Banknotes of the Chief Treasury of Wales Limited
Encyclopedia
Banknotes of the Chief Treasury of Wales Limited were sterling
banknotes issued between March and June 1969 by the Welsh banker Richard Hugh Williams of Llandudno
, Wales
, United Kingdom
. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the British Board of Trade
. Although not official legal tender
in Wales, they would have enjoyed a similar status to Scottish and Northern Irish banknotes as promissory note
s.
Williams had to send his banknotes to Inland Revenue
at Somerset House
, London
, prior to issue; according to the law of the time, promissory notes each attracted a stamp duty
payment by Williams of 2d
, and notes were stamped with a "two pence" duty stamp.
The Board of Trade imposed numerous restrictions on the denominations permitted, and refused to approve notes below the value of £5.
and used to feature an illustration of black sheep. The last issue of the Chief Treasury of Wales Ltd was a £1 million pound note. From June 1969 Williams began to issue Banknotes of the Black Sheep Company of Wales Limited
.
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
banknotes issued between March and June 1969 by the Welsh banker Richard Hugh Williams of Llandudno
Llandudno
Llandudno is a seaside resort and town in Conwy County Borough, Wales. In the 2001 UK census it had a population of 20,090 including that of Penrhyn Bay and Penrhynside, which are within the Llandudno Community...
, Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...
, United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the British Board of Trade
Board of Trade
The Board of Trade is a committee of the Privy Council of the United Kingdom, originating as a committee of inquiry in the 17th century and evolving gradually into a government department with a diverse range of functions...
. Although not official legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
in Wales, they would have enjoyed a similar status to Scottish and Northern Irish banknotes as promissory note
Promissory note
A promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
s.
Williams had to send his banknotes to Inland Revenue
Inland Revenue
The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation tax, petroleum revenue tax and stamp duty...
at Somerset House
Somerset House
Somerset House is a large building situated on the south side of the Strand in central London, England, overlooking the River Thames, just east of Waterloo Bridge. The central block of the Neoclassical building, the outstanding project of the architect Sir William Chambers, dates from 1776–96. It...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, prior to issue; according to the law of the time, promissory notes each attracted a stamp duty
Stamp duty
Stamp duty is a tax that is levied on documents. Historically, this included the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions. A physical stamp had to be attached to or impressed upon the document to denote that stamp duty...
payment by Williams of 2d
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
, and notes were stamped with a "two pence" duty stamp.
The Board of Trade imposed numerous restrictions on the denominations permitted, and refused to approve notes below the value of £5.
Change of name
The Board of Trade was uncomfortable with his use of the Welsh word for "treasury" in the name of his company - Prif Trysorfa Cymru Ltd (Chief Treasury of Wales Ltd), as it appeared to confer upon his endeavour the functions of state. Williams was forced to change the name of his company in 1969 and he selected Cwmni y Ddafad Ddu Gymreig Cyfyngedig ("Welsh Black Sheep Company Limited"), recalling the banknotes which had been issued for over 150 years by the Aberystwyth and Tregaron BankAberystwyth and Tregaron Bank
The bank officially known as the Aberystwith and Tregaron Bank was established at Aberystwyth, Ceredigion in the beginning of the 19th century and was locally known as ‘Banc y Ddafad Ddu’, because the bank notes were imprinted with an engraving of a black sheep...
and used to feature an illustration of black sheep. The last issue of the Chief Treasury of Wales Ltd was a £1 million pound note. From June 1969 Williams began to issue Banknotes of the Black Sheep Company of Wales Limited
Banknotes of the Black Sheep Company of Wales Limited
Banknotes of the Black Sheep Company of Wales Limited were sterling banknotes issued between June 1969 and 1972 by the Welsh banker Richard Hugh Williams of Llandudno, Wales. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the Board of Trade...
.
See also
- Banknotes of the Black Sheep Company of Wales LimitedBanknotes of the Black Sheep Company of Wales LimitedBanknotes of the Black Sheep Company of Wales Limited were sterling banknotes issued between June 1969 and 1972 by the Welsh banker Richard Hugh Williams of Llandudno, Wales. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the Board of Trade...
- Banknotes of the pound sterling
External links
- Peter J. Symes site (accessed 2007-09-23).