Private Bank Issues

Lot 1590       Private Bank Issues

Estimate $500
Bid at live.noble.com.au
SOLD $520

THE PROVINCIAL AND SUBURBAN BANK LIMITED, uniface one pound, issued at Melbourne, Nov 1, 1877, (18 printed), No. 02231, hand signed by uncertain manager and entered by Acct., printed on unwatermarked paper, with imprint in centre of bottom, 'Sands & MacDougall Engravers Melbourne', with vignettes of female with grain on shoulder in left frame, value tablets in corners, red centre block with ONE POUND, all within rectangular ornate spiral border with words ONE POUND at top and bottom, overprinted in purple ink DIVIDEND PAID in two lines, red and black on white, (Vort-Ronald, type two [b], p.194-196 on bank, and similar note illustrated as Fig.203, with same overprint, Tomlinson p.85 a similar note). With major separation in centre on fold, other holes and frayed edges, and ink letters and numbers on back, otherwise very good and rare.

This bank founded in 1872, survived only seven years before going into liquidation. The manager and directors bought shares in the bank with the bank's money and were subsequently convicted of fraud. On receipt of the note and after receiving 2/- in the pound following this liquidation the note was stamped 'DIVIDEND PAID' (as in the case of this note). Many notes were kept after the Dividend had been paid, in the hope of further payment.