Watch List notes:

CHINA--FOREIGN BANKS. Bank of Hindustan, China & Japan Limited. 50 Taels, ND (1860s). P-Unlisted. Remainder. PMG Very Fine 20.
Printed by B&C. Shanghai. Remainder. No. 903. Without signatures and date. Notes for this bank were printed in 1863, and are incredibly difficult to obtain today. All denominations are rare from this issuer, and are typically only found in remainder form. This will be the first time we have ever offered a note from this bank during our lengthy auction history, and it is sure to be hotly contested once the bidding begins. This Shanghai Branch note is a survivor from an iconic early era of what ultimately became China's economic metropolis. This iconic piece is perhaps one of few artifacts that may have circulated around The Bund during its beginning, and this offering gives collectors a unique chance to own a piece of that history.

The Bank of Hindustan, China & Japan Limited was in operation from 1863 to 1866. The headquarters was located on Lothbury street in London with branches in Calcutta, Bombay, Hong Kong, Shanghai, Manila, Singapore &c. The bank failed, like many others, during the international Panic of 1866. This short operating period leaves collectors with few surviving examples today, and we are confident that even the most advanced collections of Chinese paper money are missing notes from this issuer.

There is an interesting link between the Bank of Hindustan, China & Japan Limited and HSBC. The Hong Kong & Shanghai Bank Corporation archives department confirmed their first accountant & later manager, John Grigor, came from the Bank of Hindustan, China & Japan Limited. Grigor's role there was sub-manager as well as an accountant. HSBC was incorporated on August 14th, 1866, which is the same year the Bank of Hindustan, China & Japan Limited shut its doors. HSBC's archives had very limited information on the Bank of Hindustan, with other information being sourced from period documents (1860s-1900s) online.

The Panic of 1866 was caused by the collapse of Overend, Gurney and Company, which was a wholesale discount bank. At the time of liquidation, Overend, Gurney and Company owed 11 Million pounds (equivalent to 1,084 million pounds today). Overend, Gurney and Co. suspended payments on May 10th of 1866, after the Bank of England refused to assist the bank. After the suspension of payments, customers flocked to the bank to begin withdrawing money, which the bank was not able to pay out and went bankrupt the same day. In total, over 200 companies, including dozens of banks, failed during the panic. This was most likely the cause of the failure of the Bank of Hindustan, China & Japan Limited: a run was made on the bank by customers to withdraw deposits over fears of failure, which were not able to be paid out, forcing the institution to go bankrupt.

What we do know for certain is that this note is not only rare, but is one of very few surviving pieces from a tumultuous era, and one of the most passionately collected periods of numismatic history. This note appeals to collectors from multiple countries given the bank's far reaching financial arm prior to the crisis, and is one of the earlier Shanghai Branch pieces we have ever seen outside of specimen form. Unlisted notes like this transcend the typical collecting realms of banknotes, and fall into the museum caliber, treasure piece category of collectibles. While our estimate remains conservative, we mark this as a unique opportunity to own an ultra high caliber note that will likely fall into the hands of a tightly held, well-established collection for decades to come.

Estimate: $25000 - $50000