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First Bank Note 1817, Bank of New South Wales (Westpac)

By: Kim Eberhard, Category: Museullaneous, Date: 15 Dec 2015

I wonder if the original owner of this bank note ever suspected that it would end up in a museum?

First Bank Note

First Bank Note
Photographer:  © Australian Museum

As an archivist I often come across ordinary things with extraordinary stories. The ‘First’ Bank Note issued by the Bank of New South Wales (now Westpac) is one of those items that in and of itself is quite unremarkable, yet is utterly captivating because of its journey over almost 200 years, and what it represents.

The note’s history stems from its issue on 8 April 1817 - the first day of operations of the nation’s first ever bank, the Bank of New South Wales. Established by Governor Lachlan Macquarie, and a group of Sydney traders and merchants, the bank was formed to provide economic stability for the people of New South Wales. Authorised to issue paper currency such as this note, the Bank enabled future planning and growth, built on certainty, security and trust.

Designed and printed locally on the same press used to print the daily newspaper, the first note reflects the tools available in Sydney at the time. Each of the first ‘batch’ of notes was hand numbered. It’s the earliest known surviving note, and displays the number ‘55’, implying that 54 notes were filled in and issued just before this one was issued on 8 April.

The note’s issue on 8 April is one of the only details we know about it, what happened after that is informed speculation. The note was found in Scotland, leading some to surmise that it was taken ‘home’ by Governor Lachlan Macquarie himself as a memento of his time in Sydney. The more likely explanation is that it was traded for goods to a merchant with links to London markets in the 1820s, fell out of use because of the distance between Sydney and the United Kingdom, and eventually found its way into a collector’s hands.
The note came back to Westpac in 2014, when it was purchased at auction from the United Kingdom. It was described as being ‘excessively rare’ – an apt description for a small piece of simple paper that was designed to have a short, finite ‘life’.

Whatever its journey, this note is unique, and truly an iconic representation of the link between Westpac and the establishment of the economy as we know it today.

 

Kim Eberhard, Head of Historical Services for Westpac