Private Promissory Notes

Lot 2741    SESSION 9 - 4.30PM Wednesday 30 July    Private Promissory Notes

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

AUSTRALIAN WOOL COMPANY, Sydney, one pound (payable at The Royal Bank of Australia, Sydney), not dated except 184-, printer's proof, on 'AUSTRALIAN WOOL COMPANY', imprint on the lower margin 'W.H. Bruce, Engraver and Printer Trump Street Cheapside' (Vort-Ronald p.208-9, details of bank, but Australian Wool Company not known, this note illustrated in Vort-Ronald Shinplaters p16). Much paper toning, one large hole, and other small holes, otherwise nearly fine and excessively rare, being the only known specimen.

Ex Noble Numismatics Sale 71 (lot 2921), Sale 49 (lot 1617) the Alan Nicholson Collection and previously from the Spink Australia Sale 1 (lot 140).

This is an interest bearing note and is inscribed 'Promise to pay the Bearer on the ...day of .... 184.. at the Royal Bank of Australia, Sydney. the sum of One Pound Sterling with Interest to that day at the rate of Five per Cent per Annum, For the Australian Wool Company'. The Royal Bank of Australia see below, failed in 1849, taking many years to sort its banking affairs out. There is a similarity on this note of the One on the lower left to that of the Bank of England One (pound) note. It is probable that the Australian Wool Company was one of Benjamin Boyd's business ventures but failed due to the depression of 1842-3. Bruce who printed these notes also printed the Royal Bank of Australia notes which had association with Boyd who founded that bank. Bruce is not known to have been used on any other printed notes of this period. This note consequently remains an area for further research.