Auction record: DKK 1.4 million for a Bundle of Chinese Banknotes

Auction history was achieved at Bruun Rasmussen in Copenhagen Tuesday afternoon when a bundle of Chinese notes from 1854 was sold for DKK 1.4 million (€ 245,000 including buyer’s premium). This is the highest hammer price ever achieved at a coin auction in Denmark.

"We are incredibly happy with today's auction, where a bundle of 50 Chinese 500 Cash banknotes achieved a record high hammer price of DKK 1.4 million (€ 245,000 including buyer’s premium). All the banknotes in the bundle have been in circulation. At one point, they returned to the bank, where they were tied together with a string that has been sealed with a tag. What makes this bundle so desirable is that the string is unbroken and the bundle of banknotes is intact. It may well be the only example of its kind found outside a museum. The value of the bundle itself far exceeds the value of each banknote as it is the sealed bundle that is so valuable to collectors. They are always in search of rare items and this is certainly such an item. The provenance is also of the utmost importance. The Chinese banknotes come from the Danish telegraph manager and art collector Sophus Black (1882-1960), who was stationed in China in the early 1900s, from where he brought home a number of Chinese artefacts. This background is a guarantee of the authenticity of the banknotes, which is crucial for the collectors," says Michael Fornitz, chief numismatist at Bruun Rasmussen Auctioneers.

Sophus Black (1882-1960)

Sophus Black was a telegraph manager and art collector in the first half of the 20th century. After he completed his education, he was hired by the Great Northern Telegraph Company and was stationed in London in 1900 and in China from 1902 to 1931. After serving in Shanghai, Chefoo and Tientsin, he came to Beijing in 1907, and from 1919 he served as manager of the company's station there and periodically in Tientsin, Chefoo and Hong Kong. Early on, Black became absorbed with Chinese culture and art and soon began to collect. Over the years his collection became quite diverse and included Buddhist figures, portraits, banknotes etc. Several of Black's art treasures have found their way to the National Museum of Denmark in Copenhagen.

Valuable Banknotes

Bruun Rasmussen's coin auction was held at the auction house's location at Baltikavej 10 in Copenhagen's Nordhavn.

China, Chi'ing Dynasty (1644-1911), 500 Cash Year 4 (1854) – a rare and interesting bundle of 50 notes, sealed. Sold for DKK 1.4 million (€ 188,000 / € 245,000 including buyer’s premium).