This is a genuine cheque from a bank which no longer exists. At over 100 years old it is a lovely piece of Australian history and is in very nice condition for its age. The cheque is for the sum of 3 Pounds and 12 Shillings Sterling. It has the usual tellers spike holes. Very collectible and a charming piece of the old West.
Together with the 1907 cheque on offer here it makes a fabulous collectible from 2 consecutive years. All the more rare.
A cheque (or check in American English) is a document that orders a payment of money from a bank account. The person writing the cheque, the drawer, usually has a current account (most English speaking countries) or chequing/checking account (US; also, occasionally, Canada) where their money was previously deposited. The drawer writes the various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the drawee, to pay that person or company the amount of money stated.
Cheques are a type of bill of exchange and were developed as a way to make payments without the need to carry large amounts of money. While paper money evolved from promissory notes, another form of negotiable instrument, similar to cheques in that they were originally a written order to pay the given amount to whoever had it in their possession (the “bearer”).
Technically, a cheque is a negotiable instrument instructing a financial institution to pay a specific amount of a specific currency from a specified transactional account held in the drawer’s name with that institution. Both the drawer and payee may be natural persons or legal entities. Specifically, cheques are order instruments, and are not in general payable simply to the bearer (as bearer instruments are) but must be paid to the payee. In some countries, such as the US, the payee may endorse the cheque, allowing them to specify a third party to whom it should be paid.
Although forms of cheques have been in use since ancient times and at least since the 9th century, it was during the 20th century that cheques became a highly popular non-cash method for making payments and the usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked in or around the early 1990s. Since then cheque usage has fallen, being partly replaced by electronic payment systems. In an increasing number of countries cheques have either become a marginal payment system or have been completely phased out.
*All biographical details are taken from Wikipedia for education purposes only.
A Time In Australian History When:Alfred Deakin was Prime Minister
The world’s first surf lifesaving club is formed at Bondi Beach.
The first electric trams begin running in Melbourne from St Kilda to Brighton.
The town of Roma Queensland becomes the first town in Australia to be lit and powered by natural gas, however the gas reserve only lasts ten days.
The Australian Army Cadet Corps is formed.*All historical info taken from Wikipedia for educational purposes only