The Years of Expansion: The Paper Money of Colonial New South Wales
The chronic shortage of circulating coinage within the Colony in its early years, led to it being supplemented by a prolific issue of paper money in various forms by both Government and private issuers. This paper currency ranged form notes for very large sums of money to a few pence. At first this currency was in the form of hand written orders, drafts, promissory notes etc., but by the early years of the 19th Century these notes were frequently in a printed form. Many of the minor private issuers lacked the resources to meet their financial commitments, and promissory notes in this category were rarely received by any other party at face value, and were usually discounted. They were often referred to contemptuously as Â?shin plastersÂ?. Currency notes issued by established business houses and after 1817, bank notes, were usually received at face value and not subject to discounting; provided that the solvency of the issuer was not in doubt. Some examples of paper money of various types which circulated in New South Wales in the early colonial period, are displayed.

From Sydney Mint Museum label written by curator, Major HP (Pat) Boland, c1982

Paper Money (3), Australia. Promissory notes, Bathurst Bank, 1 pound each (1 Jan 1840, 1 Jan 1840, 1 Aug 1839).(SB).

Made: 1839

H1686

1839