This summer will mark the fourth anniversary of Queen Elizabeth II passing. She was the United Kingdom’s longest-reigning monarch and one of the longest serving of any sovereign state in human history (over 70 years!). And while the lives and legacies of public officials are always fair game for a spirited debate – open to nuance, opinion, and interpretation – one thing is for certain: the queen left us with an immense amount of diverse numismatic material from dozens of different nations, spanning many decades and chronicling the graceful maturation of her portraited visage throughout her formidable 96-year lifespan.
There is a vast multitude of vintage (pre-1960) banknote issues featuring the queen that are remarkably rare and highly desirable, including the inaugural 1935 $20 Bank of Canada issue featuring her likeness as an eight-year-old child, long before her fateful ascension to the throne in February 1952. Many of these earlier banknotes were printed for use within a number of remote, oceanic British colonies, territories, realms and protectorates worldwide. These notes had smaller production quantities, shorter lengths of time in circulation, and higher redemption rates before becoming obsolete, rendering them quite valuable on the open collector market these days. What may be more of a surprise though is the existence of some modern Queen Elizabeth II issues that can also command substantial value premiums and one such example is the subject of this issue’s Notable Notes column.
This 1996 $10 Cayman Islands Currency Board banknote (Pick #18b) may appear unremarkable at first glance, with its colorful Thomas de la Rue-engraved and inked design recognizable as something that could be effortlessly found inside your local coin shop’s bargain box. This specific portrait of the queen donning the Grand Duchess Vladimir tiara (which was smuggled out of Russia by a British spy during the revolution – cue the 007 themesong), was one of the most prolifically employed and, let’s face it – there has never been a shortage of cash flowing into, out of, and around the Cayman Islands. But what makes this specific banknote particularly notable though is literally hidden in code, requiring a little knowledge and experience to properly identify and fully appreciate.
Check out the serial number prefix: X/I. These specific “block” letters indicate that the banknote was printed on a new, experimental formulation of paper intended to test for durability while circulating in the warm, wet, tropical marine climate of the Cayman Islands. Only 100,000 were issued, and after spending a certain amount of time in circulation, they were systematically withdrawn and sent back to Thomas de la Rue for analysis and destruction. Only a small quantity in all grades survived this lambs-to-the-slaughter process, making this banknote’s grade of Choice Uncirculated 64PPQ even more miraculous.
This was certainly not the first time experimental paper has been used during banknote production for testing purposes. Collectors of United States paper money may easily recall the memorable “R” and “S” Experimentals along with several other special blocks of $1 Silver Certificates of that era, as well as the more modern 1977A $1 Federal Reserve Natick Test Paper banknotes. For fans of both Queen Elizabeth II and experimental paper, this Cayman Islands Pick #18b is true numismatic royalty!