Private Bank Issues

Lot 2879    Session 10 (7.30pm Wednesday)    Private Bank Issues

Estimate $8,000
Bid at live.noble.com.au
SOLD $16,000

THE AUSTRALIAN JOINT STOCK BANK LIMITED, Sydney, one pound, dated 1 October 1901, (date fully printed), numbered A 451870 A, signed for manager with uncertain signature and countersigned by T.H. Abbott, on paper, watermarked but uncertain type, imprint of 'Perkins Bacon & Co Ld London', vignette in centre of Sydney Harbour, and ornamental circular tablets with 1 in all corners, and ONE POUND in tablet lower left, all within rectangular ornate border inscribed 'SYDNEY' on sides and 'NEW SOUTH WALES' above and below, states below, 'I Promise to pay the Bearer on Demand One Pound Sterling. For The Australian Joint Stock Bank Limited', back with bank building in centre, 1 in corners, legend around, orange and blue on white/blue on white, (Vort-Ronald, Type four (b) comments on bank and type p.46-51, similar issued note, illustrated Fig. 49 [p.51]). A few folds and creases, with thin lower right, otherwise nearly very fine and extremely rare, being the best of the three surviving reported banknotes.

Ex Max Stern Sale 7th Nov 1976 (lot 639), Spink Australia Sale 1 (lot 118) and Dr. Alan Nicholson Collection, Sale 49 (lot 1514). New banknotes were released during the ten years between the formation of the Commonwealth and the issue of new Australian banknotes. However this was followed by the imposition in mid 1911 of an Act which increased the yearly tax on private bank Notes in circulation from 2% to 10%. This had the desired effect and it became quite unprofitable for the banks to continue to have their own notes in circulation. They were rapidly withdrawn as the bank had to pay this tax on a yearly basis for all outstanding notes. The tax was applied for several years though the number of private banknotes in circulation after 1912 was very small. Few notes appeared to survive this withdrawal process. Notes from most banks dated after 1900 are as a consequence particularly rare. This issue from the Australian Joint Stock Bank Limited one pound notes are of great rarity as only two other notes have been reported.