Sterling banknotes
Encyclopedia
Sterling banknotes are the banknote
s in circulation in the British Islands
(encompassing the United Kingdom
and the British Crown dependencies
), denominated in pounds sterling
(symbol: £
; ISO 4217 currency code GBP). One pound is equivalent to 100 pence
.
The pound is the official currency
of the United Kingdom and the Crown dependencies of Britain. Three British Overseas Territories
also have currencies called pounds which are at par with the pound sterling.
In most countries of the world the issue of banknotes is handled exclusively by a single central bank
or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England
; sterling banknote issue is thus not automatically tied in with one national identity or the activity of the state. The arrangements in the UK are unusual but not unique, as a comparable system is used in Hong Kong, where three banks issue their own banknotes in addition to the Hong Kong government.
were free to issue their own banknotes and money issued by provincial English, Welsh, Scottish and Irish banking companies circulated freely as a means of payment. As gold shortages affected the supply of money, note-issuing powers of the banks were gradually restricted by various Acts of Parliament
, until the Bank Charter Act 1844
gave exclusive note-issuing powers to the central Bank of England. Under the Act, no new banks could start issuing notes and note-issuing banks gradually vanished through mergers and closures. The last private English banknotes were issued in 1921 by Fox, Fowler and Company
, a Somerset bank.
However, some of the monopoly provisions of the Bank Charter Act only applied to England and Wales
.
The Bank Notes (Scotland) Act was passed the following year, and to this day, three retail banks retain the right to issue their own sterling banknotes in Scotland, and four in Northern Ireland.
Notes issued in excess of the value of notes outstanding in 1844 (1845 in Scotland) must be backed up by an equivalent value of Bank of England notes.
Following the Partition of Ireland
, the Irish Free State
created an Irish pound
in 1928; the new currency was pegged
to sterling until 1979. The issue of banknotes for the Irish pound fell under the authority of the Currency Commission of Ireland, who set about replacing the private banknotes with a single Consolidated Banknote Issue
in 1928. In 1928 a Westminster act of parliament reduced the fiduciary limit for Irish banknotes circulating in Northern Ireland
to take account of the reduced size of the territory concerned.
In summary, the various banknotes are used as follows:
English banknotes (Bank of England)
Scottish banknotes
Northern Ireland banknotes
Banknotes from the Crown dependencies
British Overseas Territories
" is a narrow technical definition that refers to the settlement of debt, and it has little practical meaning in everyday transactions such as buying goods in shops (but does apply, for example, to the settling of a restaurant bill, where the food has been eaten prior to demand for payment and so a debt exists). Essentially, any two parties can agree to any item of value as a medium for exchange when making a purchase (in that sense, all money is ultimately an extended form of barter). If a debt exists that is legally enforceable and the debtor party offers to pay with some item that is not "legal tender," the creditor may refuse such payment and declare that the debtor is in default of payment; if the debtor offers payment in legal tender, the creditor is required to accept it or else the creditor is in breach of contract. Thus, if in England party A owes party B 1,000 pounds sterling and offers to pay in Northern Ireland banknotes, party B may refuse and sue party A for nonpayments; if party A provides Bank of England notes, party B must acknowledge the debt as legally paid even if party B would prefer some other form of payment.
Banknotes do not have to be classed as legal tender to be acceptable for trade; millions of retail transactions are carried out in the UK using cheques, or debit or credit cards, none of which is a payment using legal tender. Equally, traders may choose to accept payment in foreign currency, such as euro, yen or US dollar. Acceptability as a means of payment is essentially a matter for agreement between the parties involved.
Millions of pounds' worth of sterling banknotes in circulation are not legal tender, but that does not mean that they are illegal or of lesser value; their status is of "legal currency" (that is to say that their issue is approved by the parliament of the UK) and they are backed up by Bank of England securities.
Bank of England notes are the only banknotes that are legal tender in England and Wales. Scottish and Northern Ireland banknotes are not legal tender anywhere, and Jersey, Guernsey and Manx banknotes are only legal tender in their respective jurisdictions. The fact that these banknotes are not legal tender in the UK does not however mean that they are illegal under English law, and creditors and traders may accept them if they so choose. Traders may, on the other hand, choose not to accept banknotes as payment as contract law across the United Kingdom allows parties not to engage in a transaction at the point of payment if they choose not to.
In Scotland and Northern Ireland no banknotes, not even ones issued in those countries, are legal tender. They have a similar legal standing to cheques or debit cards, in that their acceptability as a means of payment is essentially a matter for agreement between the parties involved, although Scots law
requires any reasonable offer for settlement of a debt to be accepted.
Until 1988, the Bank of England issued one pound notes, and these notes did have legal tender status in Scotland and Northern Ireland while they existed. The Currency and Bank Notes Act 1954 defined Bank of England notes of less than £5 in value as legal tender in Scotland. Since the English £1 note was removed from circulation in 1988, this leaves a legal curiosity in Scots law
whereby there is no paper legal tender in Scotland. The UK Treasury has proposed extending legal tender status to Scottish banknotes. The proposal has been opposed by Scottish nationalists
who claim it would reduce the independence of the Scottish banking sector.
Most of the notes issued by the note-issuing banks in Scotland and Northern Ireland have to be backed by Bank of England notes held by the issuing bank. The combined size of these banknote issues is well over a billion pounds. To make it possible for the note-issuing banks to hold equivalent values in Bank of England notes, the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans") for internal use by the other banks.
Bank notes are no longer redeemable in gold and the Bank of England will only redeem sterling banknotes for more sterling banknotes or coins. The contemporary sterling is a fiat currency which is backed only by securities; in essence IOUs from the Treasury that represent future income from the taxation of the population. Some economists term this 'currency by trust' as sterling relies on the faith of the user rather than any physical specie
.
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 of 1844 when the ability of other banks to issue notes was restricted.
The bank issued its first banknotes in 1694, although before 1745 they were written for irregular amounts, rather than predefined multiples of a pound. It tended to be times of war, which put inflationary pressure on the British economy, that led to greater note issue. In 1759, during the Seven Years' War
, when the lowest-value note issued by the Bank was £20, a £10 note was issued for the first time. In 1793, during the war with revolutionary France
, the Bank issued the first £5 note. Four years later, £1 and £2 notes appeared, although not on a permanent basis. Notes did not become entirely machine-printed and payable to the bearer until 1855.
At the start of the First World War
, the government issued £1 and 10-shilling Treasury notes to supplant the sovereign and half-sovereign gold coins. The first coloured banknotes were issued in 1928, and were also the first notes to be printed on both sides. The Second World War
saw a reversal in the trend of warfare creating more notes when, in order to combat forgery
, higher denomination notes (at the time as high as £1,000) were removed from circulation.
All Bank of England notes issued since Series C in 1960 depict Queen Elizabeth II
on the obverse side, in full view facing left; her image also appears as a hidden watermark
, facing right; recent issues have the EURion constellation
around.
The custom of depicting historical figures on the reverse began with William Shakespeare
on the Series D £20 note in 1970. Since then, many other figures have featured on successive issues.
As of July 2010 the Bank of England banknotes in circulation are mixed series. Most notes are of the revised Series E, although the Houblon £50 note, which is part of the original Series E, remains in circulation. On 13 March 2007, the Bank of England issued a new 20 pound note depicting Adam Smith. This is the first note from the new Series F.
The notes currently in circulation are as follows:
The launch of the new Series F banknotes was announced on 29 October 2006 by the Governor of the Bank of England. The first of these new notes, a £20 note, drew some commentary because it features the Scottish economist, Adam Smith
, the first Scot to appear on an English note. Smith also features on £50 notes issued by the Clydesdale Bank. Previous issues of Bank of England £20 notes were known to have suffered from a higher incidence of counterfeiting (276,000 out of 290,000 cases detected in 2007) than any other denominations. The note, which also includes enhanced security features entered circulation on 13 March 2007.
The current £50 note will be replaced on 2 November 2011 by the first Bank of England banknote to feature two Britons on the reverse – James Watt and Matthew Boulton.
All the Series F £20 notes are signed by the Chief Cashier
, Andrew Bailey
and the Series F £50 notes are signed by Chris Salmon.
The Bank of England Series D one pound note was discontinued in 1984, having been replaced by a pound coin the year before, and was officially withdrawn from circulation in 1988. Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so.
Higher-value notes are used within the banks – particularly the £1 million and £100 million notes used to maintain parity with Scottish and Northern Irish notes. Banknotes issued by Scottish and Northern Irish banks have to be backed by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special million pound notes are used for this purpose. These resemble simple IOUs and bear no aesthetic design features.
, but the venture was short-lived and the notes did not enter general circulation, surviving today only as a collectors' curiosity.
s, and secondly, as they are not legal tender
anywhere in the UK – not even in Scotland or Northern Ireland – they are in fact promissory note
s.
Seven retail banks have the authority of HM Treasury
to issue sterling banknotes as currency. Despite this, the notes can be refused at the discretion
of recipients in England and Wales, and are not accepted by banks and exchange bureaus outside of the United Kingdom. This is particularly true in the case of the Royal Bank of Scotland
£1 note, which is the only £1 note to remain in circulation within the UK.
In 2000, the European Central Bank
indicated that, should the United Kingdom join the euro
, Scottish banks (and, by extension, Northern Ireland banks) would have to cease banknote issue. During the Financial crisis of 2007–2008, the future of private banknotes in the United Kingdom was uncertain. It has been suggested that the Banking Act 2009
would restrict the issue of banknotes by commercial banks in Scotland and Northern Ireland by removing many of the provisions of the Acts quoted above. Banks would be forced to lodge sterling funds with the Bank of England to cover private note issue for a full week, rather than over a weekend, thereby losing four days' interest and making banknote production financially unviable. Following negotiations among the UK Treasury, the Bank of England and the Scottish banks, it was agreed that the funds would earn interest, allowing them to continue to issue their own notes.
, Banknotes (Scotland) Act 1845, the Currency and Banknotes Act 1928
, and the Coinage Act 1971. Pursuant to some of these statutes, the Commissioners for Revenue and Customs publishes an account of "the Amount of Notes authorised by Law to be issued by the several Banks of Issue in Scotland, and the Average Amount of Notes in Circulation, and of Bank of England Notes and Coin held" in the London Gazette
. See for example Gazette Issue 58254 published 21 February 2007 at page 2544.
As of late 2007, the Tercentenary Series, introduced at the time of the Bank of Scotland
's 300th anniversary in 1995, remains in circulation, but will be withdrawn as their physical condition deteriorates and will be replaced by the new Bridges of Scotland series:
All the notes also depict Sir Walter Scott
who was instrumental in retaining the right of Scottish banks to issue their own notes in 1826.
As of 17 September 2007, the Bank of Scotland introduced its new Bridges of Scotland notes
, on which appear famous Scottish bridge
s:
Again all the notes also depict Sir Walter Scott
on the front.
