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The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
Main articles: Banknotes of the pound sterling and Bank of England note issues. Note: The description of banknotes given here relates to notes issued by the Bank of England. Three banks in Scotland and four banks in Northern Ireland also issue notes, in some or all of the denominations: £1, £5, £10, £20, £50, £100.
The pound sterling banknotes in current circulation consist of Series G Bank of England notes in denominations of £5, £10, £20 and £50. The obverse of these banknotes issued through 4 June 2024 feature the portrait of Elizabeth II originally introduced in 1990.
The Bank of England £1 note was a sterling banknote. After the ten shilling note was withdrawn in 1970, it became the smallest denomination note issued by the Bank of England . The one pound note was issued by the Bank of England for the first time in 1797 and continued to be printed until 1984.
A new design for 10/– notes was introduced in 1961, with the old notes ceasing to be legal tender in 1962. These new series C notes were slightly longer and narrower, and were the first 10/– notes with a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. [1]
[n 1] Each note bore an alphanumeric serial designation and the signature of the Chief Cashier of the Bank of England. [5] Prior to the release of any notes by the Bank of England, all serial numbers were recorded in ledgers so the bank could verify its liabilities; these numbers were checked when the notes circulated back through the bank. [6 ...
The Bank Charter Act 1844 tied the issue of notes to the gold reserves and gave the Bank of England sole rights with regard to the issue of banknotes in England. Private banks that had previously had that right retained it, provided that their headquarters were outside London and that they deposited security against the notes that they issued ...
The Bank Restriction Act 1797 (37 Geo. 3. c. 45) was an Act of the Parliament of Great Britain which removed the requirement for the Bank of England to convert banknotes into gold. The period lasted until 1821, when convertibility was restored. The period between these two dates is known as the Restriction period.