Bank of Madras 3000 Rupees Specimen Note fetches 1,30,000 pounds at Spink Auctions London

 

A Spectacular Auction Evening: Bank of Madras Specimens at Spink Auctions (London)

23 September 2025

Spink’s London “World Banknotes” auction (Auction 25009) drew keen interest from collectors and institutional bidders alike. Among the star lots were specimen banknotes of the Bank of Madras, one of the three Presidency Banks of British India, whose survival in specimen form is exceedingly rare.

These notes—pattern designs not meant for general circulation—serve as prototypes, presentation pieces, or archives. Their extreme rarity, historical significance, and aesthetic appeal make them prized items in high-end numismatics. The auction of these notes sets a world record for presidency banknotes of India. The 3000 Rupees Specimen note of Bank of Madras has become the most expensive note sold ever out of all Indian banknotes in any auction worldwide. 

The Bank of Madras Specimen Lots

                    
                        Lot 46 (Image Courtesy: Spink Auctions)

                    

                    

                     Lot 45 (Image Courtesy: Spink Auctions)

• Lot 45: Specimen 3,000 Rupees, 7 July 1854, serial number 3000
  This note is described in the catalogue as “TOP POP” specimen 3,000 Rupees, with its serial number neatly mirroring its denomination.  The listing suggests it acted as a highlight lot, though I did not find a confirmed hammer result in the publicly available catalog.
  The estimated price was £17,000 (Rs. 17 Lakhs) for this lot. Realized GBP 1,30,000 (Rs. 1.3 Crore) + Buyer's premium. 

• Lot 46: Specimen 1,000 Rupees, 7 July 1854, serial number 3000 (pattern type)
  The catalogue describes this as an “extremely rare” note, graded PMG 45 Choice Extremely Fine, bearing Pattern inscription rather than signatures. 
  Its estimate in the catalogue was £15,000 (Rs. 15 Lakhs). 
  Realized GBP 98,000 (Rs. 98 Lakhs) plus buyer's premium. 

Note/: Both specimens have same serial number 3000. What is the reason behind same serial number is unknown. 

Historical & Numismatic Context

• Bank of Madras (1843–1861): Along with the Bank of Bengal and Bank of Bombay, this bank was one of the three Presidency banks of British India. Eventually, in 1921, the three merged to form the Imperial Bank of India, which later evolved into the State Bank of India. 

• Design and Rarity: The specimen notes lack signatures and instead carry the “Pattern” inscription. Engraved by Perkins, Bacon & Petch of London, these early designs typically feature the equestrian statue of Sir Thomas Munro, in multi‑language inscriptions (English, Persian, Tamil, Telugu), watermark “BANK OF MADRAS,” and triple-line angular border frames. 

• Why specimen notes? They were often printed as presentation or archival pieces for banks, central offices, or for record-keeping. Many were destroyed over time; surviving examples are exceedingly scarce.

The presence of these Bank of Madras specimens at Spink indicates that high-end collectors and institutional bidders are actively seeking major pieces from Indian numismatic heritage. Even among rare notes, condition, grading, and provenance matter enormously. A note in nearly uncirculated condition with documentation could command significant premiums. There are only a handful of known specimens for many Presidency banknotes, making each one a keystone for serious collections.