EAST AFRICA. East African Currency Board. 50 Florins = 5 Pounds, 1.5.1920. P-12. Serial Number 1. PMG Choice Very Fine 35.Perforated cancelled. A monumental offering that will appeal to even the most critical of collectors. The paper money of the East African Currency Board can be counted among the "classics" in the world of currency and has long been a favorite of advanced collectors. Initial British influence in East Africa came under the auspices of the Imperial British East Africa Company, a commercial enterprise that existed from 1888 to 1896. In 1895, the region came under the control of the British crown, who formed the Uganda Protectorate and the East Africa Protectorate in 1895. The latter consisted of much of the modern-day country of Kenya. The first banknotes were printed for the region in 1905, ranging in value from 5 Rupees (Indian Rupees were the currency of choice in the region since the early days) to 1000 Rupees. This series of notes, with the portrait of King George V, was introduced in 1920, at the same time that the East African Florin replaced the East African Rupee in circulation.The 1920 series of notes from the East African Currency Board consisted of notes ranging in value from 1 Florin to 500 Florins. Except for the initial denomination, all notes are rare to extremely rare, and offerings of any occur at the frequency of once every few years. In fact, a glance at our online auction archive reveals no offerings by us of any of the other denominations except for the 1 Florin, indicating just how rare this series is in any format. The PMG population report shows just six notes of this denomination graded, and we are aware of most of those, as a small group of low serial numbered notes were saved, although all show various signs of circulation. None of that select group, however, can surpass in rarity and desirability of the present piece, which bears the first serial number and is truly the first note issued for the type. The present piece is one of just a few serial number 1 notes of East Africa that your cataloger is aware of, none of which have sold publicly in recent history. Its survival is a true miracle and the fact that this is in public hands, and not in a museum or archive, is even more special. While a cancellation perforation is seen it does little to detract from the overall appearance and if anything it assured the survival of this piece. The paper is fresh and original, and while some light folds are seen, none are impactful enough to break the paper. No distracting pinholes or writing are seen, and the visual appeal is tremendous. An extremely important opportunity for the British Commonwealth specialist and truly one of the highlights of this auction.
