A rare $1000 note bearing the late Queen Elizabeth II from the Board of Commissioners of Currency of Malaya and British Borneo has been sold for a staggering £150,000 (S$260,000). It is reportedly the “most expensive” note to bear the portrait of Elizabeth II as Queen, and the first time this type of note has been under the hammer at a public auction.

The note dates back to March 21, 1953, and was issued in the first two years of her reign. It had been estimated at S$100,000-150,000 (£60,000-£90,000) but the sale far exceeded that amount. The rare note was part of the sale of the third and final part of the legendary Frank Goon Reference Collection of British Malayan Banknotes. London’s specialist auctioneers, Noonans, sold it in Singapore on March 22.

Andrew Pattison, Head of the Banknote Department at Noonans said: “The interest in this note was unsurpassed by anything we’ve seen during the sale of the Frank Goon Collection. Collectors were coming to see it just to say they had seen it, taking selfies with it and some even had group photos holding it!”

He explained it was purchased by a “long-term collector” who loves “rare and beautiful notes” and “anything relating to Queen Elizabeth II”.

He added: “The remarkable price achieved has smashed all previous world records for Queen Elizabeth banknotes and is now the most expensive note in this popular field to ever sell at auction.”

The three parts of the Frank Goon collection, which has covered banknotes of Malaya, The Straits Settlements, Sarawak, British North Borneo, Singapore, Malaysia, and Brunei, comprised of 784 notes and has a combined hammer total of £3.2million.

Noonans is an auction house based in Mayfair with experts in specialist subjects such as coins, banknotes, medals, jewellery and watches.