Old money: The Gloucester Bank note
A BANKNOTE for Gloucester produced more than 150 years ago when the city printed its own money is to be auctioned off.
The black and white guinea note – the equivalent of £1.05 in modern money – was produced some time between 1800 and 1855 by the privately-owed Gloucester Bank.
Gloucester Bank was founded some time before 1793 by two local businessmen named Turner and Morris.
It was later owned, between 1834 and 1837, by the National Provincial Bank, before it was taken over again by Mr Turner in 1837, the year Queen Victoria came to the throne.
The bank went bust in 1855 and in later years there was no need for cities to print their own cash as it became worthless.
The Gloucester one guinea note will be auctioned at Spink in Bloomsbury, London, next Wednesday.
In the late 1700s and 1800s,there were hundreds of privately- owned banks in Britain all printing their own money as it was too difficult and dangerous to bring in big sums of cash from London in the days before motorways and security firms.
Barnaby Faull, head of the banknotes department at Spink, told The Citizen: "All towns and cities in Britain used to issue their own banknotes.
"Merchants would get together and start up their own banks, but their notes, which were like IOUs, could only be used locally so when provincial banks like Gloucester went bust, their notes became completely worthless."
In the early 1800s Gloucester had at least five privately owned banks, including Gloucester City Old Bank, which was founded in 1716; the similarly-named Gloucester Old Bank run by the Nibletts & Jelf partnership; and Gloucester Bank, which was owned by John Merrol Stephens. At Spink on September 30,2004, a rare unissued 1840s Gloucester Banking Company five pound note sold for £240, and this note is expected to sell for a similar sum. To find out more about the auction call Spink on 0207 563 4000.