An “exceptionally rare” historic £20 note from the Bank of England branch in Leeds issued in 1918 is expected to make up to £800 at auction.
According to experts, the locally issued and elegant “white note” is a snapshot of Britain’s wartime financial system.
Dated 28 May 1918, it is signed by EM Harvey, who served as the chief cashier of the Bank of England from 1918 to 1925.
In 1918, £20 would have been the equivalent of more than £2,000 today.
Hansons Auctioneers’ coin expert, William Hayward, said: “It is an exceptionally rare note. In 1918, £20 would have amounted to a monthly wage for a skilled artisan.
“Only the very rich – or forgetful – would have failed to hand the note in when it became obsolete.
“Those redeemed by banks were destroyed with only a few kept by the public. And, this example, having been issued in Leeds, is even rarer than most.”
In the early 1800s, before the existence of a national banking network, the Bank of England opened a number of provincial branches in cities including Bristol, Liverpool and Leeds.
Each branch could issue notes payable either there or in London, hence the note’s wording “…the sum of Twenty Pounds here or in London.”
The note, which has an estimate of £500-£800 at Hansons Auctioneers’ coins sale on November 27, is also one of the last Bank of England branch issues.
The regional branches were discontinued in the 1920s when all notes became payable only in London.
It is also among the final generation of handwritten-style “white notes”, before multicolour printed designs began in 1928.
William Hayward continued: “The note is a wonderful glimpse into the banking system of WWI when Britain had to issue high denomination “white notes” because gold had been withdrawn from circulation. With the Leeds origin and the chief cashier’s signature, it is a wonderful note and sure to attract collectors.”
Auction Details
Auction: Derby November Historica, Coins, Banknotes & Tokens Auction
Auction date: 27th November 2025 | 9:30am
Location: Hansons Derbyshire Saleroom
Auction contact: [email protected]
Catalogue/bidding: www.hansonslive.co.uk | www.the-saleroom.com
