Banknotes of the Black Sheep Company of Wales Limited were private sterling banknotes issued between June 1969 and 1972 by the Welsh banker Richard Hugh Williams of

Llandudno Llandudno (, ) is a seaside resort, town and community in Conwy County Borough, Wales, located on the Creuddyn peninsula, which protrudes into the Irish Sea. In the 2011 UK census, the community – which includes Gogarth, Penrhyn Bay, Craigsi ...

, Wales. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the

Board of Trade The Board of Trade is a British government body concerned with commerce and industry, currently within the Department for International Trade. Its full title is The Lords of the Committee of the Privy Council appointed for the consideration of ...

. Although not official legal tender in Wales, they would have enjoyed a similar status to Scottish and Northern Irish banknotes as

promissory note A promissory note, sometimes referred to as a note payable, is a legal instrument (more particularly, a financing instrument and a debt instrument), in which one party (the ''maker'' or ''issuer'') promises in writing to pay a determinate sum of ...

History

In March 1969 Richard issued notes called ''Banknotes of the Chief Treasury of Wales Limited''. These continued to be issued until June 1969. The

was uncomfortable with his use of the

Welsh Welsh may refer to: Related to Wales * Welsh, referring or related to Wales * Welsh language, a Brittonic Celtic language spoken in Wales * Welsh people People * Welsh (surname) * Sometimes used as a synonym for the ancient Britons (Celtic peop ...

word for "treasury" in the name of his company - ('Chief Treasury of Wales Ltd'), as it appeared to confer upon his endeavour the functions of state. The Board therefore imposed numerous restrictions on the denominations permitted, and refused to approve notes below the value of £5. The last issue of the Chief Treasury of Wales Ltd was a £1 million pound note.

The use of the Black Sheep

Williams was forced to change the name of his company in 1969 and he selected ("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 black sheep.

Operation of the currency

The earliest issues contained a phrase in Welsh that referred to the Chief Treasury of Wales Limited, so that anyone who had the old notes knew who would exchange them for new notes. The phrase in question is "", the company thus describing itself as "". Williams had to send his banknotes to the Inland Revenue at

Somerset House Somerset House is a large Neoclassical complex situated on the south side of the Strand in central London, overlooking the River Thames, just east of Waterloo Bridge. The Georgian era quadrangle was built on the site of a Tudor palace ("O ...

prior to issue; according to the law of the time, promissory notes each attracted a

stamp duty Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical revenu ...

payment by Williams of 2 d, 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.

Decimal currency issue

This issue was released into circulation as from the 15 February 1971. Williams ceased production of the notes and he was eventually declared bankrupt by Bangor

Crown Court The Crown Court is the court of first instance of England and Wales responsible for hearing all Indictable offence, indictable offences, some Hybrid offence, either way offences and appeals lied to it by the Magistrates' court, magistrates' court ...

in 1978.

References

External links

* *
Welshman Richard Williams and his Black Sheep Bank Notes
at coinbooks.org, published by Numismatic Bibliomania Society {{DEFAULTSORT:Banknotes Of The Black Sheep Company Of Wales Limited

Black Sheep In the English language, black sheep is an idiom that describes a member of a group who is different from the rest, especially a family member who does not fit in. The term stems from sheep whose fleece is colored black rather than the more comm ...