Aust. Banknotes - Private Bank Issues

Lot 3638    Session 14 (4:30pm Thursday 2nd August)    Aust. Banknotes - Private Bank Issues

Estimate $9,000
Bid at live.noble.com.au
SOLD $6,500

TASMANIAN BANK, one pound, Hobart Town, 1st day of March 1827, No.4832, imprint of Bock, Hobart Town, 'We promise to pay to I.S.Jennings or bearer', signed 'J.T.Gellibrand' for W.Gellibrand & J.T.Gellibrand, entered by 'Chas.Bethel Lyons' (MVR 2). Uneven margins with tears and holes, very good and excessively rare, possibly unique.

The Tasmanian Bank was formed by J.T.Gellibrand, the former Attorney-General of Tasmania, and his son, and opened in Hobart Town between 31 July and 4 August 1826.

The bank at first issued notes ('Post Bills') of the Spanish dollar series, but following the passing of the 'Sterling Money Act of 1826' on 22 September, it replaced its notes with Sterling notes at once, but forgeries circulated almost immediately.

Not long after its establishment, the bank's affairs became heavily oriented in favour of directors and their friends, creating a business monopoly in Hobart Town. This resulted in the second dividend paid being 42% per annum.

The bank however, did not do any extensive business, and closed in early 1829 when Gellibrand transferred his interests to whaling.

The Commercial Bank took over the premises of the Tasmanian Bank in Hobart, opening on 29 June 1829.

(Courtesy Michael P.Vort-Ronald, Bank of Issue in Australia, South Australia, 1982, p220).