Description and research notes
Unsigned photographic proof of a $50 Circular Note produced by Thomas Cook & Son around 1904.
Circular Notes were the forerunners of modern travellers cheques. Issued to clients of the Cook travel agency, they allowed holders to draw equivalent cash abroad through the firm’s authorized banking correspondents. The design, engraved in an ornate Edwardian style and printed with intricate borders, served both as a security feature and as a representation of corporate prestige in international finance.
This proof, mounted on card stock, was likely prepared for in-house approval or presentation prior to the production run. Examples of these early notes seldom survive in finished form because most were redeemed and destroyed. Graded PCGS 58 Choice About New, it shows deep photographic clarity and near-mint paper preservation, offering a rare glimpse of Thomas Cook’s role in developing secure portable financial instruments for early twentieth-century travelers.