- 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 and1972 by the Welsh bankerRichard Hugh Williams ofLlandudno ,Wales ,United Kingdom . The notes were a private issue by Williams's private banking venture, and each issue had to be approved by theBoard of Trade 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
date=2001-06-01
work= Country Quest Magazine] . Although not officiallegal tender in Wales, they would have enjoyed a similar status to Scottish and Northern Irish banknotes aspromissory note s.Williams had to send his banknotes to the
Inland Revenue atSomerset House prior to issue; according to the law of the time, promissory notes each attracted astamp 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 blacksheep cite 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 in1971 after theUnited Kingdom andIreland had changed over todecimal 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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