An Australian 100 pound note dating back to the First World War is set to go under the hammer for hundreds of thousands of dollars, after being found in a Tasmanian attic.

Printed in 1914, it would have been enough to buy a row of houses, according to auction house Noble Numismatics.

The note was last sold in 1987 for $42,000 but is expected to fetch more than $350,000 at a Sydney auction on August 1.

AAP