Banksy 'Di-Faced Tenner': What Buyers Should Know Before Purchasing

Gauntlet Gallery Editorial — founded 2012, San Francisco. Collectors-first, transparency and education.

Few objects in the Banksy universe inspire as much fascination, confusion, and outright caution as the "Di-Faced Tenner" — the artist's spoof £10 note that replaces the Queen's portrait with Princess Diana and rewrites the Bank of England as the "Banksy of England." It looks like money, it was treated like money for one chaotic afternoon, and today it trades like art. That collision of categories is exactly why so many buyers get it wrong.

If you are thinking about buying one — a single note, a partial sheet, or a full uncut sheet — you are stepping into one of the trickiest corners of the contemporary print market. The Tenner is small, easy to copy, heavily reproduced, and surrounded by half-understood folklore about authentication, the Pest Control "torn note" certificate, and what actually makes one example worth a great deal more than another.

This guide answers the questions a real buyer asks before spending money: where the Tenner came from, how single notes differ from sheets, how the Pest Control connection works, why uncut and authenticated examples command premiums, what condition problems to watch for, how to spot fakes, and the short list of things you must verify before you pay. None of this is investment advice, and nothing here promises future value — it is an education in how to look at the object clearly.

Where the Di-Faced Tenner Came From

The Di-Faced Tenner originated around 2004, when Banksy and his circle produced a large quantity of mock British £10 notes. The design keeps the overall architecture of a real Bank of England tenner of that era but alters the key elements: Queen Elizabeth II's face is swapped for Princess Diana, the legend reading "Bank of England" becomes "Banksy of England," and the small print carries the cheeky line "I promise to pay the bearer on demand the ultimate price" — a darkly comic nod to Diana's death.

The notes were reportedly created in enormous numbers, with figures often cited in the region of a million pounds of face value. They were never intended to circulate as currency. The most famous moment in their history came when bundles were thrown into a crowd — accounts most often point to the 2004 Notting Hill Carnival — where some recipients allegedly tried to spend them, and a few reportedly passed in shops before anyone noticed they were not real. That story, whatever its precise details, is the source of the Tenner's mythology and of its enduring nickname.

The Tenner is the rare Banksy that began life as a prank, became a legal liability, and ended up as one of the most recognisable images in his catalogue.

From currency-shaped prank to collectible

Because producing convincing facsimiles of banknotes raises obvious legal concerns, the bulk of the print run was never publicly distributed and much of it is understood to have been destroyed or withheld. What survived into private hands — loose notes handed out at events, examples gifted or sold informally, and the sheets that later passed through official channels — became the supply that collectors chase today. The scarcity of properly documented examples relative to the original quantity printed is a big part of why provenance matters so much here.

A version of the image later re-entered the art world in a formally recognised way. In 2007, a work built around the Di-Faced Tenner concept, sometimes catalogued under titles relating to "Di-Faced Tenner" as a framed presentation of notes, appeared in the gallery and auction context, helping cement the image as a collectible artwork rather than merely a piece of contraband. Buyers should treat any specific date, title, or quantity they encounter as something to verify against catalogue records rather than accept at face value, because the Tenner's history is unusually murky and frequently misreported.

Single Notes vs. Sheets: What You Are Actually Buying

The single most important distinction for a buyer is the format. The Di-Faced Tenner exists in the market in a few different physical forms, and they are not interchangeable in either scarcity or value.

Individual loose notes

These are the single, banknote-sized examples — the form most people picture. They are the most numerous and the most commonly traded, and they range enormously in condition because many were handled, folded, carried in wallets, or kept loose for years before anyone realised they might matter. A loose note with no documentation is the entry point to the Tenner market and also the format most vulnerable to reproduction and misrepresentation.

Uncut sheets

The notes were printed in sheets, multiple notes to a sheet, before being separated. A surviving uncut sheet — where the individual tenners remain joined as printed — is considerably scarcer than a single note and is generally one of the most sought-after presentations of the image. Uncut sheets are visually striking, harder to fake convincingly, and far fewer in number, which is why they have historically commanded a substantial premium over single notes.

Partial sheets and multi-note groupings

Between the single note and the full uncut sheet sit partial sheets and small grouped lots. These can be attractive, but they require even closer scrutiny: a partial sheet should show a coherent, original cutting edge consistent with how the sheets were actually divided, not a modern guillotine cut made to assemble a "sheet" from loose notes.

• Single note — most common, widest condition range, easiest to misrepresent.
• Partial sheet — scarcer, demands verification of how it was separated.
• Full uncut sheet — scarcest mainstream format, historically the strongest premium.
• Framed presentations — be cautious; framing can hide condition issues and is not itself authentication.

