For Auction: £11,000,000 in UK Treasury Bills

·2-min read

A quirky auction is offering an opportunity to bid on £10,000,000 - with bidding starting at $3,750 (£2,735).

However, the denomination is actually a physical Great Britain Bank of England treasury bill: now a concept of the past and no longer printed. These type of bills were at the centre of one of the largest robberies of all time, in which thieves made off with £292,000,000.

The £10m bill is being sold in an online auction, along with a £1m bond (starting bid $2,500/£1,823) issued on the same day as the larger bond on sale.

Describing the £10m bill, Heritage Auctions explain: "This incredible, interesting, and virtually unique offering is seldom seen in the collectible's marketplace. This enormous denomination is not intended for the general public. The British Government would issue these notes twice a week in order to manage its short-term borrowing policy, providing financial security in case of a cash shortfall. The last of the Treasury Bills were printed in September of 2003, so this example was printed less than a month before physical copies ceased to be printed."

Regarding the £1m bill, they say: "One day in 1990 gave these bonds special notoriety. Prior to September 2008, the bonds were issued to bearers, and the individual banks sent couriers to pick them up each week. On May 2 of that year, courier name John Goddard picked up the allotment of bonds for Sheppard's, and was robbed at knifepoint on his return to the brokerage. The thieves made off with £292,000,000, making it one of the largest robberies of all time. A stamped cancellation is most likely the reason that this large financial instrument has entered the collectible marketplace. Missing from many collections of English currency."