The

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

officially known as the Aberystwith and Tregaron Bank was established at

Aberystwyth Aberystwyth (; ) is a University town, university and seaside town and a community (Wales), community in Ceredigion, Wales. It is the largest town in Ceredigion and from Aberaeron, the county's other administrative centre. In 2021, the popula ...

Cardiganshire Ceredigion (), historically Cardiganshire (, ), is a county in the west of Wales. It borders Gwynedd across the Dyfi estuary to the north, Powys to the east, Carmarthenshire and Pembrokeshire to the south, and the Irish Sea to the west. Ab ...

in the beginning of the 19th century and was locally known as ‘Banc y Ddafad Ddu’, because the

bank note A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commer ...

s were imprinted with an engraving of a black

sheep Sheep (: sheep) or domestic sheep (''Ovis aries'') are a domesticated, ruminant mammal typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus '' Ovis'', in everyday usage it almost always refers to d ...

. The bank later established a branch at

Tregaron Tregaron ( "town of St Caron") is an ancient market town in Ceredigion, Wales. It is sited astride the River Brenig, a tributary of the River Teifi, and is north-east of Lampeter. According to the United Kingdom Census 2011, 2011 Census, the po ...

. In the 1960s and 1970s the bank's notes inspired a Mr Richard Williams to imitate them.

Banknotes

The notes were issued for ten

shilling The shilling is a historical coin, and the name of a unit of modern currency, currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 1 ...

s, £1, £2 and up to £10. The number of sheep on the

engraving Engraving is the practice of incising a design on a hard, usually flat surface by cutting grooves into it with a Burin (engraving), burin. The result may be a decorated object in itself, as when silver, gold, steel, or Glass engraving, glass ar ...

corresponded to the number of pounds represented by the bank note, though the £5 and £10 notes bore respectively one ram and two rams. The ten shilling note had an illustration of a lamb.Ceredigion County Council, Museum Collection
Retrieved 2009-09-03 The earliest note appears to have been issued on 1 October 1810 and bears the signature of William Davies on behalf of Evans, Jones, Davies & Co. A number of notes have been preserved signed either by John Evans or by William Davies. The notes are all dated within the period 1810 to 1814.Early Banks in West Wales, by Francis Green (in West Wales Historical Records, The Annual Magazine of

The Historical Society of West Wales ''The'' is a grammatical article in English, denoting nouns that are already or about to be mentioned, under discussion, implied or otherwise presumed familiar to listeners, readers, or speakers. It is the definite article in English. ''The'' ...

, Volume VI, edited by Francis Green, Printed by W. Spurrell & Son, 1916) Original Black Sheep bank notes are held by the British Museumhttp://www.worldtimelines.org.uk/world/british_isles/wales/AD1750-1900/TheDroversRoads Retrieved 5 September 2009 and

Ceredigion Museum Ceredigion Museum () is a museum in Aberystwyth, Ceredigion, Wales. Location Ceredigion Museum is located at the Coliseum, Terrace Road, Aberystwyth. It is housed in a restored Edwardian theatre and is managed by Ceredigion County Council. Hi ...

Llanidloes Llanidloes () is a town and community on the A470 and B4518 roads in Powys, within the historic county boundaries of Montgomeryshire (), Wales. The population in 2011 was 2,929, of whom 15% could speak Welsh. It is the third largest settleme ...

Museum holds original promissory notes issued by the Bank.Gathering the Jewels, The Web Site for Welsh Heritage and Culture
Retrieved 2009-09-03

Members of the bank

The members of the bank were John Evans of Penygraig, Aberystwyth, Joseph Jones and William Davies, and their

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

agents at that date were Veres, Smart, Baron & Co.

Tregaron branch

The bank opened a branch in Tregaron in 1810, as a result of the thriving local economy based on wool, droving, agriculture, and supporting businesses, such as blacksmiths and public houses.

