Rare banknote raises £140,000 for Oxfam

Melanie May | 24 May 2022 | News

A rare banknote auctioned for Oxfam

A rare banknote that was donated to Oxfam’s shop in Brentwood, Essex, has raised £140,000 for the charity at auction.

The banknote was issued during the British Mandate in Palestine in 1927, and less than ten are known to exist in the world.

Oxfam volunteer Paul Wyman spotted the unusual banknote and began delving into its history and soon realised that it could be valuable. The manager of the Oxfam Brentwood shop contacted Spink auction house, which confirmed the note was genuine and agreed to auction it.

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Elaine Fung, a Banknote Specialist for Spink, said people from all over the world, including the US and Middle East, bid on the note:

“Less than ten of these banknotes are known to exist, and this is the most we have ever auctioned a banknote from Palestine for. It would have been issued to a high ranking official at the time as a token of appreciation for their services.”

Wyman, who has volunteered in the shop for nearly four years, said:

“I couldn’t believe it when it went for £140,000. It’s brilliant to know I played a part in raising so much money for Oxfam’s work helping the world’s poorest.”

Volunteers from Oxfam's Brentwood shop
Volunteers from Oxfam’s Brentwood shop