£1,000,000 banknote sold for £78,300
A rare UK bank note for one million pounds has been sold at auction for £78,300.
There have only ever been nine £1,000,000 notes produced and only two remain ... but the private buyer did not get bargain it first appears.
They will not be able to pop into the local Tesco and use it to pay for their shopping, not because with current prices it might not be enough, but because it was cancelled six weeks after it was issued.
The whopping note was produced by the Treasury on August 30, 1948 in connection with the Marshall Aid Plan after World War II and wre intended for internal use as 'records of movement' for the short period only.
A spokesperson for Spink, the specialist auctioneers, who sold the note earlier today said: "It is believed that nine examples were produced and only two, Numbers Seven and Eight, survived.
"The two notes were given as mementoes to the respective U.S. and U.K. Treasury Secretaries. The Number Seven was first sold in 1977 and is listed in the Guinness Book of Records as being the highest denomination note in private hands.
"The Number Eight note is dated 30 August 1948. It bears the signature of E. E. Bridges in the lower right hand corner and is cancelled over the signature and stamped 6 October 1948, Bank of England."
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