Lot 2791

Description

Bank of South Australia, one pound, Adelaide, 1st April, 1887, No.D056889 type with 'Limited' printed under bank title, (MVR type 3[c], cf.Fig.108). Issued note 'Cancelled' stamped three times both sides, otherwise fine and extremely rare.

Original purpose of this was to pay and service employees of the South Australain Company and provide facilities for migrants for funds transfer from London. The bank changed name from a company to become officially in 1867 the 'Bank of South Australia'. By 1887 the bank had 30 offices and was well known that it was heavily encumbered by frozen loans. In 1892 the Union Bank of Australia took over the business of the Bank of South Australia, but it was formally disolved on December 31 1899.