Format drives value here more than almost anything else. An uncut sheet and a creased loose note are the same image and very different objects.

The Pest Control Connection and the Torn-Note COA

This is the area buyers most often misunderstand, so it deserves careful attention. Pest Control is Banksy's official authentication body — it is the authority on whether a Banksy work is genuine. No gallery letter, dealer note, condition report, or auction-house description replaces a Pest Control determination. For Banksy specifically, that distinction is the whole ballgame.

What the torn-tenner certificate is

The detail that makes the Tenner famous in authentication circles is the way Pest Control's certificates of authenticity have, for certain works, incorporated a physical half of a Di-Faced Tenner note. In the well-known "Velvet Rope" and related certification practices, Pest Control issued COAs that included a torn portion of a Tenner, with the matching half retained — the two halves fitting together as a tamper-evident pairing. In other words, a fragment of the spoof banknote became part of the official documentation apparatus itself.

This has two consequences a buyer must hold in mind at once:

1. A torn half-Tenner attached to a Pest Control COA is functioning as part of a certificate for a particular authenticated work — it is documentation, not a standalone collectible note you should value as a "complete" Tenner.
2. The existence of these torn-note certificates means a fragment of a Tenner showing a ragged edge is not automatically damaged goods — context decides everything. The same ragged tear that signals a defect on a loose note can be exactly what a Pest Control certificate is supposed to look like.

Why this matters for ordinary loose notes

Here is the part that surprises new buyers: many loose Di-Faced Tenners on the market were never individually authenticated by Pest Control at all, because they entered circulation informally rather than through a certified sale. That does not make them fakes, but it does mean a loose note frequently comes without any Pest Control paperwork. A buyer should price and judge such an example accordingly, and should be deeply sceptical of anyone presenting an unaffiliated "certificate" as if it carried the weight of the official body. If documentation is offered, ask precisely what it is and where it originates.

Why Uncut and Authenticated Examples Command Premiums

The market has historically paid meaningful premiums for two characteristics — being uncut, and being documented in a way that traces to Pest Control. The reasons are straightforward once you understand the supply picture.

Scarcity of format

Loose notes are comparatively plentiful; intact uncut sheets are not. Because so much of the original print run was reportedly withheld or destroyed, and because most surviving material circulated as separated single notes, a full uncut sheet represents a much rarer survival. Collectors have historically valued that rarity, and uncut sheets can command multiples of a single note's level — though, as always, actual results depend on condition, documentation, and the specific moment of sale.

Documentation reduces uncertainty

The Tenner is easy to reproduce, which means uncertainty is the dominant risk in this market. Anything that reduces uncertainty — a clear chain of provenance, association with a documented certified work, or a credible link to Pest Control records — removes some of the doubt that otherwise discounts a piece. That is why two physically similar notes can sell at very different levels: one carries a verifiable story, the other does not.

In a market this exposed to copying, you are not only buying an image. You are buying certainty — and certainty is what the premium pays for.

A necessary caution: the fact that uncut and well-documented examples have commanded premiums historically is a description of past behaviour, not a prediction. Many collectors value these traits, and they can command more at sale, but past performance does not guarantee future results, and the Tenner market can move with sentiment, supply surprises, and broader conditions. Treat any price you are quoted as a data point to check against current comparable sales, not as a fixed truth.

Condition Issues to Watch For

Because Tenners are printed on lightweight, banknote-style paper and many were handled casually for years, condition varies more widely than with a conventional fine-art print. Condition will materially affect what an example is worth, and some defects are easy to miss in a phone photo.

Common problems

• Folds and creases — many loose notes were folded like real currency. Centre folds, corner creases, and "wallet wear" are common and reduce desirability.
• Surface soiling and handling marks — fingerprints, smudges, and grime from being passed around.
• Edge wear and nicks — soft, frayed, or chipped edges from loose storage.
• Tears — distinguish an incidental tear (a defect) from the deliberate certificate tear discussed above (context-dependent and not a defect).
• Light and foxing — fading from display, or spotting from humidity and poor storage.
• Adhesive and mounting damage — tape residue, hinge marks, or trimming from a previous frame job.

Trimming and "improvement"

One condition trap is specific to this object: because notes were cut from sheets, an unscrupulous handler can trim a tatty edge to make a note look cleaner — at the cost of altering its original dimensions. A note that has been trimmed down is compromised, and on a partial-sheet claim a fresh modern cut can be used to fake an "as-printed" edge. Always consider whether the edges look original to how the Tenner was produced, or whether they have been tidied after the fact.