Liquidation

The bank was in trouble by 1811, as an advert in the Carmarthen Journal recorded: Evans, Jones, Davies and Co, Bankers of the Aberystwith and Tregaron Bank beg leave to inform the public that their bank has been open for business since its commencement and will continue so, notwithstanding an attempt lately made to injure it by inveterate enemies." In 1815 it went into liquidation. "Aberystwyth Old Bank. Messrs Jones, Davies and Williams beg to inform the public that the dissolution of their form has taken place by mutual consent, and they will feel obliged by the holders of their local notes sending them for payment to their Banking house, at Aberystwyith and those made payable in London to the House of Sir James Esdaile and Co. Aberystwyth Old bank, August 10, 1815." Debts were still due to the bank in 1820. "Aberystwith and Tregaron Bank. Evans, Jones and Davies Bankruptcy (public notice). Any debts to the above to be paid by 1 November 1820 to William Leyburn of Aberystwyth or Thomas Jones, ropemaker."Carmarthen Journal, 22.9.1820 A number of notes bear a

memorandum A memorandum (: memorandums or memoranda; from the Latin ''memorandum'', "(that) which is to be remembered"), also known as a briefing note, is a Writing, written message that is typically used in a professional setting. Commonly abbreviation, ...

stamped across the face of the note stating that they had been exhibited before G. Bonsall under a commission of

bankruptcy Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the deb ...

against the firm, and that a first dividend of 6s. 8d. in the £ had been paid. The memorandum does not bear a date, but it appears that no other dividend was received by the owners of the notes.

Imitation

During the late 1960s and early 1970s, Richard Williams of

Llandudno Llandudno (, ) is a seaside resort, town and community (Wales), community in Conwy County Borough, Wales, located on the Creuddyn peninsula, which protrudes into the Irish Sea. In the 2021 United Kingdom census, 2021 UK census, the community � ...

issued private banknotes which bore a 2d (2 "old" pence) duty stamp, which he paid for. This meant, in his view, that the notes were "officially" recognised.http://www.banknotes4u.co.uk/wales.htm Retrieved 2009-09-03 The first issues were made by "y Prif Trysorfa icCymru Cyfyngedig" ("the Chief easury of Wales Ltd"), and the significance of this company name appears to have been overlooked initially by the Stamp Office, as the notes were written in

Welsh Welsh may refer to: Related to Wales * Welsh, of or about Wales * Welsh language, spoken in Wales * Welsh people, an ethnic group native to Wales Places * Welsh, Arkansas, U.S. * Welsh, Louisiana, U.S. * Welsh, Ohio, U.S. * Welsh Basin, during t ...

. It is unlikely that the notes would have been officially stamped – or even that registration of such a company name would have been allowed – if this had been recognised. When officials demanded that the company name be changed, Williams changed it to "Cwmni y Ddafad Ddu Gymreig Cyfyngedig" (the "Welsh Black Sheep Company Ltd"), a name inspired by the bank note issues of the Aberystwyth & Tregaron Bank. Again, it seems that the Stamp Office was unaware of this historical precedent and the significance of the name. They duly officially stamped these issues also.

Other Aberystwyth banks

Other Aberystwyth banks include

Bank Y Llong Bank y Llong (Ship Bank) (officially known as the and Cardiganshire Bank) was a Welsh bank. It got its name from an engraving of a ship decorating its bank notes (Llong means "ship" in the Welsh language). It was probably the first bank in Abery ...

and Aberystwyth Provident Bank for Savings, both had branches on Bridge Street, Aberystwyth.

References

External links

Ceredigion County Council, Museum Collection

Archives Wales, National Library of Wales, Glan Paith Papers

World Time Lines, The Drovers' Roads

Aberystwyth Guide
{{DEFAULTSORT:Aberystwyth And Tregaron Bank History of Wales Defunct banks of Wales Banks established in 1810 Banks disestablished in 1815 Companies based in Ceredigion Former banknote issuers of the United Kingdom 1815 disestablishments in Wales 1810 establishments in Wales British companies established in 1810