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, United Kingdom. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the Board of Tradecite web
url= http://www.katespapermoney.com/page.asp?ID=11
title= The Man who printed his own Money
author=Dr A.H. Stamp
accessdate=2007-10-08
format=JPEG
date=2001-06-01
work= Country Quest Magazine] . Although not official legal tender in Wales, they would have enjoyed a similar status to Scottish and Northern Irish banknotes as promissory notes.

Williams had to send his banknotes to the Inland Revenue at Somerset House 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, Williams's use of the term "£G" (meaning "Welsh pound", suggesting a separate currency) and his use of the Prince of Wales's feathers in the designs.

Wiliams ceased production of the notes and he was eventually declared bankrupt by Bangor Crown Court in 1978.

The use of the Black Sheep

The Board of Trade was uncomfortable with his use of the Welsh word for "treasury" in the name of his company - "Prif Trysfora Cymru Ltd" (Chief Treasury of Wales Ltd), as it appeared to confer upon his endeavour the functions of state. Williams was forced by 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 Bank and used to feature an illustration of black sheepcite web
url= http://www.gtj.org.uk/en/item1/25165
title= Promissory note, Aberystwyth & Tregaron Bank, 1814
accessdate=2007-10-08
format=JPEG
work= Gathering the Jewels/Casglu'r Tlysau] .

Pre-decimal currency issues

These were issued to replace the banknotes of the Chief Treasury of Wales Limited from June 1969 until their withdrawal in 1971 after the United Kingdom and Ireland had changed over to decimal currency.

The earliest issues contained a clause in Welsh that referred to the Chief Treasury of Wales Limited, so that anyone who had the old notes knew who to come to to exchange them for new notes.

Decimal currency issue

This issue was released into circulation as from the 15 February 1971.

See also

* Banknotes of the Chief Treasury of Wales Limited
* Banknotes of the pound sterling

References

External links

* cite web
url= http://www.pjsymes.com.au/Bsheep/Bsheep.htm
title= The Chief Treasury of Wales and The Welsh Black Sheep Company
author=Peter Symes
accessdate=2007-09-23
work= PJ Symes website

*cite web
url= http://www.katespapermoney.com/page.asp?ID=11
title= The Man who printed his own Money
author=Dr A.H. Stamp
accessdate=2007-10-08
format=JPEG
work= Kates Paper Money


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