2017-09-16 Sat

A unique set of early 19th century banknotes from Wales assembled by a UK private collector will be auctioned at the Dix Noonan Webb sale on 25th September in London.

The notes were issued by the Carmarthen Bank. It was the only bank in the UK to produce £6, £7, £9, £8, and £6 notes at a historic time in British banking when local banks were free to choose their own denominations.

The collection comprises of all the paper money varieties issued by Carmarthen Bank. Each note will be auctioned separately with an estimated value of £150 to £200 for the £5 note, to £300 to £360 for the unique £9.

Auctioneers have stated that it is for the first time that such notes have entered the market and that too, as a complete set. The earliest banknote offered is the £2, issued on 13th October 1818, signed by Robert Waters, while the latest one offered is the £5 dated 1st June 1831, signed by John Waters. The Carmarthen Bank ran from 1798 to 1832, after which its partners were John Waters, Arthur Jones and David Jones.

Many private banks like this one, issued their own notes which appeared in Wales by the end of 18th century. They offered financial help to local industries, traditional forms of agriculture etc. There were many such banks in Carmarthen. The most successful one operated till 1872 after which it was over by the National Provincial Bank of England. The last such bank in Wales was the North & South Wales Bank. It ran from 1836 to 1908, after which it was taken over by London City & Midland Bank Ltd.