DALLAS, TX.- A celebrated collection of historic Egyptian and Middle Eastern banknotes, heralded for its combination of rare issued notes and material documenting how currency was designed and produced, will be among the top attractions when it crosses the block in Heritage’s World Paper Money Signature® Auction Oct. 14–15.
The Fady Nassif Collection includes a wide array of notes, the majority of which are from Egypt. The collection features some of the earliest Egyptian notes, as well as some that are exceedingly elusive to collectors.
“This auction includes appealing lots from A to Z — literally, with exceptional banknotes from Afghanistan to Zimbabwe, and an incredible range of nations in between,” says Craig Eustace, Heritage’s Director of World Currency Auctions. “It really does represent the four corners of the world, and many of the lots are fresh, heading to auction and the collecting community for the first time.
“The Fady Nassif Collection is particularly sensational, especially in regard to the banknotes from Egypt, in which many are incredible, and some unique.”
Among the top treasures in the collection is a magnificent Palestine Currency Board 50 Pounds 30.9.1929 Pick 10b PMG Very Fine 30. The British Mandate of Palestine’s two highest-denomination paper notes, the £50 and £100, made them among the rarest and most desirable of all world banknotes. Their enormous spending power and very small print totals mean that few went unredeemed and exist to be collected today. This denomination was issued sparingly from 1927 until the Mandate ended in 1948, with just three dates known: 1927, 1929 and 1939. This handsome, mid-grade example represents the second date, and based on known serial numbers, perhaps somewhere between 16,000 and 20,000 notes were printed for that date, which circulated for at least 10 years before the 1939 notes were released. PMG has graded only eight examples of this date, including the one offered in this auction.
Qatar & Dubai’s Currency Board notes were issued from 1966–73, with country-specific notes for Qatar and United Arab Emirates following thereafter. The 25 Rials is the key denomination of the series and is particularly rare in the best of collector grades. PMG has graded only 44 examples of this type, with just one grading higher than the Qatar & Dubai Currency Board 25 Riyals ND (ca. 1960) Pick 4a PMG Gem Uncirculated 65 EPQ that is in play in this auction. This example is just the third — and by far the finest — offered at Heritage. This banknote is iconic, extremely rare and virtually impossible to find in higher grade.
Collectors of Egyptian notes will be drawn to a National Bank of Egypt 1 Pound 5.1.1899 Pick 2b PMG Very Fine 30, a beautiful example of the prized “Camel £1” that is among the world’s most famous banknotes. Notes from the National Bank of Egypt’s first series of banknotes are very rare, with the higher denominations being either exceedingly rare or not known in issued form today. Print totals from this initial series were small and not many exist today to be collected; this auction marks just the third time Heritage Auctions, the world’s leading auctioneer of world paper money, has offered this type to the collecting community. The note offered in this auction is one of just 23 examples graded by PMG and carries the second-highest grade.
Another sought-after rarity from the collection is a Government of Iraq 10 Dinars 1931 (ND 1938) Pick 11b PMG About Uncirculated 53. The King Ghazi 10 Dinars is the first signature variety; this offering, however, is the second signature variety and is a famed rarity in any grade. PMG has only graded seven examples, of which this is the second-finest. This Kennet / Amin 10 Dinars is very rare and is making its first appearance at Heritage.
As impressive as the Fady Nassif Collection is, it does not corner the market on all of the highlights in the auction.
Also among the top attractions is the only uncancelled example graded in the PMG Population Report of a Republic Of Hawaii, Department of Finance 10 Dollars 1895 (ND 1899) Pick 7a PMG Very Fine 30. Republic of Hawaii paper notes are quite possibly the rarest of any country in the world. Across all three banknote series issued by the short-lived Republic, only a few issued notes are known to exist. This incredible $10, backed by gold, is the first of the type in any format offered at Heritage. The auction also includes a Specimen example — both are fresh to the marketplace.
A Croatian State Bank 500 Kuna 1943 Pick 11Aa Unissued PMG Gem Uncirculated 65 EPQ is tied for the highest-graded example recorded in the PMG Population Report of a magnificent example of an issue that was produced during the final months of the Italian protectorate of the Independent State of Croatia, a post-war quasi-state established in 1941. The 500 Kuna is the lesser-seen denomination of this short-lived series of exceptionally rare paper money, a series known for featuring Croatian cultural artifacts.
A Zanzibar Government 1 Rupee 1.9.1920 Pick 1 PMG Very Fine 25 is just the third example of this über-rarity ever offered at Heritage. Paper money from Zanzibar is famously scarce, with only a single series produced by the Zanzibar Government over a period of less than 20 years. Throughout the series, the design remained consistent, featuring a dhow at left and a clove tree with workers at right. At the time this note was produced, Zanzibar was the world’s largest producer of cloves, supplying an enormous share of the international market and maintaining trading connections far beyond East Africa — a territorial reach reflected in the three languages printed on the front: Arabic, English and Gujarati. Just nine examples of this variety are recorded in the PMG Population Report, with only two in higher grades than the example offered here.
The Banco de Portugal was founded in 1846 by royal charter, building on the established Banco de Lisboa. It remained Portugal’s principal issuer of banknotes for the remainder of the 19th century, but the handsome Portugal Banco de Portugal 50 Mil Reis 1.6.1888 Pick 62 PMG Very Fine 25 offered in this auction stands out for both its exceptional rarity and eye appeal. This banknote is the sole known example bearing the 1888 date and represents only the third appearance Heritage has traced, the other two having been offered in 2020 and 2025. Only these three examples are recorded in the PMG Population Report. It bears the handwritten signatures of Administrator José Guilherme Ferreira at left and an unrecorded signature at right.
A striking Spain Banco de Espana 50 Pesetas 1.7.1874 Pick 2 PMG Very Fine 30 is the only known example of this variety, and is featured as the plate note in both the Standard Catalogue of World Paper Money and the Banknote Book. Aside from its rarity, this series is historically significant as the first Spanish banknote series denominated in Pesetas. After the First Spanish Republic was founded in 1873, notes were issued to replace the previous Escudo denomination, reflecting the country’s changing political and economic landscape.
