1860年代利生銀行伍拾兩。庫存票。B&C 印刷。上海地名。库存票。编号 903。无签名及日期。印刷於 1863 年，如今颇难遇见的一张。此发行商所有面值均罕见，多是库存票。我们悠久的拍卖史中首次经手，必定掀起炙热竞争。这张上海分行钞票标誌著上海於早期已成為中国的经济枢纽，可能属外滩发展初期存世极罕的文物之一，歷史意义非凡，藏家不容错过。利生银行开业於 1863 年。其总部位於伦敦的 Lothbury 街，在加尔各答、孟买、香港、上海、马尼拉、新加坡等地设有分行。就如大多银行，於 1866 年国际性恐慌下倒闭。其短暂的营业导致存世品少。相信就算是资深中国纸钞集藏亦未收藏此发行商。利生银行与现今的香港上海汇丰银行之间的连繫饶有趣味。汇丰银行档案部证实，当时聘请的首位会计师（及后晋升為经理）的John Grigor曾在利生银行工作。汇丰银行成立於 1866 年 8 月 14 日，同年利生银行倒闭。汇丰银行的档案中关於利生银行的信息绝无仅存，其他资讯均出自网路留存的文件（1860 年代至 1900 年代）。1866 年的国际性恐慌是由贴现银行 Overend, Gurney and Company 的倒闭引起的。
在清算时，Overend, Gurney and Company 欠债 1100 万英镑（相当於今天的 10.84 亿英镑）。 Overend, Gurney and Co. 於 1866 年 5 月 10 日因為英格兰银行拒绝提供援助，暂停付款。及后，客户蜂拥至银行提款，银行无法支付，并於当天宣告破產。总共有 200 多家公司，包括数十家银行，在恐慌中倒闭。这很可能是利生银行倒闭的原因：客户因担心倒闭而出现挤提，银行无法支付，迫使机构不得不宣告破產。
CHINA--FOREIGN BANKS. Bank of Hindustan, China & Japan Limited. 50 Taels, ND (1860s). P-Unlisted. Remainder. PMG Very Fine 20.Printed by B&C. Shanghai. Remainder. No. 903. Without signatures and date. Notes for this bank were printed in 1863, and are incredibly difficult to obtain today. All denominations are rare from this issuer, and are typically only found in remainder form. This will be the first time we have ever offered a note from this bank during our lengthy auction history, and it is sure to be hotly contested once the bidding begins. This Shanghai Branch note is a survivor from an iconic early era of what ultimately became Chinas economic metropolis. This iconic piece is perhaps one of few artifacts that may have circulated around The Bund during its beginning, and this offering gives collectors a unique chance to own a piece of that history. The Bank of Hindustan, China & Japan Limited was in operation from 1863 to 1866. The headquarters was located on Lothbury street in London with branches in Calcutta, Bombay, Hong Kong, Shanghai, Manila, Singapore &c. The bank failed, like many others, during the international Panic of 1866. This short operating period leaves collectors with few surviving examples today, and we are confident that even the most advanced collections of Chinese paper money are missing notes from this issuer.There is an interesting link between the Bank of Hindustan, China & Japan Limited and HSBC. The Hong Kong & Shanghai Bank Corporation archives department confirmed their first accountant & later manager, John Grigor, came from the Bank of Hindustan, China & Japan Limited. Grigors role there was sub-manager as well as an accountant. HSBC was incorporated on August 14th, 1866, which is the same year the Bank of Hindustan, China & Japan Limited shut its doors. HSBCs archives had very limited information on the Bank of Hindustan, with other information being sourced from period documents (1860s-1900s) online.The Panic of 1866 was caused by the collapse of Overend, Gurney and Company, which was a wholesale discount bank. At the time of liquidation, Overend, Gurney and Company owed 11 Million pounds (equivalent to 1,084 million pounds today). Overend, Gurney and Co. suspended payments on May 10th of 1866, after the Bank of England refused to assist the bank. After the suspension of payments, customers flocked to the bank to begin withdrawing money, which the bank was not able to pay out and went bankrupt the same day. In total, over 200 companies, including dozens of banks, failed during the panic. This was most likely the cause of the failure of the Bank of Hindustan, China & Japan Limited: a run was made on the bank by customers to withdraw deposits over fears of failure, which were not able to be paid out, forcing the institution to go bankrupt.What we do know for certain is that this note is not only rare, but is one of very few surviving pieces from a tumultuous era, and one of the most passionately collected periods of numismatic history. This note appeals to collectors from multiple countries given the banks far reaching financial arm prior to the crisis, and is one of the earlier Shanghai Branch pieces we have ever seen outside of specimen form. Unlisted notes like this transcend the typical collecting realms of banknotes, and fall into the museum caliber, treasure piece category of collectibles. While our estimate remains conservative, we mark this as a unique opportunity to own an ultra high caliber note that will likely fall into the hands of a tightly held, well-established collection for decades to come.