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The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the ability of other banks to issue notes was restricted.
A third note surfaced recently on the collector market, dated 8 September 2003, serial number R016492, and it is signed by Andrew Turnbull, Secretary to the Treasury, and cancelled. Until 2006, these Treasury notes were issued by the Bank of England, in the City of London.
Main articles: Banknotes of the pound sterling and Bank of England note issues. Note: The description of banknotes given here relates to notes issued by the Bank of England. Three banks in Scotland and three banks in Northern Ireland also issue notes, in some or all of the denominations: £1, £5, £10, £20, £50, £100.
Whilst the SNP advocated a currency union between an independent Scotland and the remaining United Kingdom, [106] HM Treasury issued a statement in April 2013 stating that the present relationship with the Bank of England could be changed after independence, with the result that Scottish banks might lose the ability to issue banknotes backed by ...
In Great Britain, country banks that issued banknotes multiplied in the 18th century, even though the Bank of England had a monopoly on note issuance in London and its immediate surroundings. [4] The Bank Charter Act 1844 established a nationwide note-issuance monopoly for the Bank of England in England and Wales, but not in Scotland or Ireland.
It is the policy of the Bank of England to redeem all withdrawn notes for current currency at the face value shown on the note, except for counterfeit currency. [ 100 ] [ n 14 ] Examples of counterfeits from Operation Bernhard have appeared at auction and been sold through dealers for a higher face value than the original £5.
In September 2016, the Bank of England began to issue £5 polymer notes with a picture of Winston Churchill; and in 2017 a polymer £10 began replacing its paper equivalent, featuring a picture of the author Jane Austen. A polymer £20 was issued in 2020 with a picture of J.M.W. Turner, and the £50 note was released in 2021, featuring Alan Turing
Bank Act of 1844. The Bank Charter Act 1844 (7 & 8 Vict. c. 32), sometimes referred to as the Peel Banking Act of 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.