Bank of New South Wales 1847 1 Pound Specimen VF

When the first fleet arrived in Australia in 1788 no provision had been made to supply the colony with a currency of any form. The only means of trade was a barter system which was difficult to keep under control and eventually threatened the survival of the New South Wales colony.

As such one of Governor Lachlan Macquaries first priorities was to set about establishing a peoples bank the Bank of New South Wales which was established in 1817. The influx of immigrants coming to Australia seeking fortune with the discovery of gold in the mid 1850's brought about a boom of private banks throughout the settlements.

The newly established banks introduced their own legal tender notes many of which were large and elaborately engraved to discourage forgeries. Prior to the financial crash of 1889 and the subsequent foreclosure of many banks these splendid "pieces of art" were widely used and traded.

Today Pre-Federation banknotes form part of Australia's earliest currency history with the offering of this Sydney New South Wales Specimen One Pound with ink notation of October 4th 1847 below margin.

VERY FINE