Banknotes of the Exile Government – A Symbol of Hope During the War
During World War II, the Czechoslovak government-in-exile in London relied on the support of British institutions, including for the production of its own currency. The renowned printing house Bradbury, Wilkinson & Co., one of the most prestigious firms of its time, was commissioned to prepare and print new banknotes for the future liberated Czechoslovakia.
A series of trial designs, colour variants, and specimen notes were created during this period, of which only a few have survived. Each piece represents a unique testimony to the effort to restore state sovereignty through the symbols of currency.
100 Koruna with Masaryk – Brown-Violet Elegance
The 100 koruna note featuring President Tomáš Garrigue Masaryk stands out with its unusual brown-violet colour scheme, differing from the final issued series. The reverse side depicts Prague Castle and Charles Bridge, complemented by a red SPECIMEN overprint emphasizing its archival and exceptional nature.
The note bears all the hallmarks of high-quality intaglio printing typical of Bradbury, Wilkinson & Co. in London.
👉 Lot 429 – 100 Kčs 1945 (colour design)
RRR! | 4 (pcs/mkt)
SPECIMEN overprint. Strong intaglio print. Extremely rare! about UNC
Starting price: €4,000
50 Koruna with Štefánik – Modern Energy of Colour
The 50 koruna note depicting General Milan Rastislav Štefánik, in a vibrant combination of purple and orange, appears fresh and modern. The zero serial number A 000000 and three perforation holes clearly identify it as a trial print made solely for assessing the printing quality and colour composition of the proposed issue.
These banknotes were never intended for circulation – they were produced exclusively for internal approval of the design and print quality.
👉 Lot 431 – 50 Kčs 1945 (annulled)
RRR! | 2 (pcs/mkt)
Colour design of the obverse (3× hole). Strong intaglio print. Extremely rare! about UNC
Starting price: €5,000
Extremely rare Czechoslovak banknotes
The surviving examples of these designs belong among the most extremely rare Czechoslovak banknotes. Most are held in archives or institutional collections, with only a few entering private hands. Their value lies not only in the historical context of the exile government but also in the artistic and technical excellence of the London printer Bradbury, Wilkinson & Co.
These designs are rightly regarded as the pinnacle of Czechoslovak notaphily and as a precious document of World War II history.
Auction #37 – Autumn 2025
The Macho & Chlapovič Auction #37 will take place on Friday, 24 October 2025, from 1:00 p.m. at the Mandarin Oriental Hotel in Prague.
It will feature rare coins, medals, and banknotes from Czechoslovak, European, and world collections.
You can participate in person, by phone, online via the AUEX auction platform, or by placing advance limit bids.
A Testament of the Times and Artistic Legacy
The colour designs of Czechoslovak banknotes from 1945 represent the connection between art, history, and national identity. Created in London exile, they symbolize the faith in the restoration of a free state, whose values continue to live on in these rare examples.