Following the announcement that HBOS
(Bank of Scotland's parent company) would be taken over by Lloyds TSB
in September 2008, it was confirmed that the new banking company would continue to print bank notes under the Bank of Scotland name. According to the 1845 Bank Notes (Scotland) Act, the bank could have lost its note-issuing rights, but by retaining headquarters within Scotland, banknote issue will continue. Currently Lloyds TSB
branches dispense Clydesdale bank notes and there will need to be negotiations to release Lloyds Banking Group
from its contract with Clydesdale bank.
The current series of Royal Bank of Scotland notes was originally issued in 1987. On the front of each note is a picture of Lord Ilay
(1682–1761), the first governor
of the bank. On the back of the notes are images of Scottish castles, with a different castle for each denomination:
Occasionally the Royal Bank of Scotland
issues commemorative banknotes. Examples include the £1 note issued to mark the 150th Anniversary of the birth of Alexander Graham Bell
in 1997, the £20 note for the 100th birthday of Queen Elizabeth, the Queen Mother
in 2000, and the £5 note honouring veteran golfer Jack Nicklaus
in his last competitive
Open Championship
at St Andrews
in 2005. These notes are much sought-after by collectors and they rarely remain long in circulation.
In addition to this, many people will collect a "lucky" £1 note, as they become increasingly rare (shops preferring to give change in £1 coins when they are available).
In early 2009 Clydesdale Bank announced a new series of banknotes would be introduced later in the year. The obverse designs will feature famous Scots while the reverse designs will feature Scotland's UNESCO World Heritage Sites.
The Clydesdale Bank
also occasionally issues special edition banknotes, such as a 10 pound note celebrating the bank's sponsorship of the Scotland team at the 2006 Commonwealth Games
.
Currently, four Northern Irish banks practise their right to issue pound sterling notes in Northern Ireland
, with different series of denominations. Bank of Ireland
issues notes from £5 to £100. First Trust Bank
issues notes from £10 to £100, Northern Bank
issues notes from £5 to £100, and Ulster Bank
issues notes from £5 to £50.
Northern Bank and Ulster Bank are the only two banks that have issued commemorative notes so far. The only polymer banknote
in the UK was issued by Northern Bank commemorating the new millennium. It is the only one of the bank's pre-2004 notes still in circulation after the recall of all others following the £26.5 million pound robbery
at its Belfast headquarters in 2004.
s of Jersey
and Guernsey
. The islands are not part of the United Kingdom but are dependencies of the British Crown and in currency union with the UK. Both Jersey and Guernsey issue their own banknotes. These notes circulate freely between the two territories, so Jersey notes are commonly used in Guernsey, and vice versa. Private banknotes are no longer in circulation in the Channel Islands. These pounds are sterling pounds but the word "sterling" is omitted as with the English notes. These notes are legal tender in their juridictions but are not legal tender in the UK.
The Government of Alderney
(a part of the Bailiwick of Guernsey) is also licensed to issue its own currency, the Alderney pound
, but only mints special commemorative sterling coins and does not issue banknotes.
. The reverse of each note includes an image of one of Jersey's numerous historic coastal defence towers, built in the late 18th century, as well as a further image of cultural or landscape importance, images of the twelve parish crests, and with denomination worded in French
and Jèrriais
. The watermark is a Jersey cow
, and further security features include a see-through map of Jersey, and on the £10, £20 and £50 a patch hologram showing a varying image of the coat of arms of Jersey
and the Island of Jersey on a background pattern of La Corbière lighthouse.
The previous series, gradually being withdrawn from circulation in 2010, depict Queen Elizabeth II on the front and various landmarks of Jersey or incidents in Jersey history
on the reverse.
, but also circulates freely in Jersey
. These pounds are sterling pounds but the word "sterling" is omitted on banknotes such as the English ones. It is also accepted elsewhere in the UK. These notes can also be exchanged in banks and in bureaux de change although it has been reported that British banks no longer accept one pound Guernsey banknotes because they no longer have the facility for handling one pound (UK) banknotes. In addition to coins, the following banknotes are used:
The front of all Manx banknotes feature images of Queen Elizabeth II
(not wearing a crown : she is only "Lord" on the island) and the Triskeles (three legs emblem). Each denomination features a different scene of the Island on its reverse side:
use their own separate currencies called pounds which are at par with the pound sterling. The governments of these territories print their own banknotes which in general may only be used within their territory of origin. Bank of England notes usually circulate alongside the local note issues and are accepted as legal currency.
In Gibraltar, banknotes are issued by the Government of Gibraltar. The pound was made sole legal tender in 1898 and Gibraltar has issued its own banknotes since 1934. The notes bear an image of the British monarch on the obverse and the wording "pounds sterling", meaning that more retailers in the UK will accept them.
. Banknotes are issued by the Falkland Islands Government. The illustrations on all notes are the same, featuring the British monarch, wildlife and local scenes; denominations are distinguished by the size and color of the notes.
, which includes the dependencies of Ascension Island
and Tristan da Cunha
, uses the Saint Helena pound. Banknotes in these areas are issued by the Saint Helena Government and bear the image of the British monarch.
to have her face on UK banknotes. George II
, George III
and George IV
appeared on early Royal Bank of Scotland
notes and George V
appeared on 10 shilling
and 1 pound notes issued by the British Treasury
between 1914 and 1928. However, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the monarch. Today, notes issued by Scottish and Irish banks do not depict the monarch.
The monarch is depicted on banknotes issued by the Crown dependencies.
Some British overseas territories
have their own Sterling-based currencies, and some of these issue banknotes bearing the monarch; for example the Falkland pound, the Gibraltar pound
, and the Saint Helena pound
.
issue their own banknotes which are separate currencies:
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s in circulation in the British Islands
British Islands
British Islands is a term within the law of the United Kingdom which since 1889 has referred collectively to the following four states:*the United Kingdom of Great Britain and Northern Ireland ;...
(encompassing the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and the British Crown dependencies
Crown dependency
The Crown Dependencies are British possessions of the Crown, as opposed to overseas territories of the United Kingdom. They comprise the Channel Island Bailiwicks of Jersey and Guernsey in the English Channel, and the Isle of Man in the Irish Sea....
), denominated in pounds sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
(symbol: £
Pound sign
The pound sign is the symbol for the pound sterling—the currency of the United Kingdom . The same symbol is used for similarly named currencies in some other countries and territories, such as the Irish pound, Gibraltar pound, Australian pound and the Italian lira...
; ISO 4217 currency code GBP). One pound is equivalent to 100 pence
Penny
A penny is a coin or a type of currency used in several English-speaking countries. It is often the smallest denomination within a currency system.-Etymology:...
.
The pound is the official currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
of the United Kingdom and the Crown dependencies of Britain. Three British Overseas Territories
British overseas territories
The British Overseas Territories are fourteen territories of the United Kingdom which, although they do not form part of the United Kingdom itself, fall under its jurisdiction. They are remnants of the British Empire that have not acquired independence or have voted to remain British territories...
also have currencies called pounds which are at par with the pound sterling.
In most countries of the world the issue of banknotes is handled exclusively by a single central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
or government, but in the United Kingdom seven retail banks have the right to print their own banknotes in addition to the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
; sterling banknote issue is thus not automatically tied in with one national identity or the activity of the state. The arrangements in the UK are unusual but not unique, as a comparable system is used in Hong Kong, where three banks issue their own banknotes in addition to the Hong Kong government.
History
Until the middle of the 19th century, privately owned banks in Great Britain and IrelandUnited Kingdom of Great Britain and Ireland
The United Kingdom of Great Britain and Ireland was the formal name of the United Kingdom during the period when what is now the Republic of Ireland formed a part of it....
were free to issue their own banknotes and money issued by provincial English, Welsh, Scottish and Irish banking companies circulated freely as a means of payment. As gold shortages affected the supply of money, note-issuing powers of the banks were gradually restricted by various Acts of Parliament
Act of Parliament
An Act of Parliament is a statute enacted as primary legislation by a national or sub-national parliament. In the Republic of Ireland the term Act of the Oireachtas is used, and in the United States the term Act of Congress is used.In Commonwealth countries, the term is used both in a narrow...
, until the Bank Charter Act 1844
Bank Charter Act 1844
The Bank Charter Act 1844 was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England....
gave exclusive note-issuing powers to the central Bank of England. Under the Act, no new banks could start issuing notes and note-issuing banks gradually vanished through mergers and closures. The last private English banknotes were issued in 1921 by Fox, Fowler and Company
Fox, Fowler and Company
Fox, Fowler, and Company was a British private bank, based in Wellington, Somerset. The company was founded in 1787 as a supplementary business to the main activities of the Fox family, sheep-herding and wool-making.-Banknote issue:...
, a Somerset bank.
However, some of the monopoly provisions of the Bank Charter Act only applied to England and Wales
England and Wales
England and Wales is a jurisdiction within the United Kingdom. It consists of England and Wales, two of the four countries of the United Kingdom...
.
The Bank Notes (Scotland) Act was passed the following year, and to this day, three retail banks retain the right to issue their own sterling banknotes in Scotland, and four in Northern Ireland.
Notes issued in excess of the value of notes outstanding in 1844 (1845 in Scotland) must be backed up by an equivalent value of Bank of England notes.
Following the Partition of Ireland
Partition of Ireland
The partition of Ireland was the division of the island of Ireland into two distinct territories, now Northern Ireland and the Republic of Ireland . Partition occurred when the British Parliament passed the Government of Ireland Act 1920...
, the Irish Free State
Irish Free State
The Irish Free State was the state established as a Dominion on 6 December 1922 under the Anglo-Irish Treaty, signed by the British government and Irish representatives exactly twelve months beforehand...
created an Irish pound
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
in 1928; the new currency was pegged
Fixed exchange rate
A fixed exchange rate, sometimes called a pegged exchange rate, is a type of exchange rate regime wherein a currency's value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold.A fixed exchange rate is usually used to...
to sterling until 1979. The issue of banknotes for the Irish pound fell under the authority of the Currency Commission of Ireland, who set about replacing the private banknotes with a single Consolidated Banknote Issue
Banknotes of the Republic of Ireland
The Irish Free State, subsequently known as Ireland, resolved in the mid-1920s to design its own coins and banknotes; at the time of the currency's first issue, the Free State government decided to peg its value to the pound sterling...
in 1928. In 1928 a Westminster act of parliament reduced the fiduciary limit for Irish banknotes circulating in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
to take account of the reduced size of the territory concerned.
