Waterlow and Sons
| Former type | Private Limited Company |
|---|---|
| Industry | Secure printing |
| Fate | Acquired (1961), Dissolved (2009) |
| Successor(s) | De La Rue |
| Founded | 1897 |
| Defunct | 2009 |
| Headquarters | UK |
| Products | Banknotes |
The Waterlow and Sons Limited was a major worldwide engraver of currency, postage stamps, stocks and bond certificates established in 1897,[1] in England.
Contents |
[edit] Portuguese Bank Note Crisis
Waterlow's was involved in the Portuguese Bank Note Crisis of 1925. The Banco de Portugal sued Waterlow & Sons in the High Court in London because of counterfeiting. In one of the most complex trials in legal history, the case was finally settled in favour of the Bank in 1932.[2]
[edit] Bank of England banknotes
In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the ability of other banks to issues notes was restricted.
On 22 November 1928 the Bank issued notes for ten shillings and one pound for the first time when the Bank took over responsibility for these denominations from the Treasury which had issued notes of these denominations three days after the declaration of war in 1914 in order to remove gold coins from circulation. The treasury bills had been printed by Waterlows, and the loss of the contract contributed to the closure of Waterlow's operations at Milton Street in Watford.[3]
[edit] De La Rue ownership
Waterlow's was acquired by Purnell and Sons in 1961, but Purnell sold Waterlow's segment that printed banknotes, postage stamps, traveler's checks, and bonds to De La Rue soon after.[4]
In 2003 De La Rue acquired the banknote printing operations of the Bank of England,[5] 75 years after Waterlow's had lost the business.
Waterlow and Sons Ltd was dissolved in January 2009.[1]
[edit] References
- ^ a b CompaniesHouse.gov.uk Web Check, Co Reg #00054337
- ^ Wigan, Henry (February 2004). "The Effects Of The 1925 Portuguese Bank Note Crisis". Department of Economic History, London School of Economics. http://www.lse.ac.uk/collections/economicHistory/pdf/WP8204.pdf. Retrieved 2009-03-26.
- ^ Nunn, JB (1987). The Book of Watford. Watford: Pageprint (Watford) Ltd. ISBN 0951177710. p171
- ^ Bloom, Murray Teigh (1966). The Man Who Stole Portugal. New York: Charles Scribner's Sons.
- ^ Bank of England: Sale of Bank Note Printing Operations
