Banknotes of the Chief Treasury of Wales Limited
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Banknotes of the Chief Treasury of Wales Limited were sterling banknotes issued between March and June 1969 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 British Board of Trade.[1] 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 Inland Revenue at Somerset House, London, 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, and refused to approve notes below the value of £5.[1]
Change of name
The Board of Trade was uncomfortable with his use of the Welsh word for "treasury" in the name of his company - Prif Trysorfa Cymru Ltd (Chief Treasury of Wales Ltd), as it appeared to confer upon his endeavour the functions of state. Williams was forced to change the name of his company in 1969 and he selected Cwmni y Ddafad Ddu Gymreig Cyfyngedig ("Welsh Black Sheep Company Limited"),[1] 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 sheep.[2] The last issue of the Chief Treasury of Wales Ltd was a £1 million pound note.[1] From June 1969 Williams began to issue Banknotes of the Black Sheep Company of Wales Limited.
See also
External links
- Peter J. Symes site (accessed 2007-09-23).
