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More than a century of Australian history is presented in this crisp, colonial banknote. Australia’s private banking sector exploded following the gold rush of the 1850s; one of the new banks formed was the London Bank of Australia Ltd. The bank was established in London in 1852 to exploit the rapidly expanding economies of the Australian colonies with its first Australian branch opening in Sydney and Melbourne in 1853. During the financial crisis of 1893, a run on deposits forced the bank to suspend payments and close its doors. While many other private banks failed, the London Bank of Australia showed its resilience when it re-opened four months later and continued to robustly trade. The history of this colonial bank lives on. The London Bank of Australia Limited was subsequently absorbed by the English, Scottish and Australian Bank Limited in 1921 (ES&A) which in turn amalgamated with the ANZ Bank in 1970.

This 1888 London Chartered Bank of Australia Ten Pounds presents a financial snapshot of the colony exactly 100 years after settlement. It also is a high value note. And rare as such. A Ten Pounds note was well beyond the reach of most of the colony’s residents. In 1888, a farm hand in the colony was earning 13/- per week. This colonial Ten Pounds would have represented nearly four months wages.

This great historical piece, issued circa 1812, is unique. It is the only known surviving promissory note issued by a woman, Ann Mash, and the only promissory note issued in this denomination. Testimony to the importance of the Mash promissory notes, an example is held in the Sir John Ferguson Collection, National Library of Australia Canberra