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The E-Sylum:  Volume 11, Number 15, April 13, 2008, Article 25

WOULD WALES WELCOME A WELSH BANKNOTE?

[A Welsh publication article discusses a movement to
reintroduce banknotes in Wales. -Editor]

THE reintroduction of Welsh banknotes would provide a national
morale boost and help kick-start the expansion of a home-grown
financial sector, according to a Plaid Cymru parliamentary
candidate.

Steffan Lewis, who will be standing in Islwyn at the next
general election, says bringing back Welsh notes after a gap
of 100 years would provide a further reason for pride after
the rugby Grand Slam and Cardiff City's success in reaching
the FA Cup final.

The last Welsh banknotes were withdrawn in 1908 when the
North & South Wales Bank was taken over by Midland Bank
(now HSBC).

Yet Scotland still has its own notes issued by three separate
banks, while in Northern Ireland four banks, including some
with headquarters in the Republic of Ireland, put out their
own paper currency.

The Bank Charter Act 1844 prohibited the issuing of new
banknotes in England and Wales and further legislated that
any bank subject to takeover would lose its note-issuing
right. In 1908 the North & South Wales Bank was acquired by
Midland Bank, and its banknotes were consequently withdrawn
from circulation.

To read the complete article, see:
Full Story

  Wayne Homren, Editor

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