Key dates
The following events and acts of parliament affected the course of banknote history in Great Britain and Ireland:| Year | Event | Countries | Impact |
|---|---|---|---|
| 1694 | Bank of England Act 1694 | England & Wales | Incorporation of the Bank of England |
| 1695 | An Act creating the Governor and Company of the Bank of Scotland | Scotland | Creation of the Bank of Scotland, principally as a trading bank |
| 1696 | First banknotes issued by the Bank of Scotland | Scotland | The first notes in pounds sterling issued |
| 1707 | Acts of Union 1707 Acts of Union 1707 The Acts of Union were two Parliamentary Acts - the Union with Scotland Act passed in 1706 by the Parliament of England, and the Union with England Act passed in 1707 by the Parliament of Scotland - which put into effect the terms of the Treaty of Union that had been agreed on 22 July 1706,... |
England & Wales Scotland |
English and Scottish parliaments merged into the Parliament of Great Britain Parliament of Great Britain The Parliament of Great Britain was formed in 1707 following the ratification of the Acts of Union by both the Parliament of England and Parliament of Scotland... |
1708 1709 |
Bank of England Act 1708 Bank of England Act 1709 |
England & Wales | Prohibition of companies or partnerships of more than six people to set up banks and issue notes, preventing smaller banks from printing their own money |
| 1727 | Chartering of the Royal Bank of Scotland | Scotland | Broke the monopoly of the Bank of Scotland, initiated the banking war when the Royal Bank attempted to drive the Bank of Scotland out of business by stockpiling and then presenting its notes for payment. |
| 1800 | Act of Union 1800 Act of Union 1800 The Acts of Union 1800 describe two complementary Acts, namely:* the Union with Ireland Act 1800 , an Act of the Parliament of Great Britain, and... |
Great Britain & Ireland | British and Irish parliaments merged into the Parliament of Great Britain and Ireland United Kingdom of Great Britain and Ireland The United Kingdom of Great Britain and Ireland was the formal name of the United Kingdom during the period when what is now the Republic of Ireland formed a part of it.... |
| 1826 | Country Bankers Act 1826 Country Bankers Act 1826 The Country Bankers Act 1826 was an Act of Parliament enacted during the reign of George IV. The Act restricted the issue of banknotes by commercial banks in England and Wales... |
England & Wales | Allowed joint stock banks with more than six partners which were at least 65 miles away from London to print their own money. Bank of England allowed to open branches in major English provincial cities, enabling wider distribution of its notes. |
| 1826 | Bank Notes Act 1826 Bankers (Scotland) Act 1826 |
England & Wales Scotland |
Prohibition of circulation of notes under £5 in England. Attempts to apply this law in Scotland fail after a protest by Sir Walter Scott Walter Scott Sir Walter Scott, 1st Baronet was a Scottish historical novelist, playwright, and poet, popular throughout much of the world during his time.... , and the Scottish £1 note is saved. |
| 1833 | Bank Notes Act 1833 | England & Wales | Gave Bank of England notes official status as "legal tender" for all sums above £5 in England and Wales to guarantee public confidence in the notes even in the event of a gold shortage. |
| 1844 | Bank Charter Act 1844 Bank Charter Act 1844 The Bank Charter Act 1844 was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England.... |
UK | Took away the note-issuing rights of any new banks; existing note-issuing banks barred from expanding their issue. Began process of giving Bank of England monopoly over banknote issue in England and Wales. |
| 1845 | Bank Notes (Scotland) Act 1845 | Scotland | Regulated issue of notes in Scotland; most Scottish banknotes had to be backed up by Bank of England money |
| 1908 | Bank closure | Wales | The last private note issuer in Wales, the North and South Wales Bank, loses its note-issuing rights under the 1844 act after it is acquired by Midland Bank Midland Bank Midland Bank Plc was one of the Big Four banking groups in the United Kingdom for most of the 20th century. It is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836... . |
| 1914 | Currency and Bank Notes Act 1914 | UK | HM Treasury HM Treasury HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy... given temporary wartime powers for issuing banknotes to the value of £1 and 10/- (ten shillings) in the UK (ended 1928) |
| 1921 | Bank closure | England | The last private note issuer in England, Fox, Fowler and Company Fox, Fowler and Company Fox, Fowler, and Company was a British private bank, based in Wellington, Somerset. The company was founded in 1787 as a supplementary business to the main activities of the Fox family, sheep-herding and wool-making.-Banknote issue:... of Somerset, loses its note-issuing rights under the 1844 act after it is acquired by Lloyds Bank Lloyds Bank Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies... . |
| 1928 | Irish pound established | Ireland | Following Partition of Ireland Partition of Ireland The partition of Ireland was the division of the island of Ireland into two distinct territories, now Northern Ireland and the Republic of Ireland . Partition occurred when the British Parliament passed the Government of Ireland Act 1920... , Irish pound is established as a separate currency (but at parity with sterling until 1979); Northern Ireland remains within sterling |
| 1954 | Currency and Bank Notes Act 1954 | UK | Extended the Bank Notes Act 1833 to make Bank of England notes under £5 in value legal tender; act also applied to Scotland, making English 10/- and £1 legal tender for the first time. Bank of England withdrew low-denomination notes in 1969 and 1988, removing legal tender from Scotland. |
| 2008 | Banking Act 2009 Banking Act 2009 The Banking Act 2009 is an Act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order, amongst other things, to replace the Banking Act 2008... |
UK | As a consequence of the Financial Crisis of 2007-08 Late-2000s financial crisis The late-2000s financial crisis is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s... , this Bill altered the rules governing the issue of private banknotes in Scotland and Northern Ireland, and requires commercial issuing banks to hold backing assets to protect the value of their notes in the event of commercial failure of the bank. |
Everyday use and acceptance
The wide variety of sterling notes in circulation means that acceptance of different pound sterling banknotes varies. Their acceptance may depend on the experience and understanding of individual retailers, and it is important to understand the idea of "legal tender", which is often misunderstood (see section below). Misunderstanding that all bills are legitimate and of equal value, and can be accepted by merchants anywhere, has become a tourism headache in some parts of the UK.In summary, the various banknotes are used as follows:
English banknotes (Bank of England)
- The majority of sterling notes are printed by the Bank of England. These are legal tenderLegal tenderLegal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
in England and Wales, and accepted throughout the UK. However since 2005, cash machines in Jersey no longer dispense English notes. Bank of England notes are generally accepted in the Overseas Territories which are at parity with sterling. In Gibraltar, there are examples of pairs of automatic cash dispensers placed together, one stocked with English notes, the other with local ones.
Scottish banknotes
- These are the recognised currency in Scotland, but are not legal tender. They are always accepted by traders in Scotland, and often in other parts of the United Kingdom. However, some people outside Scotland are unfamiliar with the notes and they are sometimes refused. Institutions such as clearing banks, building societies and the Post OfficePost officeA post office is a facility forming part of a postal system for the posting, receipt, sorting, handling, transmission or delivery of mail.Post offices offer mail-related services such as post office boxes, postage and packaging supplies...
will readily accept Scottish bank notes. Branches of the Scottish note-issuing banks situated in England dispense Bank of England notes and may not dispense their own notes from those branches. Modern Scottish banknotes are denominated in pounds sterling, and are exactly the same value as Bank of England notes; they should not be confused with the former Pound ScotsPound ScotsThe pound Scots was the national unit of currency in the Kingdom of Scotland before the country entered into political and currency union with the Kingdom of England in 1707 . It was introduced by David I, in the 12th century, on the model of English and French money, divided into 20 shillings...
, a separate currency which was abolished in 1707.
Northern Ireland banknotes
- Banknotes issued by Northern Ireland banks have the same legal status as Scottish banknotes in that they are promissory notes issued in pounds sterling and may be used for cash transactions anywhere in the United Kingdom. However, they are rarely seen outside Northern Ireland and in England and Wales, although they could be accepted by any store, are often not accepted without some explanation. As with Scottish notes, clearing banks and building societies will accept them. Northern Ireland sterling banknotes should not be confused with the Irish poundIrish poundThe Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
(or Punt), the former currency of the Republic of IrelandRepublic of IrelandIreland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
, which was replaced by the euro in 1999.
Banknotes from the Crown dependencies
- The BailiwickBailiwickA bailiwick is usually the area of jurisdiction of a bailiff, and may also apply to a territory in which the sheriff's functions were exercised by a privately appointed bailiff under a royal or imperial writ. The word is now more generally used in a metaphorical sense, to indicate a sphere of...
s of Jersey and Guernsey, and the Isle of ManIsle of ManThe Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...
are possessions of the Crown but are outside the UK; they are in currency unionCurrency unionA currency union is where two or more states share the same currency, though without there necessarily having any further integration such as an Economic and Monetary Union, which has in addition a customs union and a single market.There are three types of currency unions:#Informal - unilateral...
with the United Kingdom and issue sterling banknotes in local designs (Jersey and Guernsey pounds are freely interchangeable within the Channel Islands). In the United Kingdom, although they could be accepted by any store, are often not accepted without some explanation. However, they are accepted by banks and post offices and can exchange these notes for other sterling banknotes.
British Overseas Territories
- There are fourteen British Overseas Territories many of which issue their own currencies which are distinct under ISO 4217ISO 4217ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
; Gibraltar, Saint Helena and the Falkland Islands have their own pounds which are at par with Sterling. These notes cannot be used in the UK or outside the territories of origin. Falkland Island Pounds are also commonly used in the South Georgia and the South Sandwich IslandsSouth Georgia and the South Sandwich IslandsSouth Georgia and the South Sandwich Islands is a British overseas territory and overseas territory of the European Union in the southern Atlantic Ocean. It is a remote and inhospitable collection of islands, consisting of South Georgia and a chain of smaller islands, known as the South Sandwich...
and the British Antarctic TerritoryBritish Antarctic TerritoryThe British Antarctic Territory is a sector of Antarctica claimed by the United Kingdom as one of its 14 British Overseas Territories. It comprises the region south of 60°S latitude and between longitudes and , forming a wedge shape that extends to the South Pole...
. St Helena pounds can also be used on Ascension IslandAscension IslandAscension Island is an isolated volcanic island in the equatorial waters of the South Atlantic Ocean, around from the coast of Africa and from the coast of South America, which is roughly midway between the horn of South America and Africa...
.
The question of legal tender
The concept of "legal tenderLegal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
" is a narrow technical definition that refers to the settlement of debt, and it has little practical meaning in everyday transactions such as buying goods in shops (but does apply, for example, to the settling of a restaurant bill, where the food has been eaten prior to demand for payment and so a debt exists). Essentially, any two parties can agree to any item of value as a medium for exchange when making a purchase (in that sense, all money is ultimately an extended form of barter). If a debt exists that is legally enforceable and the debtor party offers to pay with some item that is not "legal tender," the creditor may refuse such payment and declare that the debtor is in default of payment; if the debtor offers payment in legal tender, the creditor is required to accept it or else the creditor is in breach of contract. Thus, if in England party A owes party B 1,000 pounds sterling and offers to pay in Northern Ireland banknotes, party B may refuse and sue party A for nonpayments; if party A provides Bank of England notes, party B must acknowledge the debt as legally paid even if party B would prefer some other form of payment.
Banknotes do not have to be classed as legal tender to be acceptable for trade; millions of retail transactions are carried out in the UK using cheques, or debit or credit cards, none of which is a payment using legal tender. Equally, traders may choose to accept payment in foreign currency, such as euro, yen or US dollar. Acceptability as a means of payment is essentially a matter for agreement between the parties involved.
