Smith, Payne & Smiths was established as a private bank in the City of London in 1758, originally with the name of Smith & Payne. The founding partners were Abel Smith II, senior partner of Abel Smith & Sons bankers of Nottingham, and John Payne, a London merchant and linen draper who was chairman of the East India Co.
John Payne died in 1764 and was succeeded by his son Rene Payne. The bank was styled Smith, Payne & Smith from 1773 to 1783; Smith, Payne, Smith & Payne from 1783 to 1785; and Smith, Payne & Smiths from 1785.
In 1799 the Payne family withdrew and ownership of the business passed entirely to the Smith family.
In 1837 new premises were built for Smith, Payne & Smiths in Lombard Street.
In 1902 the bank merged with Union Bank of London Ltd. to form Union of London & Smiths Bank Ltd.
In 1924 the bank’s name was shortened to National Provincial Bank Ltd.
Smith, Payne & Smiths overprints are most commonly found on the Queen Victoria and King Edward VII Foreign Bill stamps – note the thinner font on the Edward VII stamps.