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Auction: 26066 - Historical Documents, Autographs and Ephemera
Lot: 1157

United Kingdom
Panic of 1866
May 1866 Two typed letters sent out to accountholders at the banks Overend, Gurney & Company, and Hallett, Ommanney & Company regarding the collapse of these banks preceding the Panic of 1866.

Overend, Gurney and Company had liabilities of £11 million (~£1.2 billion in 2026), but with only £4 million in assets, confidence was lost in the bank and a run on the bank ensued, causing them to suspend payments on the 10th May, the date of the letter in this lot.

This caused other banks, such as Hallett, Ommanney & Company to suffer a similar run on the bank due to the panic caused, leading to them suspending payments as well on the 15th May, the date of the letter in this lot. This letter is postally used with an address panel on the reverse, sent to a Captain E Buckland R.N living in Ireland.

Both banks were refused assistance from the Bank of England.

Excellent condition. (both 25 x 20cm)

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Estimate
£120 to £150

Starting price
£100