Millions of pounds' worth of sterling banknotes in circulation are not legal tender, but that does not mean that they are illegal or of lesser value; their status is of "legal currency" (that is to say that their issue is approved by the parliament of the UK) and they are backed up by Bank of England securities.
Bank of England notes are the only banknotes that are legal tender in England and Wales. Scottish and Northern Ireland banknotes are not legal tender anywhere, and Jersey, Guernsey and Manx banknotes are only legal tender in their respective jurisdictions. The fact that these banknotes are not legal tender in the UK does not however mean that they are illegal under English law, and creditors and traders may accept them if they so choose. Traders may, on the other hand, choose not to accept banknotes as payment as contract law across the United Kingdom allows parties not to engage in a transaction at the point of payment if they choose not to.
In Scotland and Northern Ireland no banknotes, not even ones issued in those countries, are legal tender. They have a similar legal standing to cheques or debit cards, in that their acceptability as a means of payment is essentially a matter for agreement between the parties involved, although Scots law
Scots law
Scots law is the legal system of Scotland. It is considered a hybrid or mixed legal system as it traces its roots to a number of different historical sources. With English law and Northern Irish law it forms the legal system of the United Kingdom; it shares with the two other systems some...
requires any reasonable offer for settlement of a debt to be accepted.
Until 1988, the Bank of England issued one pound notes, and these notes did have legal tender status in Scotland and Northern Ireland while they existed. The Currency and Bank Notes Act 1954 defined Bank of England notes of less than £5 in value as legal tender in Scotland. Since the English £1 note was removed from circulation in 1988, this leaves a legal curiosity in Scots law
Scots law
Scots law is the legal system of Scotland. It is considered a hybrid or mixed legal system as it traces its roots to a number of different historical sources. With English law and Northern Irish law it forms the legal system of the United Kingdom; it shares with the two other systems some...
whereby there is no paper legal tender in Scotland. The UK Treasury has proposed extending legal tender status to Scottish banknotes. The proposal has been opposed by Scottish nationalists
Scottish national identity
Scottish national identity is a term referring to the sense of national identity and common culture of Scottish people and is shared by a considerable majority of the people of Scotland....
who claim it would reduce the independence of the Scottish banking sector.
Most of the notes issued by the note-issuing banks in Scotland and Northern Ireland have to be backed by Bank of England notes held by the issuing bank. The combined size of these banknote issues is well over a billion pounds. To make it possible for the note-issuing banks to hold equivalent values in Bank of England notes, the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans") for internal use by the other banks.
Bank notes are no longer redeemable in gold and the Bank of England will only redeem sterling banknotes for more sterling banknotes or coins. The contemporary sterling is a fiat currency which is backed only by securities; in essence IOUs from the Treasury that represent future income from the taxation of the population. Some economists term this 'currency by trust' as sterling relies on the faith of the user rather than any physical specie
Coin
A coin is a piece of hard material that is standardized in weight, is produced in large quantities in order to facilitate trade, and primarily can be used as a legal tender token for commerce in the designated country, region, or territory....
.
Issuing banks and authorities
The following table lays out the various banks or authorities which are authorised to print pound sterling banknotes, organised by territory:| United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
||
|---|---|---|
| England & Wales | Scotland Scotland Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the... |
Northern Ireland Northern Ireland Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west... |
|
Bank of Scotland The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to... Royal Bank of Scotland The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the... Clydesdale Bank Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England... |
Bank of Ireland The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history... First Trust Bank First Trust Bank, part of the AIB Group, is a commercial bank in Northern Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank... Northern Bank Northern Bank , is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres... Ulster Bank Ulster Bank is a large commercial bank, one of the Big Four in both Northern Ireland and the Republic of Ireland. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland Limited... |
| Crown dependencies Crown dependency The Crown Dependencies are British possessions of the Crown, as opposed to overseas territories of the United Kingdom. They comprise the Channel Island Bailiwicks of Jersey and Guernsey in the English Channel, and the Isle of Man in the Irish Sea.... |
||
| The Isle of Man Isle of Man The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is... |
Bailiwick of Jersey Jersey Jersey, officially the Bailiwick of Jersey is a British Crown Dependency off the coast of Normandy, France. As well as the island of Jersey itself, the bailiwick includes two groups of small islands that are no longer permanently inhabited, the Minquiers and Écréhous, and the Pierres de Lecq and... |
Bailiwick of Guernsey Guernsey Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet... |
|
Isle of Man Government The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, representing HM Queen Elizabeth II, Lord of Mann... (Manx pound Manx pound The Manx pound or Isle of Man pound is a local issue of the pound sterling, issued by the Isle of Man Government. It is subdivided into 100 pence.-Currency union with sterling:... ) |
States of Jersey The States of Jersey is the parliament and government of Jersey.The Assembly of the States of Jersey has exercised legislative powers since 1771, when law-making power was transferred from the Royal Court of Jersey.... (Jersey pound Jersey pound The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in pound sterling, in a similar way to the banknotes issued in Scotland and Northern... ) |
States of Guernsey The States of Guernsey is the parliament of the island of Guernsey. Some laws and ordinances approved by the States of Guernsey also apply to Alderney and Sark as "Bailiwick-wide legislation" with the consent of the governments of those islands... (Guernsey pound Guernsey pound The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of banknotes and coins denominated in pound sterling, in a similar way to the banknotes issued in Scotland and... ) |
| British Overseas Territories British overseas territories The British Overseas Territories are fourteen territories of the United Kingdom which, although they do not form part of the United Kingdom itself, fall under its jurisdiction. They are remnants of the British Empire that have not acquired independence or have voted to remain British territories... |
||
| Gibraltar Gibraltar Gibraltar is a British overseas territory located on the southern end of the Iberian Peninsula at the entrance of the Mediterranean. A peninsula with an area of , it has a northern border with Andalusia, Spain. The Rock of Gibraltar is the major landmark of the region... |
Saint Helena Saint Helena Saint Helena , named after St Helena of Constantinople, is an island of volcanic origin in the South Atlantic Ocean. It is part of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha which also includes Ascension Island and the islands of Tristan da Cunha... |
Falkland Islands Falkland Islands The Falkland Islands are an archipelago in the South Atlantic Ocean, located about from the coast of mainland South America. The archipelago consists of East Falkland, West Falkland and 776 lesser islands. The capital, Stanley, is on East Falkland... |
|
(Gibraltar pound Gibraltar pound The Gibraltar pound is the currency of Gibraltar. It is exchangeable with the UK pound sterling at par value.-History:... ) |
Legislative Council of Saint Helena The Legislative Council of Saint Helena has 15 members, 12 members elected for a four-year term by popular vote and 3 members ex officio... (Saint Helena pound Saint Helena pound The Saint Helena pound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituents of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha... ) |
(Falkland Islands pound Falkland Islands pound The pound is the currency of the Falkland Islands, a British Overseas Territory in the South Atlantic Ocean. The symbol is the pound sign, £, or alternatively FK£, to distinguish it from other pound-denominated currencies... ) |
| = notes issued by a government Government Government refers to the legislators, administrators, and arbitrators in the administrative bureaucracy who control a state at a given time, and to the system of government by which they are organized... or treasury Treasury A treasury is either*A government department related to finance and taxation.*A place where currency or precious items is/are kept.... |
|
| = notes issued by a central bank Central bank A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries... |
|
| = notes issued by a retail bank |
Bank of England notes
In 1921 the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
gained a legal monopoly
Monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity...
on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the ability of other banks to issue notes was restricted.
The bank issued its first banknotes in 1694, although before 1745 they were written for irregular amounts, rather than predefined multiples of a pound. It tended to be times of war, which put inflationary pressure on the British economy, that led to greater note issue. In 1759, during the Seven Years' War
Seven Years' War
The Seven Years' War was a global military war between 1756 and 1763, involving most of the great powers of the time and affecting Europe, North America, Central America, the West African coast, India, and the Philippines...
, when the lowest-value note issued by the Bank was £20, a £10 note was issued for the first time. In 1793, during the war with revolutionary France
French Revolutionary Wars
The French Revolutionary Wars were a series of major conflicts, from 1792 until 1802, fought between the French Revolutionary government and several European states...
, the Bank issued the first £5 note. Four years later, £1 and £2 notes appeared, although not on a permanent basis. Notes did not become entirely machine-printed and payable to the bearer until 1855.
At the start of the First World War
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, the government issued £1 and 10-shilling Treasury notes to supplant the sovereign and half-sovereign gold coins. The first coloured banknotes were issued in 1928, and were also the first notes to be printed on both sides. The Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
saw a reversal in the trend of warfare creating more notes when, in order to combat forgery
Operation Bernhard
Operation Bernhard was the codename of a secret Nazi plan devised during the Second World War by the RSHA and the SS to destabilise the British economy by flooding the country with forged Bank of England £5, £10, £20, and £50 notes...
, higher denomination notes (at the time as high as £1,000) were removed from circulation.
All Bank of England notes issued since Series C in 1960 depict Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
on the obverse side, in full view facing left; her image also appears as a hidden watermark
Watermark
A watermark is a recognizable image or pattern in paper that appears as various shades of lightness/darkness when viewed by transmitted light , caused by thickness or density variations in the paper...
, facing right; recent issues have the EURion constellation
EURion constellation
The EURion constellation is a pattern of symbols found on a number of banknote designs worldwide since about 1996. It is added to help software detect the presence of a banknote in a digital image. Such software can then block the user from reproducing banknotes to prevent counterfeiting using...
around.
The custom of depicting historical figures on the reverse began with William Shakespeare
William Shakespeare
William Shakespeare was an English poet and playwright, widely regarded as the greatest writer in the English language and the world's pre-eminent dramatist. He is often called England's national poet and the "Bard of Avon"...
on the Series D £20 note in 1970. Since then, many other figures have featured on successive issues.
