Extremely rare £1million note on auction

Extremely rare £1million note on auction by British private collector and is expected to sell for only £50,000 ($80,000). Its sound like an easy way to make it to the millionaire club but the banknote is no longer legal tender. The banknote issued by British Treasury on 30 August 1948 for economic reconstruction but cancelled on 6 October 1948. This Treasury note entitles the Bank of England to payment of one million pounds on demand out of the consolidated fund of the United Kingdom. The notes were only in use for six weeks and were never meant for public circulation. They were only intended for internal use between financial institutions to track money, reported the Daily Telegraph.

'How it found its way from the bank in the first place is anybody's guess,’ auctioneer Chris Webb told the Daily Mirror.

The notes was one of only nine given to the UK by the U.S. in President Harry Truman's Marshall Aid plan after World War Two. Only two of them have survived (numbers 000007 and 000008). The latter went for £78,300 ($125,000) at auction three years ago. Number 000007 was sold in a private sale for £8,000 ($13,000) in 1977 and listed by the Guinness Book of Records as the highest denomination privately owned at the time. The U.S. loaned the money at the time because it thought a strong Western Europe would help be a buffer to contain the rise of Russian communism.

Source: Daily Mail