Catalog
10 Dollars
| Issuer | Chartered Mercantile Bank of India, London & China |
|---|---|
| Year | 1858 |
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| Currency | Dollar (1858-date) |
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| Obverse description | The obverse is engraved in a classical 19th-century intaglio style on laid paper with an ornate guilloche border. A central vignette depicts Britannia seated with a trident and shield beside bales of trade goods, with a palm tree and harbour scene in the background, flanked by TEN denomination numerals at upper left and right. The text body carries a promise-to-pay clause in script lettering, with manuscript fields for place, date, number, and three signature lines designated Cashier, Account, and Manager. |
|---|---|
| Obverse lettering | HONG KONG BRANCH TEN No HONG KONG, THE MERCANTILE BANK of INDIA, LONDON & CHINA Promises to pay the Bearer on demand at its Office here TEN DOLLARS or the equivalent, in the Currency of the Island. Value received. By order of the Directors. Cash. ACCOUNT. MANAGER |
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| Comments |
The Chartered Mercantile Bank of India, London and China received its royal charter in 1853, making this 1858 note among the earliest issues of a relatively young institution still establishing its branch network across the treaty ports. The bank was a direct competitor to the better-capitalized Oriental Bank Corporation and Chartered Bank of India, Australia and China — all three were fighting for the same Hong Kong and Shanghai trade finance business in the same decade.
Notes of this series are exceptionally rare in any condition. The bank's Eastern branches held large reserves in bullion rather than circulating paper freely, which suppressed issue volumes from the outset.