Date: 1804

Silver Bank, Bray, for Alderman John Rose, 3 Shillings and 9 1/2 pence, 3 July 1804, serial number 546, James Grant signature, tear in body of note due to the embossed seal, staining, endorsements on reverse, a superb example of this incredibly rare not. Rose’s Silver Bank was located in Bray, Co Wicklow and the bank’s Dublin agent was Francis Castro, a grocer at 26 St. Andrew Street, according to Wilson’s Almanac for 1804.

• Bank registration records indicate that Alderman John Rose registered his bank location as Bray (County Wicklow) and on this note, Bray is mentioned to the left-hand-side of the date
  • This is the first example of a private banknote from Co Wicklow to be recorded
    • The Silver Bank at Bray operated from at least 28th June 1804 (earliest recorded note)
    • It is believed currently that the Silver Bank, Bray was closed around August 1804 with all debts being paid in full
• This denomination might seem a bit odd but it is, in fact, equivalent to 1/6th of a Guinea
  • This denomination was issued to compensate for the lack of silver coinage at that time; hence such notes were known as Silver Notes
  • It is also unusual insofar as there is only one director/partner listed on the note
    • John Rose was the sole proprietor
  • The then legal maximum for banks was 6 partners
    • This is why so many of the so-called ‘silver banks’ (like many other private banks of the time) were often under-capitalised, subject to instability… and failed!

The 1799 Act forbade banks within the city of Dublin from issuing small notes, those with a value of under 5 Pounds but banks outside the city, the so called country banks, were permitted to issue small notes. Because there was a chronic lack of small denomination coins in circulation at the time, there was a demand for small denomination notes with a value under 20 Shillings, in Dublin as well as the rest of the country.

• The two Silver Banks (the first one in Malahide, and then another in Bray, Co. Wicklow) were founded outside the city limits to address this lack of small denomination currency in north and south County Dublin
  • They produced notes for circulation in Dublin, but not issued in Dublin
  • Then, in 1804, Act (44 Geo. iii, c.91) declared all notes under 20 Shillings invalid
    • This resulted in the sudden withdrawal of all the ‘silver bank’ notes, and the orderly closure of the Silver Bank in Bray (which issued only small notes), i.e. all of the priivate notes were honoured and no one lost any money… unlike at Malahide!
      • Denominations recorded at Bray:
        • Series 1:
          • 2 shillings & twopence (equivalent to 2 English Shillings at the time) – payable in Dublin at 17 William St.
        • Series 2:
          • 3 shillings & 9½ pence – payable in Dublin at 26 St. Andrew’s St.
          • 6 shillings – payable in Dublin at 26 St. Andrew’s St.
          • 9 shillings – payable in Dublin at 26 St. Andrew’s St.

The Silver Bank at Bray appears to have been founded after the failure of the Malahide Silver Bank, sometime before 14 June 1804, and it can only have been in business for a few months before the change in law prohibiting the low denomination notes it issued led to its abrupt closure. There is some speculation as to whether or not these two silver banks has any operational links, e.g.

• Their Dublin agents were located in nearby Andrew Street, albeit at different numbers
  • Bray Silver Bank: 26 St. Andrew’s St. (Francis Castro, grocer)
  • Malahide Silver Bank: 10 St. Andrew St. (Mason and Thomas, ?)

Who was Alderman John Rose?

Alderman John Rose was a prominent figure in Dublin in the late 18th and early 19th centuries. He is known for founding The Silver Bank in Bray, which was entirely separate from the Malahide Silver Bank. The Silver Bank in Bray was John Rose’s sole partnership, and it operated from at least June 28, 1804.

• He also served as Lord Mayor of Dublin from 1787-88
• Watsons Almanack of 1783 lists John Rose as “Alderman and merchant” at 14 Andrew Street

There seems to be some debate about whether or not Alderman John Rose (Divisional Justice) and John Rose Baker (Money Treasurer) were the same person or not.

• Watson’s Almanac of 1809 provides the membership list of the Royal Dublin Society (RDS) and lists both John Rose Baker and Alderman John Rose as members
• This seems likely to confirms that they are different people, albeit they may have been closely related, e.g. cousins, or possibly father and son

Further Reading