Private Bank Issues

Lot 1575       Private Bank Issues

Estimate $3,500
Bid at live.noble.com.au
SOLD $4,900

LONDON BANK OF AUSTRALIA LIMITED, Melbourne, one pound, dated originally 1st June 1891 and black overprinted date 1st July 1893, (dates printed), numbered No. T97958, on paper, signature of Manager Wm. Simpson and entered by T.E.Shore, no watermark, 'Chartered' replaced in bank name by being crossed out and 'Limited' added, both deletions and additions in two places, imprint of 'Bradbury Wilkinson & Co Engravers &c London' lower centre, vignette of arms in shield on left and right edges of frame, 1 in circlar geometric frames in corners and 'Ã…â€Å‣ ONE' in value tablet lower left, all within rectangular frame built up on 'ONE' in an intricate design, states 'I Promise to pay the Bearer ONE POUND Stg. on Demand Value received at Melbourne ... For The London Bank of Australia Limited', with 'ONE POUND' in blue and yellow inside central area, on back 'ONE', 1 in circles in all corners all within geometric rectangular pattern, blue-green, yellow and black on white/red and green on white, (Vort-Ronald, Fig.178 and [p.167], comments p.165-170 on bank). Many creases and folds, stains, otherwise nearly fine and excessively rare, being one of three or four known.

The financial crises of 1893 brought some attempts to prevent recurrence of the disasters. Banks that did survive in most cases had to be reconstructed. The London Chartered Bank of Australia was one of the larger and more successful banks which was able to survive the financial crises and re-open. It also (as noted on the banknote), altered its status and became a limited Company by renaming itself as The London Bank of Australia Limited, and consequently became subject to the various Companies Acts, which was one of many attempts by banks to prevent a similar disaster happening again. The date was changed, the name of the bank was changed, and a new note was placed into circulation, which for this note was to circulate for many years.