Description and research notes
A superb Bradbury, Wilkinson & Co. specimen from the early colonial banking era, this £1 note for the Mercantile Bank of Sydney survives today as the only documented example of its type. Certified PMG 66 EPQ Gem Uncirculated and recorded as Pop 1, it represents a unique surviving specimen of a private Australian bank whose issues rarely appear in any form. The same piece is known to have appeared once in a past Christie’s sale prior to encapsulation, making this the sole confirmed survivor based on all available auction, census, and institutional research.
Produced in London by Bradbury, Wilkinson & Co., the note displays the firm’s finely controlled intaglio characteristic of the 1870s: geometric borders, elaborate guilloches, and a bold typographic layout. The large red overprint “ONE” identifies it as an internal specimen, intended for reference or approval rather than circulation. Its pristine surfaces, confirmed by PMG’s Exceptional Paper Quality designation, reflect its archival preservation and the superior paper stock used for BWC’s specimen and proof work.
The Mercantile Bank of Sydney operated within Australia’s competitive pre-Federation private-bank system, where banks issued their own notes prior to the consolidation of authority under the Commonwealth in the early 20th century. Specimens from these institutions are extremely scarce, as most were kept in printer archives, lost through mergers, or destroyed when financial regulations tightened. No other examples of this £1 specimen have been found in PMG records, major Australian or international auction archives, or institutional collections.
As the only confirmed specimen of this design and now graded at the highest possible level (PMG 66 EPQ Pop 1), this note serves as the definitive reference for the Mercantile Bank of Sydney’s unlisted £1 issue. Its rarity is absolute: a single recorded survivor, establishing an R9 classification under documented-population criteria. It stands among the most important early Australian private-bank specimens preserved in private hands.