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The backing by the £100 million notes and the £1 million notes is intended to maintain public confidence in the value the notes represent. For every pound an authorised Scottish or Northern Irish commercial bank prints and issues in the form of its own notes, it must deposit the equivalent in pound sterling with the Bank of England.
Banknotes issued by Scottish and Northern Irish banks have to be backed pound for pound by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special £1 million and £100 million notes are used for this purpose. Their design is based on the old Series A notes. [60] [95]
The banknotes issued by commercial banks in Scotland and Northern Ireland are required to be backed pound for pound by Bank of England notes. High denomination notes, for £1 million ("Giants") and £100 million ("Titans"), were used for this purpose. [53] They were used only internally within the Bank and were never seen in circulation. [53]
Nine £1 million notes were issued in connection with the Marshall Plan on 30 August 1948, signed by E. E. Bridges, and were used internally as "records of movement" for a six-week period, along with other denominations, with total face value of £300 million, corresponding to a loan from the U.S. to help shore up HM Treasury. These were ...
£100 note: £100: in circulation Issued by Scottish and Northern-Irish banks only. £1,000,000 note: £1,000,000: non-circulating Also known as a "Giant". Used as backing for banknotes issued by Scottish and Northern Irish banks when exceeding the value of their 1845 reserves. The amount to be covered is over a billion pounds. [12]
Seeing money inside the envelope, Henry immediately heads for a cheap dining house and eats a meal; afterward, he discovers that the money is a single bank note for one million pounds sterling, the equivalent of $5 million in United States currency. Without knowing it at the time, Henry has become the subject of a £20,000 bet between the brothers.
In Germany between the two world wars, inflation rose to such a point in the early '20s that a loaf of bread cost a million or more marks. Cities and townships printed their own money in a ...
In 1855, the notes were converted to being entirely printed, with denominations of £5, £10, £20, £50, £100, £200, £300, £500 and £1,000 issued. The Bank of Scotland began issuing notes in 1695. Although the pound Scots was still the currency of