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Post Office Savings Bank
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Post Office Savings Bank
A coal carter opening an account with Her Majesty at the Post Office Savings Bank. In 1861 the Palmerston government set up the Post Office Savings Bank, a simple savings scheme which aimed to encourage ordinary wage earners to provide for themselves against adversity and ill health
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Media ID 4435827
© Mary Evans Picture Library 2015 - https://copyrighthub.org/s0/hub1/creation/maryevans/MaryEvansPictureID/10282230
Account Bank Banking Carter Clerk Coal Coalman Finance Financial Money Off Ice Opening Ordinary Saving Savings Worker
EDITORS COMMENTS
This evocative photograph captures a pivotal moment in the financial history of ordinary working people in Victorian England. In 1861, under the leadership of Prime Minister Lord Palmerston, the Post Office Savings Bank was established as a simple savings scheme to encourage wage earners to provide for themselves against adversity and ill health. The man in this image, dressed in the uniform of a coal carter, is opening an account at the Post Office Savings Bank. He is greeted by a clerk, who carefully records the details of his new account. The coal carter, with a coal sack slung over his shoulder and a determined look in his eyes, embodies the spirit of self-reliance and financial responsibility that the Post Office Savings Bank sought to foster. The Post Office Savings Bank was a groundbreaking institution in its time, offering an accessible and affordable way for working people to save money. The bank's popularity quickly grew, and by the end of the century, it had over 1.5 million depositors. This photograph is a testament to the importance of the Post Office Savings Bank in the lives of ordinary Victorians, providing them with a sense of financial security and independence. The enduring legacy of the Post Office Savings Bank can still be seen in modern-day savings institutions, which continue to offer affordable and accessible savings options to individuals and families.
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