At the rate stated above - there is a lot less then what is stated in the quantity printed - correct?
- Not sure when this photo was taken (or era) but I would guess it's around mid 1950's since the notes collected look to be 1937. The number of notes destroyed back then would only affect the 1937/1954 (Devil's Face) issues. If it was during 1953/54, then the BOC may have been actively recalling 1937 notes (& the # destroyed may have been slightly elevated).
The rate the notes were destroyed would not be related to "the quantity printed." The notes destroyed are notes that have become ripped, defaced or just too circulated to be put back into circulation. If there is a full run of a prefix- 10,000,000 notes- then the number destroyed won't have much bearing on the number collected either. If there is a short run (or change-over, or notes pulled from circulation due to other unforeseen issues) then the rate of destruction may have some bearing on how rare that particular prefix, signature combo, issue was. So, in context of when this photo was taken, it would likely affect the # of 1937 notes (Osborne/Towers signatures & H/A & J/A "Narrow panel" $1.00/ the Z/D Gordon/Towers $10 for example) available to collect.
meaning bank notes are more rare than thought..
It is possible it would affect overall numbers of early Devil Face prefixes (the replacements) but most importantly- it is the number of notes issued (or released by BOC) and the same notes collected that would directly impact how rare a note would be.
The actual number of notes released and actual number of a specific prefix (or issue) kept by collectors (& in what condition) would be the primary factors that determined the book (or catalogue) value of the notes for that era too. Back in the 1960's information regarding all these factors was just emerging so the actual knowledge of how rare a note (prefix, signature combo, or specific issue variation- such as the "Devil's Face") was much more difficult to ascertain. The other thing to keep in mind is demand. Most collectors of notes were primarily coin collectors and had a side interest in paper money (this has changed in the past few decades).
Rarity doesn't always translate into high book value:
There were 10,000,000 of the majority of each of the "Devil's Face" prefixes printed so even if they were actively destroyed chances are they're not that rare (& this has been seen in the market where one can buy runs of Devil Face notes). However, the demand is still high enough to keep its book value fairly high.
