A UNIQUE set of bank notes issued in the early 19th century is to be auctioned by Dix Noonan Webb, the international coins, medals and paper money specialists, in London later this month (Sept 25).
They were issued by the Carmarthen Bank which was the only one in Great Britain to produce £9, £8, £7 and £6 notes in an era when local banks were free to choose what denominations they printed.
A full set of the Carmarthen notes assembled by a UK private collector is being offered by Dix Noonan Webb in its Paper Money auction. It comprises all the Carmarthen Bank’s notes – £1, £2, £5, £6, £7, £8, £9 and £10.
They are being auctioned individually and pre-sale estimates range from £150 to £200 for the more common £5 note to £300 to £360 for the unique £9.
“This was not only an extraordinary chapter in British banking history but also we believe that it is a first in the market for paper money,” said a spokesman for Dix Noonan Webb.
“Only the Carmarthen Bank issued £6, £7, £8 and £9 notes and we think that this is the first time that a full set of its notes has been auctioned in one sale.”
The Carmarthen Bank opened for business in 1798 and lasted for 34 years before it failed in 1832. When the bank collapsed its partners were John Waters, Arthur Jones and David Jones. The earliest of the notes being auctioned is the £2 issued on 13 October 1818 and signed by Robert Waters and the last was the £5 dated 1 June 1831 and signed by John Waters.
The Carmarthen Bank was one of a number of private banks issuing their own notes which began to appear in Wales towards the close of the 18th century. They mostly provided finance for newly developing local industries as well as traditional forms of agriculture such as droving. There were several in Carmarthen, the most successful of which traded until 1872 when it was taken over by the National Provincial Bank of England.
The last bank to have its own notes in Wales was the North & South Wales Bank, which was founded in 1836 and continued to issue paper money until 1908 when it was taken over by London City & Midland Bank Ltd.
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