Former Premier David Saul’s collection of Bermuda banknotes raised around £300,000 ($481,000) at auction in London, with the proceeds going to charity.The collection, amassed by Dr Saul over 40 years, included notes dating back to the late 19th century and early 20th century — some hand signed by the Bermuda Monetary Authority signatories whose names were on the notes.The former finance minister said: “It was quite apparent that all those determined to bid had already made up their minds on what they wanted, and how much they were willing to spend.“Hence, the bidding moved at a very smart pace, with only a relatively small group of some two dozen in the room, but a good deal of activity on both the telephone and the internet.”One of the more popular items was a 1941 brown £5 note, which he said was withdrawn from circulation after a short period because it was too similar to the five shilling note already in use.“Businesses were being ‘ripped off’ by customers,” he said. “My collection had the first ever printed: it was number 0000001 and in uncirculated condition. It was well known by collectors around the globe, and fetched the fantastic winning bid of £38,000 [$61,000].”He said all of the 291 lots were moved within two hours, raising around £300,000 after expenses, and he credited the work of Spink’s currency auctioneer Barnaby Faull for the successful auction.Dr Saul previously told The Royal Gazette that he made the decision to auction his collection because his children weren’t interested in inheriting it and he didn’t want to leave his wife with the job of selling it if he were to die before her.He said that the money raised by the auction would go towards various charities and organisation, including the King Edward VII Memorial Hospital.Barnaby Faull, from Spink, says in the foreword to the catalogue: “From the classic George V to the award-winning designs of the most recent issues, Bermuda banknotes cannot fail to enhance any Commonwealth collection.“This [collection] is a unique opportunity to obtain notes from the finest collection of its kind.”