Private Colonial Banknotes The Federal Bank of Australia Limited

Year(s)Denomination(s)
1882-93£50, £20, £10, £5, £1

Notes:

The Federal Bank of Australia Limited was established in Melbourne in 1881 and opened for business in April, 1882. Initially successful, the company widened operations to New South Wales by absorbing the Sydney and Country Bank Limited in 1882. Banknotes were issued at branches in Melbourne, Sydney and Adelaide.

The bank had strong associations with a number of speculative land companies which became insolvent when the economy turned down in the early 1890's. A run on deposits forced the bank to suspend payments in 1893. The bank's financial positition was so poor that reconstruction was not viable and so the company was liquidated.

Apart from the name, the banknote issues were identical in design to those of the Australian and European Bank Limited.

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