2021-09-18 Sat

Issued in the year 2003, a cancelled 1million GBP Treasury Bill is one of the last Treasury note ever to be produced.

The seven-figure note was printed in 2003 and was one of the last to be produced in paper form before they were computerized for security reasons. They enabled the Government to manage its short term borrowing policy, making sure sufficient funds were available to meet any daily cash shortage.

When the transition was made to electronic bills, all remaining paper bills such as this one were cancelled, with several given away. This bill, which was issued by the Debt Management Office, a Treasury agency, states: 'This Treasury Bill entitles... payment of One Million Pounds out of the Debt Management Account on 6th October 2003 on surrender of it to the Bank of England.'

The bill was sold by a private collector with London-based auctioneers Dix Noonan Webb, who expect it to fetch 7,000 pounds.

Image Courtesy: dailymail.co.uk