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Rectangular paper 10 shilling promissory note privately issued by the Black Sheep Company of Wales, formerly the Chief Treasury of Wales Limited. The front of the note shows a line engraving by JW Ambrose adapted by Francis Llewellyn Traversi, a commercial artist from Llandudno; the reverse shows a colour illustration of Castell Caernarfon; the front of the note also has an embosed blue oval with the words: TWO PENCE stamped by the Inland Revenue, making the note legal tender.

This note was issued by Richard Williams of Llandudno. As a response to a debate concerning the establishment of a Bank of Wales in 1968, he registered a company called 'Prif Trysorfa Cymru Limited' with the Board of Trade, who where unaware that the translated name was 'Chief Treasury of Wales Limited'. The company issued payment orders similar to cheques complete with a magnetic ink strip. Promissory notes payable on demand were later issued that were stamped without question by the Board of Inland Revenue. Eventually after many loopholes, and much publicity the Board of Inland Revenue demanded that he change the name of his company. Mr Williams therfore changed it to 'Cwmni y Ddafad Ddu Limited' - the Welsh name of the last Welsh bank. More notes were issued up until about 1971. They were probably bought as souvenirs rather than redeemable banknotes, but serve as a reminder of Richard Williams' challenge to the British Government.