Australian 10-shilling note sells for $334,000

A 10-shilling note dating back to the 1800s has sold for a record AUD$334,000 at a Sydney auction.

Colin Pitchfork, a consultant at Noble Numismatics, holds the only known specimen of the first official banknote issued in Australia, uncovered in Scotland. (AAP)

The note was one of 100 issued on April 8, 1817, the day the Bank of New South Wales opened in Australia.

It was discovered nine years ago in a private collection in Scotland and sold in 2005 for a record $283,095, the ABC reports.

This month the rare note fetched $334,000 in Sydney.

Jim Noble, of Sydney auction house Noble Numismatics, told the ABC the note's value had continued to climb over the years.

"It made nearly $300,000 in 2005 and has made $334,000 in what is a very tight market at the moment. In a stronger market it might have got an even higher sum but people are being very cautious with their spending,” he said.

Mr Noble said it was great to have the note back in Australia.

"It's absolutely unique and not in any museum or library collection and indeed not in any archive of Westpac Bank, that was the bank of New South Wales," he said.