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Australia’s first bank note sold for $260,000

Australia's first ever bank note has been sold for AUD$280,000 (U.S. $260,000) at an auction house in Sydney, Australia.

The almost 200-year old 10 shilling note - the equivalent of about 80 U.S. cents today - was sold at auction house Noble Numismatics in Sydney, Australia.

The only known specimen of the first official banknote issued in Australia.
William West | AFP | Getty Images
The only known specimen of the first official banknote issued in Australia.

The sale exceeded official estimates by AUS$30,000 (US$27,700).

It is one of the first hundred ten shilling notes issued by the Bank of New South Wales when it opened on 8 April 1817.

The bank note could be the last of its kind and carries a long history – it plays a key role in the story of Australia's first bank and the country's first regulated currency.

(Read more: Euro banknotes will remain paper, not plastic)

The hefty price tag shows that the banknote is "extremely rare" according to Richard Beale, a valuer at Warrick and Warrick.

"It's probably a unique chance to purchase the bank note – you either buy it now or you'll never own it that's why it sold for what it did."

The Bank of New South Wales merged with the Commercial Bank of Australia in 1982 and today it operates as Westpac Banking Corporation.

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