Colonial Bank of Australasia (Melbourne) 1893 One Pound Issued Note MVR# 3a Fine
| We Last Sold This Item For: | $5,500.00 |
|---|---|
| Last Sold On: | 2/4/2022 |
| # Sold In Past 12 Months: | 0 |
Colonial Bank of Australasia (Melbourne) 1893 One Pound Issued Note MVR# 3a Fine
Serial Number: 058386
Provenance:
Lot #689, Noble Numismatics Auction 6 (November 1981). Estimate: $1,000, Hammer: $1,800, Nett: $1,800.
This is one of just 6 issued notes from this bank that remain in existence - this was issued just weeks after the 1893 Banking Crisis.
When it was published in the Melbourne newspapers in 1855, the prospectus of the Colonial Bank of Australasia openly stated that it intended to compete against each of the existing banks that had been established in England. The bank's backers underlined the fact that not only would the Colonial Bank of Australasia be owned and headquartered in the colony of Victoria, it would also be focusing on promoting trade within the colony of Victoria - something in the spirit of "by the people, for the people."
The following text is extracted from their initial advertising for the bank:
The Colonial Bank of Australasia was incorporated by Act of Council in Victoria on 19 March 1856.
Across the subsequent decades, the Colonial Bank of Australasia established dozens of branches right across Victoria.
The financial crisis of 1893 caused a run on the bank and it received assistance from the other banks and the Government. Despite this, it was unable to remain open and suspended on 6 May 1893. The bank was reconstructed and was incorporated on 1 July. It re-opened on 10 July 1893 as the Colonial Bank of Australia Limited. At that time the bank had no foreign depositors, its business and accounts were conducted wholly within Victoria.
This particular note is dated August 1st 1893, which is just 3 weeks after the bank re-opened following reconstruction.
The body of this note remains largely intact - there are several tiny gaps in the paper where the note has circulated for such an extended period of time, the edges are largely intact.
It is incredible to think that the last time it appeared at auction was way back in 1981. To put the appeal of this note in perspective, it made a higher hammer price than a five pound superscribed note that was in the same auction.
It remains an incredibly rare memento of the heady days following the banking crisis of 1893.
SKU: 209020
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