Description and research notes
Archival embossed proof prepared for the New South Wales Treasury in 1865, showing the crowned arms of the colony and the inscription 'ONE HALF PERCENT' surrounded by laurel wreaths. Produced on Cowan & Sons watermarked paper, this piece combines colourless embossing with printed blue 'Specimen' text and framing lines, representing the official presentation format used for fiscal die approval.
This proof belongs to the earliest generation of Australian government fiscal printing, created to authenticate legal documents and financial instruments before the widespread adoption of adhesive revenue stamps. The 'ONE HALF PERCENT' text designates a non-value ad valorem rate used for bonds and high-value contracts taxed by percentage rather than denomination.
Printed in London, likely by De La Rue & Co. for the Government of New South Wales, these embossed sheets served as reference examples of engraving quality and die alignment. Very few survive outside institutional archives, and almost none appear with the full blue layout markings and intact embossing.
Historically, such fiscal paper marks the technical and administrative foundation of Australia’s security printing tradition—its craftsmanship and paper standards directly influenced later colonial banknote issues engraved by the same firms. A rare surviving witness to the intersection of government finance, law, and early paper money technology.