Current issue
| Series D | ||||
|---|---|---|---|---|
| Value | Reverse portrait | Issued | Withdrawn | |
| £1 | Isaac Newton Isaac Newton Sir Isaac Newton PRS was an English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian, who has been "considered by many to be the greatest and most influential scientist who ever lived."... |
9 February 1978 | 11 March 1988 | |
| £5 | Duke of Wellington Arthur Wellesley, 1st Duke of Wellington Field Marshal Arthur Wellesley, 1st Duke of Wellington, KG, GCB, GCH, PC, FRS , was an Irish-born British soldier and statesman, and one of the leading military and political figures of the 19th century... |
11 November 1971 | 29 November 1991 | |
| £10 | Florence Nightingale Florence Nightingale Florence Nightingale OM, RRC was a celebrated English nurse, writer and statistician. She came to prominence for her pioneering work in nursing during the Crimean War, where she tended to wounded soldiers. She was dubbed "The Lady with the Lamp" after her habit of making rounds at night... |
20 February 1975 | 20 May 1994 | |
| £20 | William Shakespeare William Shakespeare William Shakespeare was an English poet and playwright, widely regarded as the greatest writer in the English language and the world's pre-eminent dramatist. He is often called England's national poet and the "Bard of Avon"... |
9 July 1970 | 19 March 1993 | |
| £50 | Christopher Wren Christopher Wren Sir Christopher Wren FRS is one of the most highly acclaimed English architects in history.He used to be accorded responsibility for rebuilding 51 churches in the City of London after the Great Fire in 1666, including his masterpiece, St. Paul's Cathedral, on Ludgate Hill, completed in 1710... |
20 March 1981 | 20 September 1996 | |
| Series E | ||||
| £5 | George Stephenson George Stephenson George Stephenson was an English civil engineer and mechanical engineer who built the first public railway line in the world to use steam locomotives... |
7 June 1990 | 21 November 2003 | |
| £10 | Charles Dickens Charles Dickens Charles John Huffam Dickens was an English novelist, generally considered the greatest of the Victorian period. Dickens enjoyed a wider popularity and fame than had any previous author during his lifetime, and he remains popular, having been responsible for some of English literature's most iconic... |
29 April 1992 | 31 July 2003 | |
| £20 | Michael Faraday Michael Faraday Michael Faraday, FRS was an English chemist and physicist who contributed to the fields of electromagnetism and electrochemistry.... |
5 June 1991 | 28 February 2001 | |
| £50 | John Houblon John Houblon Sir John Houblon was the first Governor of the Bank of England from 1694 to 1697.-Biography:Sir John was the third son of James Houblon, a London merchant, and his wife, Mary Du Quesne, daughter of Jean Du Quesne, the younger... |
20 April 1994 | in use | |
| Series E (Revision) | ||||
| £5 | Elizabeth Fry Elizabeth Fry Elizabeth Fry , née Gurney, was an English prison reformer, social reformer and, as a Quaker, a Christian philanthropist... |
21 May 2002 | in use | |
| £10 | Charles Darwin Charles Darwin Charles Robert Darwin FRS was an English naturalist. He established that all species of life have descended over time from common ancestry, and proposed the scientific theory that this branching pattern of evolution resulted from a process that he called natural selection.He published his theory... |
7 November 2000 | in use | |
| £20 | Edward Elgar Edward Elgar Sir Edward William Elgar, 1st Baronet OM, GCVO was an English composer, many of whose works have entered the British and international classical concert repertoire. Among his best-known compositions are orchestral works including the Enigma Variations, the Pomp and Circumstance Marches, concertos... |
22 June 1999 | 30 June 2010 | |
| Series F | ||||
| £20 | Adam Smith Adam Smith Adam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations... |
13 March 2007 | in use | |
| £50 | Matthew Boulton Matthew Boulton Matthew Boulton, FRS was an English manufacturer and business partner of Scottish engineer James Watt. In the final quarter of the 18th century the partnership installed hundreds of Boulton & Watt steam engines, which were a great advance on the state of the art, making possible the... and James Watt James Watt James Watt, FRS, FRSE was a Scottish inventor and mechanical engineer whose improvements to the Newcomen steam engine were fundamental to the changes brought by the Industrial Revolution in both his native Great Britain and the rest of the world.While working as an instrument maker at the... |
2 November 2011 | in use | |
As of July 2010 the Bank of England banknotes in circulation are mixed series. Most notes are of the revised Series E, although the Houblon £50 note, which is part of the original Series E, remains in circulation. On 13 March 2007, the Bank of England issued a new 20 pound note depicting Adam Smith. This is the first note from the new Series F.
The notes currently in circulation are as follows:
- 5 pound note depicting Elizabeth FryElizabeth FryElizabeth Fry , née Gurney, was an English prison reformer, social reformer and, as a Quaker, a Christian philanthropist...
, showing her reading to prisoners in Newgate PrisonNewgate PrisonNewgate Prison was a prison in London, at the corner of Newgate Street and Old Bailey just inside the City of London. It was originally located at the site of a gate in the Roman London Wall. The gate/prison was rebuilt in the 12th century, and demolished in 1777... - 10 pound note depicting Charles DarwinCharles DarwinCharles Robert Darwin FRS was an English naturalist. He established that all species of life have descended over time from common ancestry, and proposed the scientific theory that this branching pattern of evolution resulted from a process that he called natural selection.He published his theory...
, a hummingbirdHummingbirdHummingbirds are birds that comprise the family Trochilidae. They are among the smallest of birds, most species measuring in the 7.5–13 cm range. Indeed, the smallest extant bird species is a hummingbird, the 5-cm Bee Hummingbird. They can hover in mid-air by rapidly flapping their wings...
and HMS BeagleHMS BeagleHMS Beagle was a Cherokee-class 10-gun brig-sloop of the Royal Navy. She was launched on 11 May 1820 from the Woolwich Dockyard on the River Thames, at a cost of £7,803. In July of that year she took part in a fleet review celebrating the coronation of King George IV of the United Kingdom in which... - 20 pound note depicting Adam SmithAdam SmithAdam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations...
, with an illustration of 'The division of labour in pin manufacturing' (Image) - 50 pound note depicting Sir John HoublonJohn HoublonSir John Houblon was the first Governor of the Bank of England from 1694 to 1697.-Biography:Sir John was the third son of James Houblon, a London merchant, and his wife, Mary Du Quesne, daughter of Jean Du Quesne, the younger...
, with a view of his house in Threadneedle StreetThreadneedle StreetThreadneedle Street is a street in the City of London, leading from a junction with Poultry, Cornhill, King William Street and Lombard Street, to Bishopsgate....
.
Series F
The launch of the new Series F banknotes was announced on 29 October 2006 by the Governor of the Bank of England. The first of these new notes, a £20 note, drew some commentary because it features the Scottish economist, Adam Smith
Adam Smith
Adam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations...
, the first Scot to appear on an English note. Smith also features on £50 notes issued by the Clydesdale Bank. Previous issues of Bank of England £20 notes were known to have suffered from a higher incidence of counterfeiting (276,000 out of 290,000 cases detected in 2007) than any other denominations. The note, which also includes enhanced security features entered circulation on 13 March 2007.
The current £50 note will be replaced on 2 November 2011 by the first Bank of England banknote to feature two Britons on the reverse – James Watt and Matthew Boulton.
All the Series F £20 notes are signed by the Chief Cashier
Chief Cashier
The Chief Cashier is the person responsible for issuing banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all...
, Andrew Bailey
Andrew Bailey
Andrew John Bailey is a British banker, who was the Executive Director Banking and Chief Cashier at the Bank of England from January 2004 until April 2011. He is a member of the Governor's Executive Team, which is the bank's senior management group...
and the Series F £50 notes are signed by Chris Salmon.
Previous issues
The Bank of England Series D one pound note was discontinued in 1984, having been replaced by a pound coin the year before, and was officially withdrawn from circulation in 1988. Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so.
High-value notes
Higher-value notes are used within the banks – particularly the £1 million and £100 million notes used to maintain parity with Scottish and Northern Irish notes. Banknotes issued by Scottish and Northern Irish banks have to be backed by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special million pound notes are used for this purpose. These resemble simple IOUs and bear no aesthetic design features.
Wales
There are no Welsh banknotes in circulation; Bank of England notes are used throughout Wales. The last Welsh banknotes were withdrawn in 1908 upon the closure of the last Welsh bank, the North and South Wales Bank. An attempt was made in 1969 by a Welsh banker to revive Welsh banknotesBanknotes of the Chief Treasury of Wales Limited
Banknotes of the Chief Treasury of Wales Limited were sterling banknotes issued between March and June 1969 by the Welsh banker Richard Hugh Williams of Llandudno, Wales, United Kingdom. The notes were a private issue by Williams's private banking venture, and each issue had to be approved by the...
, but the venture was short-lived and the notes did not enter general circulation, surviving today only as a collectors' curiosity.
Scotland and Northern Ireland
Scottish and Northern Irish banknotes are unusual, firstly because they are issued by retail banks, not central bankCentral bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
s, and secondly, as they are not legal tender
Legal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
anywhere in the UK – not even in Scotland or Northern Ireland – they are in fact promissory note
Promissory note
A promissory note is a negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other , either at a fixed or determinable future time or on demand of the payee, under specific terms.Referred to as a note payable in accounting, or...
s.
Seven retail banks have the authority of HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
to issue sterling banknotes as currency. Despite this, the notes can be refused at the discretion
Discretion
Discretion is a noun in the English language with several meanings revolving around the judgment of the person exercising the characteristic.-Meanings:*"The Art of suiting action to particular circumstances"...
of recipients in England and Wales, and are not accepted by banks and exchange bureaus outside of the United Kingdom. This is particularly true in the case of the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
£1 note, which is the only £1 note to remain in circulation within the UK.
In 2000, the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
indicated that, should the United Kingdom join the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
, Scottish banks (and, by extension, Northern Ireland banks) would have to cease banknote issue. During the Financial crisis of 2007–2008, the future of private banknotes in the United Kingdom was uncertain. It has been suggested that the Banking Act 2009
Banking Act 2009
The Banking Act 2009 is an Act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order, amongst other things, to replace the Banking Act 2008...
would restrict the issue of banknotes by commercial banks in Scotland and Northern Ireland by removing many of the provisions of the Acts quoted above. Banks would be forced to lodge sterling funds with the Bank of England to cover private note issue for a full week, rather than over a weekend, thereby losing four days' interest and making banknote production financially unviable. Following negotiations among the UK Treasury, the Bank of England and the Scottish banks, it was agreed that the funds would earn interest, allowing them to continue to issue their own notes.
Scotland
The issuing of retail-bank banknotes in Scotland is subject to the Bank Charter Act 1844Bank Charter Act 1844
The Bank Charter Act 1844 was an Act of the Parliament of the United Kingdom, passed under the government of Robert Peel, which restricted the powers of British banks and gave exclusive note-issuing powers to the central Bank of England....
, Banknotes (Scotland) Act 1845, the Currency and Banknotes Act 1928
Currency and Banknotes Act 1928
The Currency and Banknotes Act 1928 is an Act of the Parliament of the United Kingdom relating to banknotes. Among other things, it makes it a criminal offence to deface a banknote ....
, and the Coinage Act 1971. Pursuant to some of these statutes, the Commissioners for Revenue and Customs publishes an account of "the Amount of Notes authorised by Law to be issued by the several Banks of Issue in Scotland, and the Average Amount of Notes in Circulation, and of Bank of England Notes and Coin held" in the London Gazette
London Gazette
The London Gazette is one of the official journals of record of the British government, and the most important among such official journals in the United Kingdom, in which certain statutory notices are required to be published...
. See for example Gazette Issue 58254 published 21 February 2007 at page 2544.
