A £5 note from the Leeds Bank has sold at the top of Spink's auction of the David Kirch Collection of English Provincial Banknotes Part IV: The North of England, which was held on July 17 in London.

Private banks in England were free to issue their own notes until the Bank Charter Act of 1844, though many continued to issue notes long after

The extremely rare note sold in good very fine condition for £1,450 ($2,199). Issued on July 15, 1891, the note's design was produced by Perkins Bacon, printers of the Penny Black.

The David Kirch Collection focuses on the notes issued by private banks in England.

The Bank Charter Act of 1844 gave the sole power to issue notes to the central Bank of England.

This rule only applied to new banks, or those that merged, enabling pre-existing banks, such as the Leeds Bank, to continue issuing money.