Legal Definitions - coal note

A coal note is a type of promissory note that was written according to a statute that required payment for coal out of any vessel in the port of London to be in cash or by promissory note containing the words “value received in coal.” Noncompliance with the statute resulted in a fine of £100.

For example, if a ship carrying coal arrived at the port of London, the owner of the coal would have to be paid in cash or by a promissory note that stated the value received in coal. If the payment was not made in this way, the person responsible would be fined £100.

This type of note is an example of a specific type of promissory note that was used in a particular time and place. It illustrates how laws and regulations can influence the way that financial transactions are conducted.