After World War II Britain was so broke it had to borrow £300m from the Bank of England, and they wanted the money in big bills, starting at £25k. Nine were printed in £1m pound denominations. After the debt was repaid, all were destroyed but two, and one of those was sold to a collector yesterday in London at a Dix Noonan Webb auction for $108,000.
The buyer can’t present it for collection, however, since it was stamped “Cancelled” in 1948. Still, it remains a unique curio in the world of paper currency collecting that has resurged as of late. Originally, the two remaining bills were given as momentos to the American and English secretaries of the treasury before they passed through various collectors’ hands.
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