What does this mean?

[Suffolkgal]

I have a will from 1806 where the testator leaves his son "three thousand pounds four per centum bank annuities to be transferred unto him". 

Can any of you wise ones out there explain to me what that actually means?  I would be grateful for some help.

[Viktoria]

I wonder if it means £3,000 which were bank annuities which was getting 4% interest each year?

Viktoria.

[andrewalston]

Yes, the bank had promised 4% interest.

The son would have been well advised to keep hold of the bonds, because prices actually DROPPED by 3.8% in 1806!

[Kiltpin]

I think £120 a year in 1806 would be a nice income on top of whatever they were already earning. 

Regards 

Chas

[Viktoria]

Well £10 per month so £2-50 per week in today’s money, £2-10 shillings then but when a labourer’s wages were often as low as 9/- ie nine shillings a week — so less than 50p ,it was a goodly sum to have .
If he did not draw it then it added to the initial sum so interest would increase too.
Viktoria.
I think I have the maths correct, but if not corrections welcome.V.

[ColinBignell]

I think £120 a year in 1806 would be a nice income on top of whatever they were already earning. 

Regards 

Chas

Just under £14k in today's money.

[Suffolkgal]

Thank you everyone.  I was interested to hear about the drop in value as, soon after Thomas received this legacy, he married and his children's baptism entries recorded him as a 'Gentleman', then 'Stockbroker' then 'soap maker' then 'general labourer'.  Obviously my search went backwards so the man I was looking at went from labourer to gentleman and I wondered if I was looking at two families.  But it could make sense after reading andrewalston's post.  His brother also received a similar amount so I'll be interested to see how things worked out for him.  (The sisters received less - don't start me on that!!!)

[ColinBignell]

(The sisters received less - don't start me on that!!!)

Did either of them marry? This was an era when everything a woman owned became her husband's upon marriage and she lost all control or rights over it.

[Viktoria]

Yes ,even millionaires’ daughters had to hand it all over.
American millionaires’ daughters saved the British aristocracy when death duties depleted the coffers, Vanderbilt ,Rockerfella, they were married and all became the husband’s property.
Even Churchill’s mother Clementine Hosier, married to Lord Randolph  Churchill.
Viktoria.