Rare Shetland Bank Note Adds its Worth to SMA Collection
Shetland Museum and Archives has today (19th September 2007) acquired an extremely rare banknote for its collections.
The banknote, which came up for sale from a private collection at Bonhams auctioneers in London, is thought to be one of the only five pound Shetland Bank notes in existence and is worth the equivalent of £340.00 in today’s money. Dating from the 1800’s, the note would have been worth a small fortune considering that an average weekly wage in those days would have been five shillings – equivalent to 25 pence nowadays.
Museum curator Tommy Watt says, “This is a once in a life time acquisition, the proverbial hen’s teeth. I had been hoping that a note from the Shetland Bank would turn up in my curatorial career. There are several one pound notes in existence, including one stuck in an album in the archives, but to my knowledge no one has heard of or even seen a £5 note, so this could be the only one in existence. Its also interesting that it’s a proof note, so maybe never even went into circulation”.
The Shetland Bank was formed in 1822 by Lerwick businessmen James Hay and Charles Ogilvy and only produced notes until 1828. It finally went bankrupt in 1842 causing long term social and economic effects for the whole of Shetland. Hay and Ogilvy established themselves as leading players in the development of Shetland’s economy during the early 19th century, principally through fishing and shipping activities. Following their collapse Hay slowly built up the business’s again under the name of Hay & Co, establishing himself principally again at Freefield and Scalloway.
Curator Tommy Watt adds “It’s interesting to speculate on the life story of this note. We do not know which collection it came from, but no doubt it would have been discussed down around Freefield, to return here 180 years later!”
It is planned that the Shetland Bank five pound note will first go on show as part of a recent acquisitions display in the Shetland Museum and Archives next year.