Salisbury & Shaftesbury Provincial Bank £1 Pound
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1 Pound Banknote from England. The banknote will be posted in a hard back protected envelop for Top Protection for transport to anywhere in the world.
Grade: Circulated (Condition as seen in photos)
Signature(s): James BARROW
Founded sometime before 1790, the bank was established by three local businessmen: George Wyndham, Mr Bowles, and Mr Ogden. During its operation, it served as a provincial institution authorized to issue its own paper money, operating branches across Salisbury, Shaston (an old name for Shaftesbury), and Old Sarum.
Like many provincial banking institutions of the late 18th and early 19th centuries, the bank suffered from financial instability and collapsed entirely in 1810
Here is an expanded look at each individual's background, role, and fate in the firm:
- The Background: Wyndham was the "aristocratic anchor" of the operation. Belonging to the prominent Wyndham family of Wiltshire, he brought immense social prestige and the backing of substantial property assets to the partnership. In a time before central banking regulations, a bank's paper notes were only trusted if a wealthy gentleman of estate stood behind them.
- The Role: He was a primary active partner whose elegant signature can be seen on most surviving high-denomination notes (such as the £10 notes). His name on the currency gave Salisbury locals the confidence to treat the bank's paper money exactly like gold.
- The Fate: Because British law at the time treated banking partnerships with "unlimited liability," Wyndham was ruined by the 1810 crash. His personal estate and wealth were subject to liquidation to settle the thousands of unredeemed banknotes held by the public.
2. Thomas Ogden
- The Background: Ogden provided the bank with direct ties to elite trade and manufacturing. He was a highly successful Salisbury merchant who reached the pinnacle of commercial prestige in 1786 when he was officially appointed as the official draper to King George III. This royal appointment made him one of the most trusted and reputable businessmen in the city.
- The Role: Ogden represents the mercantile roots of the firm. The bank itself was an evolution of an earlier banking house in Shaftesbury founded by Edmund Ogden before 1790, which Thomas later expanded into Salisbury alongside Bowles and Wyndham.
- The Fate: Despite his royal connections and stellar commercial reputation, Ogden's retail fortune could not insulate him from the systemic banking panic of 1810. He was declared bankrupt alongside his partners in the late summer of that year.
- The Background: Bowles was a wealthy, influential Salisbury citizen deeply embedded in the civic and financial administration of the region.
- The Role: As the first name listed in the formal styling of the firm ("Bowles, Ogden & Wyndham"), he likely acted as the principal managing partner overseeing the physical banking houses in Salisbury and Old Sarum. He managed the complex day-to-day discounting of bills and the balancing of cash reserves.
- ...The Fate: Bowles was the lead named debtor when the formal Commission of Bankruptcy was brought against the firm. The legal proceedings to seize his assets began on 15 August 1810 at the famous White Hart Inn in Salisbury.
4. James Barrow
- The Background: Barrow was the last partner to join the firm, brought in to facilitate the bank's geographic expansion. He was originally a successful brewer from Sherborne. He sold his brewing interests and relocated across the county line to Shaftesbury (historically often called Shaston).
- The Role: Barrow was brought into the partnership specifically to manage the Shaftesbury branch of the operations. His signature is most frequently found on the £1 notes issued out of the Shaftesbury office, signaling to local Dorset traders that he was the partner supervising that branch.
- The Fate: Barrow's timing could not have been worse. Having transitioned from the relatively safe trade of brewing to the volatile world of provincial banking, he was caught completely unprotected by the 1810 crash. He was added to the final bankruptcy stamp alongside Bowles, Ogden, and Wyndham in December 1810.
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PMG grading below for the European/American Market :
Choice Uncirculated 64
The centering is off on one or two sides. Some handling may be evident but there must be no folds in the design.
Choice Uncirculated 63
The centering is imperfect and the design may be flat. There may be several flaws but there will be no folds.
Uncirculated 62
The
note is strictly uncirculated but may have minor-to-moderate handling
and/or corner tip issues. There will be no folds, however. The margins
may touch or come into the design.
Uncirculated 61
The
note is poorly centered and the margins come into the design. There may
be counting marks, smudges or other signs of handling. There will be no
folds through the design.
Uncirculated 60
A note with
problems that may include toned paper, a small stain or fading. There
will be handling issues but there will be no folds through the design.
Choice About Unc 58
Often a note with a single fold that crosses the design.
About Uncirculated 55
This grade is commonly assigned to a note that has one fold or two to three corner folds through the design.
About Uncirculated 53
A note with two vertical folds or a single horizontal fold. May also have signs of handling.
About Uncirculated 50
The note has two heavier folds or light horizontal and vertical folds. The handling can be significant.
Choice Extremely Fine 45
A note with two to three heavy folds, one of which may be horizontal.
Extremely Fine 40
There are three or more folds, one of which may be horizontal.
Choice Very Fine 35
For years dealers and collectors called this grade ?VF-XF.? This note looks
Extremely Fine, but it will have four to seven light folds.
Very Fine 30
This note will be lightly circulated and may have light soiling. There will typically be seven to ten folds.