Fakes, Reproductions, and Look-Alikes

The Di-Faced Tenner may be the single most reproduced image in the Banksy orbit, and the reproduction problem comes in several flavours that buyers conflate at their peril.

Outright forgeries

These are notes made to deceive — printed to imitate genuine Tenners and sold as the real thing. Because the original is itself a printed facsimile of currency, a convincing forgery is not hard to produce, and small details (paper weight, ink behaviour, registration, dimensions) are where they tend to fall down. This is precisely why documentation and provenance carry so much weight: the object alone is difficult to authenticate by eye.

Souvenir and novelty reproductions

Over the years, countless souvenir reprints, gift-shop novelties, and decorative versions of the Diana tenner have been produced. Some were never intended to deceive — they are openly sold as novelties — but they re-enter the secondary market years later, stripped of context, and get presented (sometimes innocently) as "a Banksy tenner." A buyer must separate the original 2004-era production from the ocean of later copies.

Genuine notes with invented documentation

A subtler problem: a real-enough-looking note paired with a fabricated or misrepresented "certificate." The note may even be period, but the paperwork is dressed up to imply official authentication it does not have. Remember the rule — only Pest Control's authentication is authoritative for Banksy, and a third-party certificate is supporting evidence at best.

With the Tenner, the question is rarely "is this a tenner-shaped object?" It is "is this the object the seller claims, with the history the price assumes?"

Red flags worth memorising

• A "certificate" from anyone other than Pest Control presented as definitive authentication.
• Prices far below the going rate for the claimed format — a documented uncut sheet at a loose-note price should prompt suspicion, not excitement.
• Reluctance to provide edge and reverse images, or to discuss provenance.
• A note described as "rare" with no explanation of how it survived or where it has been.
• Framed pieces sold "as-is" where the frame conveniently prevents inspection of edges and reverse.
• Story inflation — vivid claims about Notting Hill or specific recipients with nothing to corroborate them.

What a Buyer Must Verify Before Purchasing

If you take nothing else from this guide, take the checklist. The Tenner rewards patience and punishes assumption.

1. Format and dimensions

Confirm exactly what you are buying — single note, partial sheet, or full uncut sheet — and measure it against the known dimensions of a genuine example. A trimmed or wrongly sized note is a problem regardless of how good the image looks.

2. The authentication chain

Establish whether the piece has any link to Pest Control, and if a certificate exists, learn precisely what it is and who issued it. Treat dealer or auction documentation as supporting evidence that should ultimately trace back to the official body — never as a replacement for it. If there is no Pest Control association, price and judge the piece on that honest basis.

3. Provenance

Ask for the ownership history: where it came from, prior sales, any prior auction or gallery handling. A coherent, checkable chain of custody is one of the strongest defences against both forgery and invented backstory.

4. Condition, candidly described

Get high-resolution images of every surface and edge, and a written condition note that names defects specifically. Distinguish incidental tears from certificate tears. Be wary of framing that blocks inspection.

5. Comparable sales

Check recent comparable sales (comps) for the same format and broadly similar condition and documentation. Comps tell you whether an asking price is in a sane range today. Because the Tenner market moves with sentiment and supply, lean on current data rather than a price someone cites from years ago.

6. The seller

Buy from people who answer hard questions willingly, describe condition honestly, and do not pressure you. Transparency from the seller is, in practice, one of your best protections.

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Questions Buyers Ask

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How Gauntlet Gallery Approaches This

At Gauntlet Gallery — founded in 2012 in San Francisco — we treat the Di-Faced Tenner the way we treat every Banksy object: as a question of evidence, not enthusiasm. That means leading with format and condition, being honest about what documentation does and does not exist, and being clear that Pest Control is the authority for Banksy authentication while any dealer or gallery paperwork is supporting evidence that should trace back to it. We would rather tell a collector that a note lacks official documentation than dress up uncertainty as a sure thing.

We also believe in measured expectations. The Tenner has a rich market history and many collectors value it deeply, but no one can promise what any object will do in the future, and we will always point you toward current comparable sales rather than a flattering anecdote. Our role is to help you see the object clearly and decide for yourself.

If you are weighing a Di-Faced Tenner — a single note, a partial sheet, or an uncut sheet — and want a candid read on format, condition, and what to verify, browse our Banksy collection or contact our team. We are happy to talk through the questions in this guide at your pace, with no pressure. For related reading, you may also find our editorial on how Pest Control authentication works a useful companion to this piece.

Educational content only. Nothing here is investment advice, and past market performance does not guarantee future results. Always verify authenticity against Pest Control records and judge any price against current comparable sales.