Excelsior Bank (Sydney) ca 1884 One Pound Unissued Remainder MVR# 1 good EF
| We Last Sold This Item For: | $1,100.00 |
|---|---|
| Last Sold On: | 30/4/2021 |
| # Sold In Past 12 Months: | 0 |
Excelsior Bank (Sydney) ca 1884 One Pound Unissued Remainder
Reference Number: MVR# 1
Quality Grade: good EF
An affordable reminder of Australia_Ôs private banking system.
Australia's pre-federation banknote series is littered with a small number of un-issued notes that never saw the light of day due to the untimely demise of the entities that issued them - the Royal Bank of Australia; the Federal Bank of Australia; the Provincial and Suburban Bank are all examples of note issuers whose obligations were not fully satisfied by the time they went out of business, such was the boom and bust nature of the Australian economy in the late 19th century.
The notes of the Excelsior Bank are similar to those mentioned above, in that none were in fact ever issued into circulation. That is where the similarity ends however, as the reason they were not signed and issued into circulation is believed to have more to do with the prudence of the directors than their greed or lack of business acumen.
The Excelsior Land Investment and Building Company was established in Sydney in 1880, and remained in business until 1928. This continuous period of operation stands in complete contrast to a number of the other Building Societies across New South Wales and Victoria that went to the wall following the 1893 Banking Depression.
Various histories of the Excelsior Land Investment and Building Company have been able to identify a series decisions made and actions taken by the directors of the Excelsior that bear the hallmarks of nepotism, if not outright corruption when it came to working in with NSW politicians regarding allocations of land and the directions in which critical infrastructure such as the Sydney - Parramatta train line were to run.
Despite that nepotism or corruption, the fact that the Excelsior Land Investment and Building Company did not completely morph into the Excelsior Bank indicates that the directors of the Excelsior placed finite limits on the extent to which they were prepared to go in order to profit from their real estate holdings.
The exact reason why the Bank was not formally formed, and thus why the notes were not actually issued, is not known. What is known is that the notes were prepared by Perkins, Bacon & Co in 1883, and that the Excelsior was not in any financial difficulty at that time. Whether the directors decided that the reporting obligations of a bank were too onerous given the likely returns, or whether they lacked the hard capital required to fund the bank's opening is not yet known.
72 of these unissued notes were purchased by the Sydney banknote dealer John Pettit early in 2000, taken from the only book of 100 printed notes known for this "Bank".
It is understood that 28 of the unissued notes had been given out to family and friends of the Excelsior while it was in operation, which explains the remaining number of 72 notes.
This note remains a tangible reminder of the relatively free-wheeling banking system that was in place in Australia prior to 1910, when private companies saw the issuance of banknotes as a valid way of raising capital.
SKU: 27934
Browse our catalog of Pre-Federation Banknotes below:
Others Also Bought
More From This Category
I've taken my coins to Andrew a few times. Him and his staff are very nice people. Andrew is honest and down to earth. 👍
I have purchased several bulk lots of world coins from Sterling & Currency over the last few years. Read more...
I live on East Coast but prefer dealing with Andrew on the West due to his integrity, knowledge and prices, Read more...
Just purchased a 1966 blue case decimal mint set. Andrew gave me a ring to ensure it had arrived and provided Read more...
.jpg)
The team at Sterling & Currency is a family affair – small but growing. Andrew Crellin is the main dealer in the business, click here to read this credentials and how he started with the Perth Mint; spent a decade in Sydney working with two leading dealers and relocated back to Perth in 2006.
Jo is our budding Numismatist, Chief Event officer, Photographer and Packing Extraordinaire. Natalie is our media creator and photographer. Nicole manages the accounts and is part of the Packing Team. A myriad of important duties are carried out by the team that include photography, website updates, office admin, and chocolate eating.
Ruby the Ridgeback quite frankly has learned nothing about coins, however contributes by barking at anyone wearing hi-viz.
We're Always Buying!
We need to buy tens of thousands of dollars worth of coins and notes each and every week of the year.
If you'd like to turn all or part of your collection into cash, get in touch with our expert staff and we'll be happy to start working on a deal with you.
Australian Gold Coins
We have extensive experience in handling all Australian gold soveriegns and halves, from the Adelaide Pounds of 1852 right through to the last coins of George V of 1931. All of the Australian gold coins in our online shop are described in detail with high resolution images.
Coins
At Sterling & Currency, we specialize in handling Australian coins dating from our nation's settlement in 1788 through to the introduction of decimal currency in 1966. We have an extensive range in our online store of Australian gold, copper and silver coins.
Decimal Coins
The Australian proof and UNC coins struck by the Perth Mint and the Royal Australian Mint are the most accessible coins available to collectors today. If you're not able to find a particular coin that you're keen to add to your collection, let us know and we'll be contact you when it becomes available.