Lebanese 250 Livres Leads Heritage’s World Paper Money Auction to $1.54 Million

Historic and high-denomination notes from Hawaii, Panama and Singapore also among event highlights DOWNLOAD DIGITAL PRESS KIT DALLAS, Texas (March 30, 2026) — A Lebanon Banque de Syrie et du Liban 250 Livres 1939 Pick 21 PMG Extremely Fine 40 realized $43,920 to lead Heritage Auctions’ March 26 World Paper Money Signature® Auction to a total of $1,543,704, as collectors competed for elite rarities and historically significant banknotes from around the world. The Lebanese 250 Livres — the highest denomination of the landmark 1939 series printed by the Bank of France — stood as one of the most coveted offerings in the auction. An iconic rarity seldom encountered in any grade, the type saw limited issuance, with approximately 112,000 notes printed and nearly all redeemed decades ago. The example offered is the second-finest of just eight graded by PMG and features engravings of St. John’s Church on the face and the Sea Castle of Sidon on the reverse. Its strong eye appeal, crisp paper and vivid pastel coloration contributed to its standout performance. The auction demonstrated sustained global demand for rare world paper money, with collectors actively pursuing scarce high-denomination notes, Specimen issues and historically important designs spanning multiple continents. Among the top results was a Panama Banco Central de Emision 20 Balboas 1941 Pick 25s Specimen PMG Gem Uncirculated 66 EPQ that realized $31,720. Issued for only seven days during a political coup, the 1941 series was quickly withdrawn and destroyed, leaving few surviving examples. The 20 Balboas is the rarest denomination of the set, and this Specimen example — printed by the Hamilton Bank Note Company — is among a small number recorded in both issued and Specimen formats. Another highlight was a Hawaii Republic of Hawaii, Department of Finance 20 Dollars 1895 (ND 1899) Pick 8s Specimen PMG Superb Gem Uncirculated 67 EPQ, which brought $28,060. Kingdom and Republic of Hawaii banknotes are among the rarest in all of world paper money, largely due to extensive redemption following the adoption of U.S. currency. This large-format Specimen from the American Bank Note Company is one of just two graded examples, and the finer of the pair, representing an extraordinary survivor from a series in which nearly all notes were redeemed. A Philippines República Filipina 5 Pesos (1898) Pick A27a PMG Uncirculated 62 realized $26,840. Issued during the brief First Philippine Republic, the note is fully issued with signatures and serial numbers, making it scarcer than remainder examples. This example is the finest graded fully issued note of the type in the PMG Population Report and carries additional historical interest through its provenance tied to a veteran of the Philippine-American War. Strong results continued with a Singapore Board of Commissioners of Currency 10,000 Dollars ND (1980) Pick 17a PMG Choice Uncirculated 64 EPQ from the celebrated Bird Series, which realized $24,400. Known for its large format and detailed depictions of Singapore’s skyline, the note reflects the nation’s economic ascent and remains highly desirable in high grade, with only a limited number graded finer. Another rarity from Panama’s short-lived 1941 series, a 10 Balboas Pick 24s Specimen PMG Gem Uncirculated 66 EPQ, achieved $23,180. Like its higher-denomination counterpart, this note was issued during a brief period of political upheaval and subsequently withdrawn, making surviving examples scarce and widely sought after. Collectors also showed strong interest in historic Canadian chartered banknotes, as evidenced by a Toronto, Ontario, Bank of Upper Canada $10 1861 issue with Kingston overprint that realized $20,740. This specialized variety represents the first time Heritage has offered a $10 note from this series with a city overprint, further enhancing its rarity and appeal to advanced collectors. Additional offerings in the auction reflected the breadth and depth of the global paper money market, including rare issues from Costa Rica, Germany, Iran and Zimbabwe, each contributing to the event’s strong overall performance and reinforcing continued demand for high-quality material across categories. Complete results can be found at HA.com/4058. Heritage Auctions is the largest fine art and collectibles auction house founded in the United States, and the world's largest collectibles auctioneer. Heritage maintains offices in New York, Dallas, Beverly Hills, Chicago, Palm Beach, London, Paris, Amsterdam, Brussels, Hong Kong and Tokyo. Heritage also enjoys the highest Online traffic and dollar volume of any auction house on earth (source: SimilarWeb and Hiscox Report). 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