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Auction: 403 - World Banknotes at NY INC
Lot: 257

South Australian Banking Company, Australia, [TOP POP] Face proof 500 Pounds, Adelaide, ND (1847-67),
the South Australian Banking Company, founded in London in 1839 and established in Adelaide in 1840, was created to meet the economic demands of South Australia's rapidly expanding colony. Formed by British investors eager to invest in the growing Australian territories, the bank became a cornerstone institution in Adelaide, providing essential financial services for a colony brimming with agricultural and commercial potential.

During the 20 years period between 1847 till 1867, when this £500 note was likely issued, South Australia was undergoing significant development, spurred by agricultural expansion and the copper mining boom of the 1850s. The discovery of rich copper deposits in towns like Burra attracted substantial wealth and migration to the area, strengthening both the population and infrastructure. Banks such as the South Australian Banking Company were crucial in sustaining this growth by providing credit to farmers, businesses, and merchants, enabling them to capitalise on new opportunities in both local and international markets.

This face proof was created during the design approval process to allow the bank to review the note's layout and features before full production. These uniface proofs are rarely circulated and are kept as reference pieces, making them exceptionally rare and highly valued by collectors.

This £500 denomination was a considerable amount at the time, equivalent to nearly a decade's earnings for an average worker, who might earn between £30 and £50 annually. Such a high-value note would have been used only in large-scale transactions, like land purchases or major commercial investments, making it largely accessible to the colony's wealthier individuals or substantial enterprises.

The South Australian Banking Company played a fundamental role in stabilising the colony's economy by offering secure banking services, such as deposits, loans, and high-denomination notes for significant transactions. As a part of the British financial network, the bank connected South Australia with broader imperial markets, supporting investment and expansion within the region,

(Pick Unlisted), in PCGS holder 62 Uncirculated, previously mounted, the sole example of the type, so far graded by PCGS

Estimate
$200 to $300

Starting price
$140