Series B notes wrote:What's more, do the catalogue prices indicate the true scarcity of replacement B series 50 pound notes in UNC? I doubt it. Only 2300 euro for 1982!
You're correct there. The catalogue values are based on what people are willing to pay for notes, as tested in auctions (mostly), rather than being a reflection of their rarity. Many items are very undervalued considering their rarity. 1982 B Series £50 KKK replacements are very rare indeed, and well undervalued. Perhaps not enough examples have turned up to generate an active market. It wold be interesting to see what one would fetch in a good numismatic auction.