A rare £1m Treasury Bill dated 8th September 2003 is expected to sell for between £5,000 and £10,000 in British and World Paper money Auction by Dix Noonan Webb in London on 24th April 2014. The bill is signed by Andrew Turnbull, the then-Permanent Secretary to the Treasury, and is stamped “cancelled”.
The £1m pound note is also known as a "giants" and they're also a £100m pound note known as the "titans". They were only intended for internal use between financial institutions to track money. These notes rarely come out from the vaults of the Bank of England. So far only cancelled notes that are usually worthless, are sometimes given away to members of staff in recognition of their work.
According to the auction site, the rare Treasury Bill is only the third note for £1m to have come up for auction - the other two were for money received through the Marshall Aid plan after Second World War. The banknote was given by the Treasury to a printer, who asked not to be named, in recognition for work he had done for the Government.
On the rare note with serial number R 016492 and graded About Uncirculated was inscribed:
“This Treasury Bill entitles [the payee] to payment of one million pounds out of the Debt Management Account on 6 October 2003 on surrender of this Treasury Bill to the Bank of England.”
The name of the payee has been left blank, and a note at the bottom of the bill says: “If this blank is not filled in, the bill will be paid to bearer.”
On January 2011, one of the President Harry Truman's Marshall Aid plan £1million note sold for £69000 by British private collector. The other one was sold for £78,300 in 2008.
