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Bolton Bank £1 note
BY JANE LAVENDER - Bolton News
A BANK note —printed 150 years ago by the Bank of Bolton — is being put up for auction.
The black and white £1 bank note is expected to sell for between £500 and £600 when it goes under the hammer in London on April 25, 2012.
The Victorian note is emblazoned with the words "Bolton Bank", which printed money in the town.
Auctioneers say it is in "extremely fine" condition and features a rare engraving by Perkins, the firm which also printed Britain's first adhesive postage stamp, the Penny Black.
The engraving is dominated by Britannia and surrounded by maidens and cherubs symbolizing com-merce and the arts.
Although it is not dated, the note was produced sometime between 1846 and 1878 and shows the names of the bank's partners — John Hardcastle, James Cross, Peter Ormrod (see 112 below), Robert Barlow and Thomas Lever Rushton — in the bottom right hand corner.
Barnaby Faull, head of the banknotes department at auction house Spink, said: "This Bolton note is one of the rarer English provincial banknotes. All towns and cities in England used to issue their own ban-knotes in the late eighteenth and nineteenth centuries.
"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 their notes became completely worthless."
But the Bolton Bank was one of the few English provincial banks which did not go bust. It flourished for 60 years between 1818 until 1878, when it was taken over by the Manchester and Salford Bank, which in 1890 became the Williams Deacons and Manchester and Salford Bank Ltd. Then, in 1901, this became Williams Deacons Bank Ltd and then part of Williams & Glyn's Bank Ltd in 1970 before it was taken over in 1985 by the Royal Bank of Scotland.
Thomas Lever Rushton, whose name appears on the Bolton banknote coming up for sale, lived at West Bank, Little Bolton.
He and his wife, Harriet, had four children — Harriett, Thomas, Alice and Isabel.
In June, 2007, a similar Bolton Bank £1 note sold for £864