at cgb.fr, Papier-Monnaie # 24 of January 2013, lot # p24_0373),
  • 00757758 sold in XF grade at 210 € at Sogefi, catalog # 31 of 2008,
  • 01917203 sold in AU grade at 313 € at Spink in 2010, Tom Warburton collection, lot # 359),
  • 06018419 sold in XF grade at 190 € at cgb.fr, Tickets # 43 from 2006, lot # b43_4805),
  • 24813048 sold in XF grade at 150 € at cgb.fr, Paper Money # 23 of 2012, lot # p23_0542).

> The Numizon notice: rare note, especially in good quality. This is an opportunity to collect one of the best 15 known copies from the past 18 years!


(*) Data collected by our expert Yann-Noël Hénon since 2002 and available on his website FBOW!


Recommendation N°6: the 100 francs France Type 1944 "Block # 10" (lot : #4350044)

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The third favorite Numizon has not yet interest collectors. This note is unfortunately often associated with the 9 other more common notes of the family of "American impressions from 1945". In addition, the 100 francs France Type 1945 "Block # 10" is paradoxically less well rated than the 100 francs France Type 1945 "Block # XS" whose inventory (174 copies to date) nevertheless continues to grow almost every month! Hopefully things will change ...

> Numizon inventory:

135 copies listed ... but only 3 banknotes in UNC grade (including a serious doubt on the first):

  • Block # 10: 14523691 in UNC grade (for sale at € 140 at Platt House in September 2004, lot # 2364),
  • Block # 10: 20109728 in UNC grade (sold to Drouot in June 2019, lot # 115 and graded PCGS 64 OPQ),
  • Block # 10: 39114419 in aUNC grade (the note of the sale).

> Numizon notice: one of the 3 known copies in UNC grade for the past 18 years is waiting for you!



Recommendation N°7: the 100 francs Public Treasury Type 1955 (lot : #4350061)

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How not to end on this wonder! The 1000 francs Public Treasury Type 1955 was designed by artist Louis Pierre Rigal. The bill offered for sale is numbered "L.67-067" and classified in UNC grade. The starting price of this lot was set at € 2,000 for an estimate of € 3,000, the price established in the Fayette-Dessal catalog for the 2019 edition, page 463. For the anecdote, this note was offered in XF grade at the price of ... FRF 1800 (or € 274) in the catalog of the Marcel Tessier sale in 1982 (lot # B60). In 38 years, this bill has therefore multiplied its value by 11x!

> Numizon inventory:

94 alphabets are registered in the inventory. The lowest known number is "R.1-403" and the largest known number is "H.94-245". In total, 129 copies are listed to date ... but only 1 ticket in UNC grade* and that's good, it's the sale!

> To find your way, here are some sales of this ticket:

  • S.8-209 in XF/AU grade (sold € 2,250 at cgb.fr, Papier-Monnaie # 26 of September 2013, lot # p26_0344),
  • O.20-049 in VF grade (sold € 1,000 on delcampe in October 2012),
  • O.21-233 in VF/XF grade (sold € 640 at cgb.fr, Live Auction in November 2018, lot 4090333),
  • Y.30-006 in VF/XF grade (sold € 850 at cgb.fr, Papier-Monnaie # 7 from 2005, lot # p07_0438),
  • N. 58-534 in XF grade (sold € 451 on ebay in June 2017 with 26 auctions),
  • Z.62-606 in VF/XF grade (sold € 845 at cgb.fr, Live Auction of October 2017, lot # 4160336).

> Numizon advice: excellent value for money: the most beautiful copy known for the Type and valued by the price!



(*) Two other notes are noted in the same condition, but these qualities have not been confirmed.


Conclusion

Other banknotes of course deserved to be included in this list like:

  • The 500 Algerian francs overprinted "Trésor" Type 1943 (lot # 4350002). 43 known copies.
  • The 100 francs France Type 1945 "with small x" (lot # 4350046). 19 known copies.
  • The 50 NF / 5000 francs Public Treasury Type 1960 (lot # 4350065). 23 known copies.
  • Or the proofs of the State-Owned Mines of the Saar ...

Note to all collectors: for all these banknotes issued during wartime, keep in mind that it is always possible that a find of a more or less important number of bills can occur at any time and modify inventories established!


We would also like to point out that the conditions and / or qualities mentioned in our lists have been provided by the owners or sellers of the notes. This is informations that we have factually noted and that we publish for the attention of collectors. Our responsibility cannot be engaged on this point.

Finally, we strongly invite you to find all the Treasury notes in the Numizon catalog with the associated sales permanently on our partners' sites!