Gloucester Old Bank
Encyclopedia
The Gloucester Old Bank was founded in 1716 by James Wood. The bank was said to have been the oldest private bank in Britain, having survived the financial consequences of the Napoleonic Wars
when many other banks went out of business. The claim was wrong as both C. Hoare & Co
and Child & Co. were founded earlier, it was, however, one of the oldest banks in Britain in the nineteenth century. At some point in the nineteenth century the bank became the Gloucester City Old Bank.
, the famous Gloucester Miser.
The bank reached its apotheosis under Jemmy, whose practice was to offer no interest on deposits of less than one year. At that time, the whole bank was believed to have consisted of just Jemmy and two clerks. Counterfeit coins were nailed to the counter as a warning to customers not to try to pass them off on the bank.
that remained until the nineteenth century, and consisted of a counter within a larger draper's shop. The old building once occupied by the bank was subsequently replaced with a Victorian Gothic building and more recently with a new building. It is now occupied by a McDonalds restaurant.
Napoleonic Wars
The Napoleonic Wars were a series of wars declared against Napoleon's French Empire by opposing coalitions that ran from 1803 to 1815. As a continuation of the wars sparked by the French Revolution of 1789, they revolutionised European armies and played out on an unprecedented scale, mainly due to...
when many other banks went out of business. The claim was wrong as both C. Hoare & Co
C. Hoare & Co
C. Hoare & Co. is England's oldest privately owned banking house. Founded in 1672 by Sir Richard Hoare, C. Hoare & Co. remains family owned and is currently managed by the 11th generation of Hoare's direct descendants....
and Child & Co. were founded earlier, it was, however, one of the oldest banks in Britain in the nineteenth century. At some point in the nineteenth century the bank became the Gloucester City Old Bank.
Apotheosis
After the death of the first James Wood, the bank passed to his son Richard Wood and on his death in 1802 to James (Jemmy) WoodJemmy Wood
James Wood was the owner of the Gloucester Old Bank who became nationally known as The Gloucester Miser...
, the famous Gloucester Miser.
The bank reached its apotheosis under Jemmy, whose practice was to offer no interest on deposits of less than one year. At that time, the whole bank was believed to have consisted of just Jemmy and two clerks. Counterfeit coins were nailed to the counter as a warning to customers not to try to pass them off on the bank.
Premises
The bank premises were a medieval timber building at 22 Westgate Street, GloucesterWestgate, Gloucester
The Westgate area of Gloucester is centred on Westgate Street, one of the four main streets of Gloucester and one of the oldest parts of the city.-Notable buildings:...
that remained until the nineteenth century, and consisted of a counter within a larger draper's shop. The old building once occupied by the bank was subsequently replaced with a Victorian Gothic building and more recently with a new building. It is now occupied by a McDonalds restaurant.
Demise
The bank was taken over by the County of Gloucestershire Banking Company in 1838, which eventually became part of Lloyds Bank in 1897.Similar banks
The bank was just one of several small banks in Gloucester including the similarly named Gloucester Old Bank, and the Gloucester Bank which was owned by John Merrol Stephens. Many provincial British towns had their own banks in the eighteenth and nineteenth centuries but their notes were usually only good in their home town.Further reading
- Savory, Charles H. Life and Anecdotes of Jemmy Wood, the eccentric banker, merchant and draper, of Gloucester. Also an account of the remarkable trial with reference to his will.. London & Cirencester: Kent & Co., 1883.