Contact Us: 061 440 7091
The Future is Tech

When Did Pound Notes Stop Being Legal Tender

One-pound notes were first introduced by the Bank of England in 1797 after gold shortages caused by the French Wars of the Revolution. The first notes were handwritten and given to individuals when needed. These notes were written on a single page and bore the name of the beneficiary, the date and the signature of the issuing cashier. Between 1797 and 1821, the bullion shortage meant that banks did not exchange banknotes for gold, but after the end of the Napoleonic Wars, the shortage was eased so that banknotes could be exchanged for an equivalent amount of gold when presented to the bank. One-pound notes were no longer issued in 1821 and were replaced by gold sovereigns. [1] Die Goldscarheit im 18. Caused by the Seven Years` War and the war with the revolutionary France, the supply of gold bars began to be affected, leading to the “period of restriction”. The bank was unable to pay for gold for its banknotes, and so, under the Bank Restriction Act 1797, it began issuing 1 and 2 pound notes in place of gold guineas, which were hoarded as so often in wartime. [21] Confidence in the value of banknotes was rarely compromised, except in 1809-11 and 1814-15 under extreme war conditions. Date of first issue: 1 March 1993 Date of withdrawal as legal tender: 21. November 2003 Color: Revised version published – color of the denomination symbol “£5″ in the upper left corner changed to dark blue/stronger green (front) and stronger olive/dull color (back) Size: 5 5/16″ x 2 3/4” (135mm x 70mm) Design: Roger Withington The banknotes currently in circulation all feature a portrait of the late Queen Elizabeth II on the obverse. The Bank of England has said new banknotes in the same design but with the new monarch, Charles III, are expected to enter circulation in mid-2024.

[1] [2] The 50-pound note of the D series was published on March 20, 1981 with architect Christopher Wren and the plan of St. Paul`s Cathedral on the reverse. In 1994, this denomination was the last of the first edition of the E series, as the bank celebrated its 300th anniversary by featuring its first governor, Sir John Houblon, on the back. The old £50 Class D note was issued on September 20. It was withdrawn from circulation in September 1996. Date of first publication: November 22, 1993 Release date: July 31, 2003 Color: Multicolored (mainly orange-brown) Size: 5 9/16″ x 2 15/16″ (142mm x 75mm) Design: Roger Withington. Publication of the revised version: additional denomination symbol £10, black to replace the crown in the upper right corner of the note (front); additional label symbol £10, dark brown, added in the upper right corner of the note near the head of Charles Dickens (verso). The first Bank of England 10/– note was issued on 22 November 1928. This note contained a Britannia vignette, a feature of banknotes since 1694.

The predominant color was reddish brown. Unlike the previous notes, they and the simultaneous 1-pound note were not dated, but are identified by the signature of the chief cashier at the time. In 1940, a metal safety wire was introduced and the color of the banknote was changed to purple for the duration of the war. The original design of the banknote was replaced by the C series design on October 12, 1961, when Queen Elizabeth II agreed to allow the use of her portrait on banknotes. As part of the planned series D, which introduced historical figures, a new 10 note with Sir Walter Raleigh was planned, which was to be issued as a 50 pence note at decimalisation. However, inflation, especially after the devaluation of the pound sterling in 1967, undermined the life of the banknote in circulation and it was decided to replace the note with a coin. [15] The note was withdrawn from circulation on November 20, 1970. [22] Queen Elizabeth II has appeared on all banknotes issued since Series C in 1960. The custom of depicting historical figures on the reverse began in 1970 with the D series, designed by the Bank of England`s first permanent artist, Harry Eccleston.

The 20-pound blank notes appeared in 1725 and were issued until 1943. They ceased to be legal tender in 1945. In May 2009, the Bank of England announced a new design in the F-series, featuring James Watt, Matthew Boulton, the Whitbread engine and the Soho manufactory.[22] [39] It was put into circulation on 2 November 2011[40] and is the first Bank of England banknote with two portraits on the back. [41] [42] The predominant colour of this note is red. This banknote contains a security feature that is not present in the other banknotes (although it is by no means the only security feature of either banknote). The interlaced thread (“movement”) is a hologram whose image of a green circle with a “£” sign changes with a green “50” when the note is turned. When the note is rotated, the image appears to move up and down in the plane opposite the rotation. World War II saw a reversal of the trend of war, which created more banknotes as higher banknotes (up to £1,000 at the time) were withdrawn from circulation to combat counterfeiting.

The Bank of England`s first £10 note was issued in 1759,[22] when the Seven Years` War caused severe gold shortages. Production ceased in 1943. A series of devaluations in the late 1940s and 1950s led to increased demand for banknotes with a face value of more than £5, and on 21 February 1964 a new brown note was issued in the C Series design. The C Series ticket was retired on May 31, 1979. The Bank of England`s first one-pound notes after World War I were printed double-sided – not handwritten. The name of the beneficiary has been replaced with the words “I undertake to pay the holder the sum of one pound on request”. This explanation is still found on the banknotes of the Bank of England. This signature of the issuing cashier has been replaced by the printed signature of the chief cashier of the Bank of England. In 1939, after the outbreak of World War II, the British ambassador to Greece, Michael Palairet, was informed of secret Nazi plans to counterfeit British paper money, and in 1940, one-pound notes were issued in a new blue-orange color scheme to deter counterfeiters, although the design remained the same.

At the same time, a wire running through the paper was introduced as a safety element. After the war, one-pound notes were issued in their original green color. The first banknotes after World War II did not have the wire security device, but those issued from September 1948 did. [2] Of the eight banks authorised to issue sterling banknotes in the UK, only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. Bank of England banknotes are not legal tender in Scotland and Northern Ireland, but are still accepted by merchants. Banknotes were originally handwritten; Although they were partially printed from 1725, cashiers still had to sign each note and make it payable to someone. The banknotes were printed in their entirety from 1855. Since 1970, Bank of England banknotes have featured portraits of British historical figures. All current Bank of England banknotes are printed under contract with De La Rue in Debden, Essex.

[12] They include the printed signature of the Bank of England`s Chief Cashier, Sarah John, for notes issued since mid-2018 and show Queen Elizabeth II prominently on the left.