London Chartered Bank of Australia (Sydney) 1889 1 Pound
Unissued Specimen Note MVR# 2d Uncirculated
An attractive and affordable pre-federation type note.
The London Chartered Bank of Australia (LCBA) opened for business in July 1853, and through various mergers, eventually became part of the ANZ bank. The leading figure behind the establishment of the bank was Duncan Dunbar "although chiefly known throughout the world as the largest shipowner in Britain, he was extensively engaged in various branches of trade, and probably no man, within the last 40 years, has transacted such an extent of business directly and by means of his own personal agency".
The head office of the LCBA was in Cannon Street, London - the heart of London's financial centre.
The LCBA was one of the many Australian banks that ran into difficulties following the worldwide banking crisis in 1893, so it underwent financial reconstruction and became the London Bank of Australia Ltd.
In 1921 the LCBA was taken over by the English, Scottish and Australasian Bank Ltd. In 1970, the ES&A Bank Ltd in turn merged with ANZ Bank Ltd, and formed the Australia and New Zealand Banking Group Ltd.
Unissued specimen notes such as this are printed towards the end of the banknote printing process, and serve the purpose of physically representing what the notes from each print run looks like - the designs used; the ink colours used and the serial number range used.
Specimens were often kept by the banknote printing companies for legal and archival purposes, as well as by the banks that issued them.
Although some collectors assert that specimen notes don't have quite the same appeal as issued notes, they do remain in attractive and unimpaired condition - there are no folds, stains holes or tears that might detract from an appreciation of the size and appeal that these notes had when they were in use.
This particular specimen note remains in excellent condition - it has no folds, stains, flicks or pinholes that characterize so many of the specimen notes that are offered to collectors today.
This note is perfect as an attractive and affordable representation of Australia's banking system prior to Federation. We have priced it in line with recent auction results for comparable notes, and believe it offers excellent value for money.
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