July 17, 2005
Update on the Jack Nicklaus banknote from the the Royal Bank of Scotland

It’s popular. Hundreds of people lined up to buy them (at the face value of £5 each) on the first day of The Open championship. (We in the US like to call it the "British Open", but its official name is simply The Open.) Reports the Evening Telegraph:

Demand was so great that the RBS stall in the tented village had to limit the number people could purchase to 20.

In St Andrews itself, the scenes were similar as people queued at the RBS branch in the town centre.

Just two million of the notes were printed and there will be no re-runs.

How many of the notes will end up on eBay, you wonder? Hundreds already have, some in lots of 19 (keep one, sell the rest). Realized prices are largely in the range of £14-20 for one note (sightly less per note in larger lots), more if a “presentation folder” is included.


Posted by Lawrence H. White at 04:47 PM in Economics  ·  TrackBack (0)

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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