One of Spalding’s rarest and oldest surviving banknotes, produced more than 200 years ago when Spalding printed its own money, is set to fetch at least £150at an auction.
The black and white one guinea note (£1.05p in modern money) was issued by the short-lived, ill-fated Spalding Bank on July 21,1802, shortly after the bank was founded that year.
Notes issued by the Spalding Bank are particularly rare because the bank was in business for only three years, from 1802 until 1805,the year it went bust, so it produced comparatively few notes.
Now, 215 years after it was issued, the Spalding one guinea note is up for sale and it is expected to sell for between £150 and £200 at Spink in London on Wednesday, May 3.
Spalding Bank was founded by father and son Thomas and Dickenson Jennings. The signature of Dickenson can be seen in the bottom right hande corner of the note.‘
Barnaby Faull, head of the banknotes department at Spink, said :“All towns and cities in England used to issue their own banknotes
“Merchants would get together and set up their own banks.But their notes – which were like IOUs – could only be used locally, so when many of these provincial banks went bust, as the Spalding Bank did, their notes became completely worthless.”
In his authoritative 520 page book, The Standard Catalogue of the Provincial Banknotes of England and Wales, published in 2010, author Roger Outing underlined the Spalding note’s rarity by saying that he had not seen a similar Spalding note .
The year, 1805, when Spalding Bank went bust was a particularly dramatic and eventful year because the Battle of Trafalgar and the death of Britain’s greatest naval hero, Lord Nelson, took place.
There was another privately-owned Spalding bank in the early 1800s.It was founded by Thomas Thorpe and Joseph Markillis and was in business in 1812-1813.
Dickenson Jennings – whose signature is on the Spalding banknote – was born in Spalding in 1772 and died in London in 1846.
In 1841, he was living with his daughters Matilda and Georgiana.
His father Thomas Jennings was born in Spalding and died there. Dickenson’s mother was Elizabeth Dickenson, which is perhaps how Dickenson acquired his name.