Planters' Bank, Kingston, Jamaica 1837-1851

                Planters Bank 1 Pound Sterling note undated and unsigned (An unissued example).

In 1839 a group of wealthy Jamaican Planters established the Planters Bank with its primary objective to cater for the needs of the sugar planters. An editorial in the Falmouth Post of April 16th, 1840 gives an insight into the currency Problem. 

Planters Bank 1 Pound showing the reverse of the above note (Undated Remainder)

  ........."In the Absence of specie, the small notes issued by the Planters Bank have been most serviceable in enabling the proprietor in paying his labourer's from one end of the Island to the other. The "Blue Note" is known and valued and it has taken the place of the Government Island Check now being called in, and when the period shall arrive that these notes are redeemable in specie, they of course will be more valued as being equal in value to specie.                                                                                    

The Planters' Bank stepped in at a, moment of peculiar difficulty. The Bank of Jamaica are wisely withdrawing from circulation an over issue of paper which would have proved most troublesome when specie payments were demanded. The Receiver-General had been directed to withdraw by degrees, the lsland Checks. The Colonial Bank had, as yet, been unable to issue, as we said before from the horrible system of banking which had been tolerated in this island and we have no hesitation in saying that but for the Planters' Bank, the general distress in carrying on the agriculture of the island would have been much greater."..............

Planters' Bank 1 Pound unused remainder (Private Collection)

As economic conditions deteriorated a committee from the Planters Bank in 1848 approached the Jamaican Government for a 40,000.00 pound loan which was declined. It was necessary for the bank to close and its payment on its currency notes were stopped in August of 1848 and closed with its asset absorbed by The Colonial Bank in 1851.

 


PLANTERS' BANK

Joint Stock, under a Deed of Settlement
Directors shown for the year 1851
Chairman: Richard James Cade Hitchins
Vice chairmen: John Gordon, Wiliam Titley, Robert Taylor, Andrew Scott, A. G. Dignum, Andrew Simpson
Secretary: P. A. Espeut
General Clerk: William Arnold

Planters' Bank 3 Pounds dated January 10, 1842 ( Bank of Jamaica Collection)

Planters Bank 3 Pound Sterling note manually dated and signed. This is one of only two banknotes from Planters Bank with signatures and date. The other note is a blue 1 pound ( a really tattered piece) 1844 which is in the collection of W. Barrett, Montreal Canada. Extremely Rare!!!
 



Note: This Bank in 1851 has been compelled to suspend operations, and it is generally believed will not resume business.The affairs of the Bank are being wound up by the Secretary and Directors.

 
Historic Jamaica