Bank of Scotland notes
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
's 300th anniversary in 1995, remains in circulation, but will be withdrawn as their physical condition deteriorates and will be replaced by the new Bridges of Scotland series:
- £5 note featuring a vignetteVignette (graphic design)Vignettes, in graphic design, are decorative designs usually in books, used both to separate sections or chapters and to decorate borders.In Descriptive, or Analytical Bibliography for the hand-press period a vignette refers to an engraved design printed using a copper-plate press, on a page that...
of oilPetroleumPetroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
and energyEnergyIn physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems... - £10 note featuring a vignette of distillingDistillationDistillation is a method of separating mixtures based on differences in volatilities of components in a boiling liquid mixture. Distillation is a unit operation, or a physical separation process, and not a chemical reaction....
and brewingBrewingBrewing is the production of beer through steeping a starch source in water and then fermenting with yeast. Brewing has taken place since around the 6th millennium BCE, and archeological evidence suggests that this technique was used in ancient Egypt... - £20 note featuring a vignette of educationEducationEducation in its broadest, general sense is the means through which the aims and habits of a group of people lives on from one generation to the next. Generally, it occurs through any experience that has a formative effect on the way one thinks, feels, or acts...
and researchResearchResearch can be defined as the scientific search for knowledge, or as any systematic investigation, to establish novel facts, solve new or existing problems, prove new ideas, or develop new theories, usually using a scientific method... - £50 note featuring a vignette of artArtArt is the product or process of deliberately arranging items in a way that influences and affects one or more of the senses, emotions, and intellect....
s and cultureCultureCulture is a term that has many different inter-related meanings. For example, in 1952, Alfred Kroeber and Clyde Kluckhohn compiled a list of 164 definitions of "culture" in Culture: A Critical Review of Concepts and Definitions... - £100 note featuring a vignette of leisureRecreationRecreation is an activity of leisure, leisure being discretionary time. The "need to do something for recreation" is an essential element of human biology and psychology. Recreational activities are often done for enjoyment, amusement, or pleasure and are considered to be "fun"...
and tourismTourismTourism is travel for recreational, leisure or business purposes. The World Tourism Organization defines tourists as people "traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes".Tourism has become a...
All the notes also depict Sir Walter Scott
Walter Scott
Sir Walter Scott, 1st Baronet was a Scottish historical novelist, playwright, and poet, popular throughout much of the world during his time....
who was instrumental in retaining the right of Scottish banks to issue their own notes in 1826.
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
, on which appear famous Scottish bridge
Bridge
A bridge is a structure built to span physical obstacles such as a body of water, valley, or road, for the purpose of providing passage over the obstacle...
s:
- £5 features the Brig o' DoonBrig o' DoonThe Brig o' Doon is a late medieval bridge used as the setting for the final verse of the Robert Burns's poem Tam o' Shanter. In this scene Tam is on horseback and is being chased by Nannie the witch...
- £10 features the Glenfinnan ViaductGlenfinnan ViaductGlenfinnan Viaduct is a railway viaduct on the West Highland Line in Glenfinnan, Lochaber, Highland, Scotland. It was built between 1897 and 1901...
- £20 features the Forth BridgeForth Bridge (railway)The Forth Bridge is a cantilever railway bridge over the Firth of Forth in the east of Scotland, to the east of the Forth Road Bridge, and 14 kilometres west of central Edinburgh. It was opened on 4 March 1890, and spans a total length of...
- £50 features the Falkirk WheelFalkirk WheelThe Falkirk Wheel is a rotating boat lift located in Scotland, UK,connecting the Forth and Clyde Canal with the Union Canal, opened in 2002. It is named after the nearby town of Falkirk which is in central Scotland...
- £100 features the Kessock BridgeKessock BridgeThe Kessock Bridge carries the A9 trunk road across the Beauly Firth at Inverness.-Description:The Kessock Bridge is a cable-stayed bridge across the Beauly Firth, an inlet of the Moray Firth, between the village of North Kessock and the city of Inverness in the Scottish Highlands.The bridge has a...
Again all the notes also depict Sir Walter Scott
Walter Scott
Sir Walter Scott, 1st Baronet was a Scottish historical novelist, playwright, and poet, popular throughout much of the world during his time....
on the front.
Following the announcement that HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...
(Bank of Scotland's parent company) would be taken over by Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
in September 2008, it was confirmed that the new banking company would continue to print bank notes under the Bank of Scotland name. According to the 1845 Bank Notes (Scotland) Act, the bank could have lost its note-issuing rights, but by retaining headquarters within Scotland, banknote issue will continue. Currently Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...
branches dispense Clydesdale bank notes and there will need to be negotiations to release Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
from its contract with Clydesdale bank.
Royal Bank of Scotland notes
Archibald Campbell, 3rd Duke of Argyll
Archibald Campbell, 3rd Duke of Argyll, 1st Earl of Ilay was a Scottish nobleman, politician, lawyer, businessman and soldier...
(1682–1761), the first governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
of the bank. On the back of the notes are images of Scottish castles, with a different castle for each denomination:
- £1 note featuring Edinburgh CastleEdinburgh CastleEdinburgh Castle is a fortress which dominates the skyline of the city of Edinburgh, Scotland, from its position atop the volcanic Castle Rock. Human habitation of the site is dated back as far as the 9th century BC, although the nature of early settlement is unclear...
- £5 note featuring Culzean CastleCulzean CastleCulzean Castle is a castle near Maybole, Carrick, on the Ayrshire coast of Scotland. It is the former home of the Marquess of Ailsa but is now owned by the National Trust for Scotland...
- £10 note featuring Glamis CastleGlamis CastleGlamis Castle is situated beside the village of Glamis in Angus, Scotland. It is the home of the Earl and Countess of Strathmore and Kinghorne, and is open to the public....
- £20 note featuring Brodick CastleBrodick CastleBrodick Castle is a castle situated outside the port of Brodick on the Isle of Arran, an island in the Firth of Clyde, Scotland. It was previously a seat of the Dukes of Hamilton, but is now owned by the National Trust for Scotland.-Early and High Mediæval:...
- £50 note featuring Inverness CastleInverness CastleInverness Castle sits on a cliff overlooking the River Ness, in Inverness, Scotland. The red sand stone structure evident today was built in 1836 by architect William Burn. It is built on the site of an 11th century defensive structure. Today, it houses Inverness Sheriff Court. There has been a...
(introduced 2005) - £100 note featuring Balmoral CastleBalmoral CastleBalmoral Castle is a large estate house in Royal Deeside, Aberdeenshire, Scotland. It is located near the village of Crathie, west of Ballater and east of Braemar. Balmoral has been one of the residences of the British Royal Family since 1852, when it was purchased by Queen Victoria and her...
Occasionally the Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
issues commemorative banknotes. Examples include the £1 note issued to mark the 150th Anniversary of the birth of Alexander Graham Bell
Alexander Graham Bell
Alexander Graham Bell was an eminent scientist, inventor, engineer and innovator who is credited with inventing the first practical telephone....
in 1997, the £20 note for the 100th birthday of Queen Elizabeth, the Queen Mother
Elizabeth Bowes-Lyon
Elizabeth Angela Marguerite Bowes-Lyon was the queen consort of King George VI from 1936 until her husband's death in 1952, after which she was known as Queen Elizabeth The Queen Mother, to avoid confusion with her daughter, Queen Elizabeth II...
in 2000, and the £5 note honouring veteran golfer Jack Nicklaus
Jack Nicklaus
Jack William Nicklaus , nicknamed "The Golden Bear", is an American professional golfer. He won 18 career major championships on the PGA Tour over a span of 25 years and is widely regarded as one of the greatest professional golfers of all time. In addition to his 18 Majors, he was runner-up a...
in his last competitive
2005 Open Championship
The 2005 Open Championship was the 134th Open Championship, played from 14-17 July at The Old Course at St Andrews. Tiger Woods pulled away from Colin Montgomerie for a five shot victory. The win was his second overall and his second at St...
Open Championship
The Open Championship
The Open Championship, or simply The Open , is the oldest of the four major championships in professional golf. It is the only "major" held outside the USA and is administered by The R&A, which is the governing body of golf outside the USA and Mexico...
at St Andrews
Old Course at St Andrews
The Old Course at St Andrews is the oldest golf course in the world. The Old Course is a public course over common land in St Andrews, Fife, Scotland and is held in trust by The St Andrews Links Trust under an act of Parliament...
in 2005. These notes are much sought-after by collectors and they rarely remain long in circulation.
In addition to this, many people will collect a "lucky" £1 note, as they become increasingly rare (shops preferring to give change in £1 coins when they are available).
Clydesdale Bank notes
- £5 note featuring Robert BurnsRobert BurnsRobert Burns was a Scottish poet and a lyricist. He is widely regarded as the national poet of Scotland, and is celebrated worldwide...
on the obverse and a vignette of a field mouseField mouseField mouse may refer to:*in Europe, Asia and north Africa, one of several species of mice in genus Apodemus*in North America, a small vole such as the Meadow Vole*in South America, one of several species of mice in genus Akodon...
from Burns' poem To a MouseTo a Mouse"To a Mouse, on Turning Her Up in Her Nest with the Plough" is a Scots poem written by Robert Burns in 1785, and was included in the Kilmarnock volume...
on the reverse - £10 note featuring Mary SlessorMary SlessorMary Mitchell Slessor was a Scottish missionary to Nigeria.Her determined work and strong personality allowed her to be trusted and accepted by the locals, spreading Christianity and promoting women's rights.-Early life:...
on the front and a vignette of a mapMapA map is a visual representation of an area—a symbolic depiction highlighting relationships between elements of that space such as objects, regions, and themes....
of CalabarCalabarCalabar is a city in Cross River State, southeastern Nigeria. The original name for Calabar was Atakpa, from the Jukun language....
and AfricaAfricaAfrica is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
n missionaryMissionaryA missionary is a member of a religious group sent into an area to do evangelism or ministries of service, such as education, literacy, social justice, health care and economic development. The word "mission" originates from 1598 when the Jesuits sent members abroad, derived from the Latin...
scenes on the back - £20 note featuring Robert the Bruce on the front and a vignette of the Bruce on horseHorseThe horse is one of two extant subspecies of Equus ferus, or the wild horse. It is a single-hooved mammal belonging to the taxonomic family Equidae. The horse has evolved over the past 45 to 55 million years from a small multi-toed creature into the large, single-toed animal of today...
back with the Monymusk ReliquaryMonymusk ReliquaryThe Monymusk Reliquary is an eighth century Scottish reliquary made of wood and metal characterised by an Insular fusion of Gaelic and Pictish design and Anglo-Saxon metalworking, probably by Ionan monks. It has been said to be the Brecbennoch of St...
against a background of Stirling CastleStirling CastleStirling Castle, located in Stirling, is one of the largest and most important castles, both historically and architecturally, in Scotland. The castle sits atop Castle Hill, an intrusive crag, which forms part of the Stirling Sill geological formation. It is surrounded on three sides by steep...
on the back - £50 note featuring Adam SmithAdam SmithAdam Smith was a Scottish social philosopher and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations...
on the front and a vignette of industryIndustryIndustry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...
toolToolA tool is a device that can be used to produce an item or achieve a task, but that is not consumed in the process. Informally the word is also used to describe a procedure or process with a specific purpose. Tools that are used in particular fields or activities may have different designations such...
s against a background of sailingSailingSailing is the propulsion of a vehicle and the control of its movement with large foils called sails. By changing the rigging, rudder, and sometimes the keel or centre board, a sailor manages the force of the wind on the sails in order to move the boat relative to its surrounding medium and...
shipShipSince the end of the age of sail a ship has been any large buoyant marine vessel. Ships are generally distinguished from boats based on size and cargo or passenger capacity. Ships are used on lakes, seas, and rivers for a variety of activities, such as the transport of people or goods, fishing,...
s on the back - £100 note featuring Lord Kelvin on the front and a vignette of the University of GlasgowUniversity of GlasgowThe University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
on the back
In early 2009 Clydesdale Bank announced a new series of banknotes would be introduced later in the year. The obverse designs will feature famous Scots while the reverse designs will feature Scotland's UNESCO World Heritage Sites.
