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1933 One Pound Consecutive Pair Riddle/Sheehan R28 Extremely Fine

1933 One Pound Consecutive Pair Riddle/Sheehan R28 Extremely Fine

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Product ID:
P-33687

Bright paper and with sharp edges.

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Description:

1933 One Pound Consecutive Pair

Signature Combination: Riddle/Sheehan

Reference Number: Renniks # 28

Quality Grading: Extremely Fine


Bright paper and with sharp edges.

The Great Depression of 1929 brought about the end of the gold standard in Australia - all notes became "Legal Tender", meaning they couldn't be redeemed in gold coin at the Commonwealth Bank (the equivalent of the Reserve Bank back then).

Sir Ernest Riddle was Governor of the Commonwealth Bank of Australia between June 1st 1927 and February 28th 1938.

Sir Harry Sheehan was Secretary to the Commonwealth Treasury from April 29th 1932 February 28th 1938until .

£1 notes with this signature combination were issued over a shorter period than that - between August 24th 1933 and September 1938.

The paper quality of these particular notes remains strong - they're firm, and retain a lot of bounce.

Although they were sold to the previous owners as being in Uncirculated quality (for $12,650 no less), inspection under direct light shows they've been pressed and have several light folds.

They certainly aren't Uncirculated, nor are they worth what the previous owners paid, they are quite scarce as a pair, and a strong representation of the first legal-tender one pound notes introduced in Australia.

Nominal wage statistics from the ABS shows that £1 was slightly more than a day's wages in 1933 - equivalent to slightly more than $300 in today's money.

We can only imagine just how far that sum of money would have gone during the darkest days of Australia's most challenging economic period, so it's incredible to see something so valuable in original condition some 85 years after they were issued into circulation.