Banknotes of the Black Sheep Company of Wales Limited were private

sterling Sterling may refer to: Currency * The English penny, historically known as the ''sterling'' * Pound sterling, the currency of the United Kingdom * Sterling silver, a grade of silver Places United Kingdom * Stirling, a Scottish city whose al ...

banknotes issued between June 1969 and 1972 by the Welsh banker Richard Hugh 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 � ...

Wales Wales ( ) is a Countries of the United Kingdom, country that is part of the United Kingdom. It is bordered by the Irish Sea to the north and west, England to the England–Wales border, east, the Bristol Channel to the south, and the Celtic ...

. 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 Business and Trade. Its full title is The Lords of the Committee of the Privy Council appointed for the consideration of ...

. Although not official

legal tender Legal tender is a form of money that Standard of deferred payment, courts of law are required to recognize as satisfactory payment in court for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything ...

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, 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 ...

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 in the early 19th century by the

Aberystwyth and Tregaron Bank 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 thro ...

and which featured an picture 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 The Inland Revenue was, until April 2005, a department of the British Government responsible for the collection of direct taxation, including income tax, national insurance contributions, capital gains tax, inheritance tax, corporation ta ...

Somerset House Somerset House is a large neoclassical architecture, neoclassical building complex situated on the south side of the Strand, London, Strand in central London, overlooking the River Thames, just east of Waterloo Bridge. The Georgian era quadran ...

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). Historically, a ...

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 The Prince of Wales's feathers are the heraldic badge of the Prince of Wales, the heir to the British throne. The badge consists of three white ostrich feathers encircled by a gold coronet. A ribbon below the coronet bears the German motto (, ...

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 criminal trial court, court of first instance in England and Wales responsible for hearing all indictable offences, some Hybrid offence, either way offences and appeals of the decisions of magistrates' courts. It is ...

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 ...