AN OLD £5 note from Bury St Edmunds may fetch up to £600 at auction.
The black and white Victorian fiver is emblazoned ‘Bury & Suffolk Bank’, who produced it in the 1850s.
It is expected to sell for between £400 and £600 at the London auctioneers Spink on April 13. Spink says the note is rare and is in ‘good extremely fine’ condition. A Stowmarket Bank £5 note, from 1839, is likely to fetch £150 to £200.
Bury and Suffolk Bank was founded in 1829 by West Suffolk businessmen James Oakes, Robert Bevan and David Hanbury. In 1830 they launched Stowmarket Bank with George Moor and a Mr Prentice.
Barnaby Faull, head of banknotes at Spink, said: “All towns and cities in Britain used to issue their own banknotes.Merchants would start their own banks, but their notes, which were like IOUs, could only be used locally so when provincial banks went bust their notes became worthless.”
The Bury and Stowmarket banks survived to be taken over in 1900 by the Capital and Counties Bank, which was taken over by Lloyds Bank in 1918.