Paper Money

Sale of Bermuda notes exceeds estimate

This serial number 1 Bermuda £5 note, from the David J. Saul Collection of Bermuda bank notes, sold for £45,600 in an Oct. 4 auction in London by Spink.

Image courtesy of Spink.

For nearly 40 years, David J. Saul, former premier and minister of finance of Bermuda, steadily assembled his collection of Bermuda bank notes.

Today many charities on that island nation are benefitting from the £398,760 ($640,739 in U.S. funds) realized at the Oct. 4 auction of his collection by Spink of London. The pre-auction estimates projected that the 295 lots would sell for at least £200,000 ($321,366). The collection had notes dating back to the late 19th century.

Saul bought most of his notes from overseas collectors and auction houses and, according to Spink, the “hunt” for the notes added a fun dimension to building the collection.

A Bermuda Government £5 note dated Aug. 1, 1941, and with serial number A 000001, sold for £45,600 ($73,271). That figure includes the 5 percent VAT on the hammer price of £38,000 in addition to the 20 percent VAT on the 20 percent buyer’s fee, according to the catalog. The estimate for the note was between £10,000 and £15,000 ($16,068 to $24,102).

A Bermuda Government £5 note dated Oct. 20, 1952, and with serial number A/1 000001, sold for £30,000 ($48,205), including the buyer’s fee and taxes.

For the full list of prices realized for this auction, visit the Spink website at The firm can also be reached by sending an email to or by writing to Spink and Son Ltd., 69 Southampton Row, Bloomsbury, London WC1B 4ET, United Kingdom. ¦

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