Richard Williams and the Black Sheep Company: A Bold Chapter in Welsh Numismatic History

In the late 1960s and early 1970s, a distinctive and controversial experiment in private currency captured the imagination of collectors and stirred debate across Wales and beyond. At the centre of this story was Richard Hugh Williams, a Welsh banker whose ambition and ingenuity led to the creation of the Banknotes of the Black Sheep Company of Wales Limited — an initiative that revived a historic name while challenging contemporary banking norms.

Picture reproduced from the book 'Money Galore - The Story of the Welsh Pound' by Ivor Wynne Jones, 2004

Early Life and Motivation

Richard Williams was a Welsh banker from Llandudno, North Wales, with long experience in the financial industry and an Associate of the Institute of Bankers. His interest in currency and banking was spurred by a broader discussion around Welsh economic identity in the late 1960s — including debates about establishing a distinct Bank of Wales to promote local trade and industry.

Rather than waiting for official reforms, Williams chose a more direct route: he set out to issue his own sterling banknotes. Although private banknotes had once been common in Britain’s past, by this time the Bank of England held a near-monopoly on note issuance in England and Wales. Williams’s endeavour would become both a tribute to historical practice and a provocative commentary on modern banking.

The Birth of a Private Currency

In March 1969, Williams registered a company under the Welsh name Prif Trysorfa Cymru Limited, which translates to Chief Treasury of Wales Limited. Under this title, he began issuing promissory notes — essentially private sterling banknotes — that were payable on demand and intended to function similarly to other notes circulating in parts of the British Isles.

However, the use of the term Chief Treasury drew swift attention from the Board of Trade. Officials were uncomfortable with a private venture implying institutional authority akin to a national treasury, and they imposed restrictions on Williams’s denomination levels and branding. In particular, the Board refused to approve notes below the value of £5 under the original name, limiting how the currency could be presented.

Adopting the Black Sheep Identity

Faced with regulatory pressure to rebrand, Williams chose a new corporate identity that resonated with Welsh economic heritage. He named the company Cwmni y Ddafad Ddu Gymreig Cyfyngedig, or Welsh Black Sheep Company Limited, in homage to the Aberystwyth and Tregaron Bank — an early 19th-century Welsh bank whose notes featured images of black sheep. These notes had earned that earlier institution the nickname The Black Sheep Company, a colourful legacy Williams wanted to evoke.

Under this new name, Williams’s notes were approved by the Board of Trade for issue. Like traditional promissory notes, they were not legal tender in Wales — meaning they were not official currency guaranteed by the state — but they carried a status similar to Scottish and Northern Irish notes, which circulate on confidence and backing rather than legal compulsion.

Design, Approval, and Circulation

Williams took careful steps to comply with existing regulations. All notes had to be sent to the Inland Revenue prior to issue and stamped with a duty of two old pence (“two pence” duty stamp), which added an element of official paperwork to the process. The designs of the notes featured Welsh imagery — such as castles and the iconic black sheep — combining artistic appeal with cultural symbolism.

Although the notes were technically redeemable, they were widely understood to be more prized as souvenirs or collectors’ items than as everyday money. Enthusiasts and numismatists took particular interest in the Welsh-language inscriptions and unique historical associations.

Legacy and Aftermath

The Black Sheep Company’s notes were issued from June 1969 until around 1972. They represented a unique blend of cultural pride, financial curiosity, and entrepreneurial audacity. However, the venture ultimately did not sustain commercial success, and in 1978, Williams was declared bankrupt by Bangor Crown Court.

Despite its relatively brief life, the story of Richard Williams and his Black Sheep notes remains an intriguing footnote in Welsh economic history. The notes themselves are now collector’s items, sought after for their distinct design and the eccentric tale behind their creation. They stand as a reminder of a moment when one Welsh banker took an imaginative leap into the world of private currency — one that continues to fascinate historians and collectors alike.