Lot 1571

Description

Government of New South Wales, (Sydney), Treasury note, one pound, proof, not dated, ink date in field of note Augt '93, not numbered, on paper with overprint in red 'SPECIMEN', proof, no signatures, no watermarks, imprint of 'Sydney: Charles Potter, Government Printer', vignette of Royal Arms with supporters in centre, '1' in circles in opposite corners and in centre of base, New South Wales shield in other two corners, all within rectangular spiral border, states 'TREASURY NOTE Government of New South Wales, Issued and redeemable under the provision of 56 Vic No.17, ONE POUND STERLING', plain on back, black on white, (Vort-Ronald, Fig.196, [p.186 an issued note], comments p.186-8 on bank, also Tomlinson p.110 a cancelled note illustrated). Good extremely fine and extremely rare.

All banks in Sydney in 1893 closed their doors with the exception of the Union Bank, The Bank of Australasia, the Bank of New South Wales and the City Bank of Sydney. As the banknotes from all the failed banking institutions had no value and emergency notes issued, could not be trusted, it resulted in a total loss of confidence by the public in banknotes. The Government of New South Wales stepped in and issued Treasury Notes (backed by the Government) as an emergency issue. Only one pounds were issued although other denominations were projected to be printed.