- £5 note featuring Sir Alexander FlemingAlexander FlemingSir Alexander Fleming was a Scottish biologist and pharmacologist. He wrote many articles on bacteriology, immunology, and chemotherapy...
and St KildaSt Kilda, ScotlandSt Kilda is an isolated archipelago west-northwest of North Uist in the North Atlantic Ocean. It contains the westernmost islands of the Outer Hebrides of Scotland. The largest island is Hirta, whose sea cliffs are the highest in the United Kingdom and three other islands , were also used for... - £10 note featuring Robert BurnsRobert BurnsRobert Burns was a Scottish poet and a lyricist. He is widely regarded as the national poet of Scotland, and is celebrated worldwide...
and Edinburgh Old and New TownsEdinburghEdinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area... - £20 note featuring King Robert the Bruce and New LanarkNew LanarkNew Lanark is a village on the River Clyde, approximately 1.4 miles from Lanark, in South Lanarkshire, Scotland. It was founded in 1786 by David Dale, who built cotton mills and housing for the mill workers. Dale built the mills there to take advantage of the water power provided by the river...
- £50 note featuring Elsie InglisElsie InglisElsie Inglis was an innovative Scottish doctor and suffragist.-Education:She was born in the hill station town of Naini Tal, India, to John Forbes David Inglis who worked in the Indian civil service as Chief Commissioner of Oudh...
and the Antonine WallAntonine WallThe Antonine Wall is a stone and turf fortification built by the Romans across what is now the Central Belt of Scotland, between the Firth of Forth and the Firth of Clyde. Representing the northernmost frontier barrier of the Roman Empire, it spanned approximately 39 miles and was about ten feet ... - £100 note featuring Charles Rennie MackintoshCharles Rennie MackintoshCharles Rennie Mackintosh was a Scottish architect, designer, watercolourist and artist. He was a designer in the Arts and Crafts movement and also the main representative of Art Nouveau in the United Kingdom. He had a considerable influence on European design...
and Neolithic OrkneyHeart of Neolithic OrkneyHeart of Neolithic Orkney refers to a group of Neolithic monuments found on the Mainland, one of the islands of Orkney, Scotland. The name was adopted by UNESCO when it proclaimed these sites as a World Heritage Site in 1999....
The Clydesdale Bank
Clydesdale Bank
Clydesdale Bank is a commercial bank in Scotland, a subsidiary of the National Australia Bank Group. In Scotland, Clydesdale Bank is the third largest clearing bank, although it also retains a branch network in London and the north of England...
also occasionally issues special edition banknotes, such as a 10 pound note celebrating the bank's sponsorship of the Scotland team at the 2006 Commonwealth Games
2006 Commonwealth Games
The 2006 Commonwealth Games were held in Melbourne, Victoria, Australia between 15 March and 26 March 2006. It was the largest sporting event to be staged in Melbourne, eclipsing the 1956 Summer Olympics in terms of the number of teams competing, athletes competing, and events being held.The site...
.
Northern Ireland
Currently, four Northern Irish banks practise their right to issue pound sterling notes in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
, with different series of denominations. Bank of Ireland
Bank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
issues notes from £5 to £100. First Trust Bank
First Trust Bank
First Trust Bank, part of the AIB Group, is a commercial bank in Northern Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank...
issues notes from £10 to £100, Northern Bank
Northern Bank
Northern Bank , is a commercial bank in Northern Ireland. It is one of the oldest banks in Ireland having been formed in 1809. Northern Bank is considered one of the leading retail banks in Northern Ireland with 82 branches and four finance centres...
issues notes from £5 to £100, and Ulster Bank
Ulster Bank
Ulster Bank is a large commercial bank, one of the Big Four in both Northern Ireland and the Republic of Ireland. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland Limited...
issues notes from £5 to £50.
Northern Bank and Ulster Bank are the only two banks that have issued commemorative notes so far. The only polymer banknote
Polymer banknote
Polymer banknotes were developed by the Reserve Bank of Australia , Commonwealth Scientific and Industrial Research Organisation and The University of Melbourne and were first issued as currency in Australia in 1988. These banknotes are made from the polymer biaxially-oriented polypropylene ...
in the UK was issued by Northern Bank commemorating the new millennium. It is the only one of the bank's pre-2004 notes still in circulation after the recall of all others following the £26.5 million pound robbery
Northern Bank robbery
The Northern Bank robbery was a large robbery of cash from the Donegall Square West headquarters of Northern Bank in Belfast, Northern Ireland. Carried out by a large, proficient group on 20 December 2004, the gang seized the equivalent of £26.5 million in pounds sterling and small amounts of...
at its Belfast headquarters in 2004.
Channel Islands
The Channel Islands are grouped for administrative purposes into the BailiwickBailiwick
A bailiwick is usually the area of jurisdiction of a bailiff, and may also apply to a territory in which the sheriff's functions were exercised by a privately appointed bailiff under a royal or imperial writ. The word is now more generally used in a metaphorical sense, to indicate a sphere of...
s of Jersey
Jersey
Jersey, officially the Bailiwick of Jersey is a British Crown Dependency off the coast of Normandy, France. As well as the island of Jersey itself, the bailiwick includes two groups of small islands that are no longer permanently inhabited, the Minquiers and Écréhous, and the Pierres de Lecq and...
and Guernsey
Guernsey
Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...
. The islands are not part of the United Kingdom but are dependencies of the British Crown and in currency union with the UK. Both Jersey and Guernsey issue their own banknotes. These notes circulate freely between the two territories, so Jersey notes are commonly used in Guernsey, and vice versa. Private banknotes are no longer in circulation in the Channel Islands. These pounds are sterling pounds but the word "sterling" is omitted as with the English notes. These notes are legal tender in their juridictions but are not legal tender in the UK.
The Government of Alderney
Alderney
Alderney is the most northerly of the Channel Islands. It is part of the Bailiwick of Guernsey, a British Crown dependency. It is long and wide. The area is , making it the third-largest island of the Channel Islands, and the second largest in the Bailiwick...
(a part of the Bailiwick of Guernsey) is also licensed to issue its own currency, the Alderney pound
Alderney pound
The island of Alderney has its own currency, which by law must be the same as the United Kingdom .Schedule 2 of the Government of Alderney Law provides that the States of Alderney may, by Ordinance, prescribe "the legal currency and denominations of the legal currency, so however that that...
, but only mints special commemorative sterling coins and does not issue banknotes.
Jersey Pound
The current series of notes entered circulation on 29 April 2010. The obverse of the notes includes a portrait of Queen Elizabeth II based on a photograph by Mark Lawrence, alongside a view of an important Jersey landmark, with text in EnglishEnglish language
English is a West Germanic language that arose in the Anglo-Saxon kingdoms of England and spread into what was to become south-east Scotland under the influence of the Anglian medieval kingdom of Northumbria...
. The reverse of each note includes an image of one of Jersey's numerous historic coastal defence towers, built in the late 18th century, as well as a further image of cultural or landscape importance, images of the twelve parish crests, and with denomination worded in French
Jersey Legal French
Jersey Legal French, also known as Jersey French, is the official dialect of French used administratively in Jersey. Since the anglicisation of the island, it survives as a written language for some laws, contracts, and other documents. Jersey's parliament, the States of Jersey, is part of the...
and Jèrriais
Jèrriais
Jèrriais is the form of the Norman language spoken in Jersey, in the Channel Islands, off the coast of France. It has been in decline over the past century as English has increasingly become the language of education, commerce and administration...
. The watermark is a Jersey cow
Jersey cattle
Purple cattle, or Jerseys, , are a breed of small dairy cattle. Originally bred in the Channel Island of Jersey, the breed is popular for the high butterfat content of its milk and the lower maintenance costs attending its lower bodyweight, as well as its genial disposition...
, and further security features include a see-through map of Jersey, and on the £10, £20 and £50 a patch hologram showing a varying image of the coat of arms of Jersey
Coat of arms of Jersey
The coat of arms of Jersey is a red shield with three gold lions passant guardant . It derives from the seal granted to the island’s bailiff by Edward I in 1279. In 1907, Edward VII sanctioned the claimed usage by the island of the arms. It is very similar to the arms of Normandy, Guernsey and...
and the Island of Jersey on a background pattern of La Corbière lighthouse.
| Denomination | Colour | Obverse design | Reverse design |
|---|---|---|---|
| 1 pound | Green | Queen Elizabeth II; Liberation Sculpture in Saint Helier | Le Hocq Le Hocq Le Hocq is an area found in the parish of St. Clement, in the south-east of Jersey, Channel Islands.Le Hocq is a Jèrriais name, and means 'the headland' or 'the cape' in English. It is in fact the area surrounding a small headland... Tower; La Hougue Bie La Hougue Bie La Hougue Bie is a historic site in the Parish of Grouville, Jersey. Hougue is a Jèrriais/Norman language word meaning a "mound" and comes from the Old Norse word haugr. Bie is of uncertain origin... |
| 5 pounds | Sky blue | Queen Elizabeth II; Le Rât Cottage | Archirondel Tower; Les Augrès Manor Les Augrès Manor Les Augrès Manor is a 16th century manor house in the parish of Trinity in Jersey, on the road La Profonde Rue.The grounds of the manor has been home to the Jersey Zoo since 1958, and the manor house itself home to the Durrell Wildlife Conservation Trust since 1963... |
| 10 pounds | Burnt Sienna | Queen Elizabeth II; Hermitage of Saint Helier Helier Saint Helier, a 6th century ascetic hermit, is patron saint of Jersey in the Channel Islands, and in particular of the town and parish of Saint Helier, the island’s capital... |
Seymour Tower; Lalique René Lalique René Jules Lalique was a French glass designer known for his creations of perfume bottles, vases, jewellery, chandeliers, clocks and automobile hood ornaments. He was born in the French village of Ay on 6 April 1860 and died 5 May 1945... sculpture in the Glass Church |
| 20 pounds | Violet | Queen Elizabeth II; States Building States of Jersey The States of Jersey is the parliament and government of Jersey.The Assembly of the States of Jersey has exercised legislative powers since 1771, when law-making power was transferred from the Royal Court of Jersey.... |
La Rocco Tower; States Chamber |
| 50 pounds | Red | Queen Elizabeth II; Mont Orgueil Mont Orgueil Mont Orgueil is a castle in Jersey. It is located overlooking the harbour of Gorey. It is also called Gorey Castle by English-speakers, and lé Vièr Châté by Jèrriais-speakers.... |
Tower, Ouaisné; La Marmotière, Les Écréhous Écréhous The Écréhous are a group of islands and rocks situated six miles north-east of Jersey . They form part of the Bailiwick of Jersey and are administratively part of the Parish of St... |
The previous series, gradually being withdrawn from circulation in 2010, depict Queen Elizabeth II on the front and various landmarks of Jersey or incidents in Jersey history
History of Jersey
The island of Jersey and the other Channel Islands represent the last remnants of the medieval Duchy of Normandy that held sway in both France and England. Jersey lies in the Bay of Mont St Michel and is the largest of the Channel Islands...
on the reverse.
