Private Bank Issues

Lot 1576       Private Bank Issues

Estimate $2,000
Bid at live.noble.com.au
SOLD $1,600

THE MERCANTILE BANK OF AUSTRALIA LIMITED, Melbourne, one hundred pounds, dated 1st May 1890, (date fully printed), not numbered, proof, on paper, unsigned, no watermark, no imprint, vignette to right of Greek God Mercury with caduceus, to left castle, value areas in corners as two different geometrical designs stated in numerals and words, in rectangular border, states below, 'Promise to pay the Bearer ONE HUNDRED POUNDS Sterling on Demand Value received at Melbourne 1st May 1890, For the Mercantile Bank of Australia Limited', in ink on front 'unfinished work', black on white, (Vort-Ronald, comments on bank and p.171, and Ã…â€Å‣100 specimen note discussed, Tomlinson p.70 illustrates a complete Ã…â€Å‣100 note with numbers and signature positions and also a 100 undertype). Gum adhesion at back in corners, otherwise extremely fine and extremely rare.

The Mercantile Bank of Australia Limited (1885-1892) was originally the Australian Economic Bank Limited but under its new name, commenced a note issue. Advances on worthless share script resulted in losses to the bank and it suspended payment on the 5th March 1892. Notes were issued in denominations from one pound to one hundred pounds. This note although not illustrated by Vort-Ronald is the only note mentioned and described. The comment in ink on the front of the note indicates that it was an incomplete note and that more was to go on the note (probably another colour printing with added security features).