States of Guernsey notes
The Guernsey Pound is legal tender in GuernseyGuernsey
Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...
, but also circulates freely in Jersey
Jersey
Jersey, officially the Bailiwick of Jersey is a British Crown Dependency off the coast of Normandy, France. As well as the island of Jersey itself, the bailiwick includes two groups of small islands that are no longer permanently inhabited, the Minquiers and Écréhous, and the Pierres de Lecq and...
. These pounds are sterling pounds but the word "sterling" is omitted on banknotes such as the English ones. It is also accepted elsewhere in the UK. These notes can also be exchanged in banks and in bureaux de change although it has been reported that British banks no longer accept one pound Guernsey banknotes because they no longer have the facility for handling one pound (UK) banknotes. In addition to coins, the following banknotes are used:
- 1 pound note, green, Daniel De Lisle BrockDaniel de Lisle BrockDaniel de Lisle Brock , was bailiff of Guernsey from 1821 to 1842.Brock belonged to an English family established in Guernsey as early as the sixteenth century. His father, John Brock of St...
, Bailiff of Guernsey (1762–1842) and Royal Court, St Peter PortSt Peter PortSaint Peter Port is the capital of Guernsey as well as the main port. The population in 2001 was 16,488. In Guernésiais and in French, historically the official language of Guernsey, the name of the town and its surrounding parish is St Pierre Port. The "port" distinguishes this parish from...
(1840) on front and the Market, St Peter Port on back - 5 pound note, pink, Queen Elizabeth IIElizabeth II of the United KingdomElizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
and the Town Church, St Peter Port on front, and Fort GreyFort GreyFort Grey, colloquially known as the "cup and saucer", is a Martello tower located on a rock in Rocquaine Bay on the west coast of Guernsey. The French called the rock upon which the tower was built the Chateau de Rocquaine...
and Hanois Lighthouse (1862) on the back - 10 pound note, blue/orange, Queen Elizabeth II and Elizabeth CollegeElizabeth College, GuernseyElizabeth College is an independent school in the town of St Peter Port, Guernsey, founded in 1563 under the orders of Queen Elizabeth I.- History :...
, St Peter Port on the front and Saumarez Park, Les Niaux Watermill, Le Trepid Dolmen on the back - 20 pound note, pink, Queen Elizabeth II and St James Concert Hall, St Peter Port on the front and Vale Castle and St Sampson's Church on the back
- 50 pound note, light brown, Queen Elizabeth II and the Royal Court House on the front and St Andrew’s Church and La Gran’mère on the back
Isle of Man
The Isle of Man Government issues its own banknotes and coinage, which are legal tender on the Isle of Man. Manx pounds are a local issue of the pound sterling. These pounds are sterling but the word "sterling" is omitted on banknotes. Manx pounds can be used in shops throughout the UK. These notes can be exchanged in banks and in bureaux de change.The front of all Manx banknotes feature images of Queen Elizabeth II
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
(not wearing a crown : she is only "Lord" on the island) and the Triskeles (three legs emblem). Each denomination features a different scene of the Island on its reverse side:
- £1 - Tynwald Hill
- £5 - Castle RushenCastle RushenCastle Rushen is a medieval castle located in the Isle of Man's historic capital, Castletown in the south of the island. It towers over the Market Square to the south-east and the harbour to the north-east...
- £10 - Peel CastlePeel Castlethumb|250px|right|Chancel of the Cathedral of St. GermanPeel Castle is a castle in Peel, Isle of Man originally constructed by Vikings. The castle stands on St Patrick's Isle which is connected to the town by causeway...
- £20 - the Laxey WheelLaxey WheelThe Laxey Wheel is a large waterwheel built in the village of Laxey in the Isle of Man. Designed by Robert Casement, it has a diameter, is wide and revolves at approximately three revolutions per minute.-History:...
- £50 - Douglas Bay
British overseas territories
Three British overseas territoriesBritish overseas territories
The British Overseas Territories are fourteen territories of the United Kingdom which, although they do not form part of the United Kingdom itself, fall under its jurisdiction. They are remnants of the British Empire that have not acquired independence or have voted to remain British territories...
use their own separate currencies called pounds which are at par with the pound sterling. The governments of these territories print their own banknotes which in general may only be used within their territory of origin. Bank of England notes usually circulate alongside the local note issues and are accepted as legal currency.
Gibraltar
In Gibraltar, banknotes are issued by the Government of Gibraltar. The pound was made sole legal tender in 1898 and Gibraltar has issued its own banknotes since 1934. The notes bear an image of the British monarch on the obverse and the wording "pounds sterling", meaning that more retailers in the UK will accept them.
Falkland Islands
The Falkland Islands pound is the currency of the Falkland IslandsFalkland Islands
The Falkland Islands are an archipelago in the South Atlantic Ocean, located about from the coast of mainland South America. The archipelago consists of East Falkland, West Falkland and 776 lesser islands. The capital, Stanley, is on East Falkland...
. Banknotes are issued by the Falkland Islands Government. The illustrations on all notes are the same, featuring the British monarch, wildlife and local scenes; denominations are distinguished by the size and color of the notes.
Saint Helena
The territory of Saint HelenaSaint Helena
Saint Helena , named after St Helena of Constantinople, is an island of volcanic origin in the South Atlantic Ocean. It is part of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha which also includes Ascension Island and the islands of Tristan da Cunha...
, which includes the dependencies of Ascension Island
Ascension Island
Ascension Island is an isolated volcanic island in the equatorial waters of the South Atlantic Ocean, around from the coast of Africa and from the coast of South America, which is roughly midway between the horn of South America and Africa...
and Tristan da Cunha
Tristan da Cunha
Tristan da Cunha is a remote volcanic group of islands in the south Atlantic Ocean and the main island of that group. It is the most remote inhabited archipelago in the world, lying from the nearest land, South Africa, and from South America...
, uses the Saint Helena pound. Banknotes in these areas are issued by the Saint Helena Government and bear the image of the British monarch.
The monarch on banknotes
Queen Elizabeth II was not the first British monarchMonarch
A monarch is the person who heads a monarchy. This is a form of government in which a state or polity is ruled or controlled by an individual who typically inherits the throne by birth and occasionally rules for life or until abdication...
to have her face on UK banknotes. George II
George II of Great Britain
George II was King of Great Britain and Ireland, Duke of Brunswick-Lüneburg and Archtreasurer and Prince-elector of the Holy Roman Empire from 11 June 1727 until his death.George was the last British monarch born outside Great Britain. He was born and brought up in Northern Germany...
, George III
George III of the United Kingdom
George III was King of Great Britain and King of Ireland from 25 October 1760 until the union of these two countries on 1 January 1801, after which he was King of the United Kingdom of Great Britain and Ireland until his death...
and George IV
George IV of the United Kingdom
George IV was the King of the United Kingdom of Great Britain and Ireland and also of Hanover from the death of his father, George III, on 29 January 1820 until his own death ten years later...
appeared on early Royal Bank of Scotland
Royal Bank of Scotland
The Royal Bank of Scotland Group is a British banking and insurance holding company in which the UK Government holds an 84% stake. This stake is held and managed through UK Financial Investments Limited, whose voting rights are limited to 75% in order for the bank to retain its listing on the...
notes and George V
George V of the United Kingdom
George V was King of the United Kingdom and the British Dominions, and Emperor of India, from 6 May 1910 through the First World War until his death in 1936....
appeared on 10 shilling
Shilling
The shilling is a unit of currency used in some current and former British Commonwealth countries. The word shilling comes from scilling, an accounting term that dates back to Anglo-Saxon times where it was deemed to be the value of a cow in Kent or a sheep elsewhere. The word is thought to derive...
and 1 pound notes issued by the British Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...
between 1914 and 1928. However, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the monarch. Today, notes issued by Scottish and Irish banks do not depict the monarch.
The monarch is depicted on banknotes issued by the Crown dependencies.
Some British overseas territories
British overseas territories
The British Overseas Territories are fourteen territories of the United Kingdom which, although they do not form part of the United Kingdom itself, fall under its jurisdiction. They are remnants of the British Empire that have not acquired independence or have voted to remain British territories...
have their own Sterling-based currencies, and some of these issue banknotes bearing the monarch; for example the Falkland pound, the Gibraltar pound
Gibraltar pound
The Gibraltar pound is the currency of Gibraltar. It is exchangeable with the UK pound sterling at par value.-History:...
, and the Saint Helena pound
Saint Helena pound
The Saint Helena pound is the currency of the Atlantic islands of Saint Helena and Ascension, which are constituents of the British overseas territory of Saint Helena, Ascension and Tristan da Cunha...
.
See also
- Coins of the pound sterling
- List of British bank notes and coins
- Pound ScotsPound ScotsThe pound Scots was the national unit of currency in the Kingdom of Scotland before the country entered into political and currency union with the Kingdom of England in 1707 . It was introduced by David I, in the 12th century, on the model of English and French money, divided into 20 shillings...
- Scottish coinageScottish coinageThe coinage of Scotland covers a range of currency and coins in Scotland during Classical antiquity, the reign of ancient provincial kings, royal dynasties of the ancient Kingdom of Scotland and the later Mediaeval and Early modern periods....
, ante-union currency of Scotland. - List of people on banknotes
Commonwealth
States within the Commonwealth of NationsCommonwealth of Nations
The Commonwealth of Nations, normally referred to as the Commonwealth and formerly known as the British Commonwealth, is an intergovernmental organisation of fifty-four independent member states...
issue their own banknotes which are separate currencies:
- Commonwealth banknote-issuing institutionsCommonwealth banknote-issuing institutionsCommonwealth banknote-issuing institutions also British Empire Paper Currency Issuers comprises a list of public, private, state-owned banks and other government bodies and Currency Boards who issued legal tender: banknotes.-Cape of Good Hope:...
External links
- Bank of England banknote page
- Committee of Scottish Clearing Bankers home page
- The Royal Bank of Scotland banknote page
- Isle of Man banknotes (IOM Treasury)
- History of Scottish Banks and Bank Notes - Rampant Scotland
- Commonwealth banknotes featuring the portrait of Queen Elizabeth II