Banknotes of the pound sterling 270680 221893551 2008-06-26T15:46:51Z Hairy Dude 274535 /* Clydesdale Bank notes */ and once more {{Mergefrom|Bank of England note issues|date=April 2008}} {{Infobox Currency | currency_name_in_local = | image_1 =Pound sterling banknotes fan.png | image_title_1 =Pound sterling banknotes | image_2 = British Islands.svg | image_title_2 =the [[British Islands]] | iso_code =GBP | using_countries ={{flag|England}}, {{flag|Wales}}, <br>{{flag|Scotland}}, [[Northern Ireland]]<br />{{flag|Jersey}}, {{flag|Guernsey}},<br>{{flag|Isle of Man}}<br />{{flag|Falkland Islands}}, {{flag|Gibraltar}}, {{flag|Saint Helena}} | subunit_ratio_1 = 1/100 | subunit_name_1 =[[penny]] | symbol =[[Pound sign|£]] | symbol_subunit_1 =p | frequently_used_banknotes =£1 (Channel Islands, Scot. only),<br /> £5, £10, £20 | rarely_used_banknotes =£50, £100 (Scot., N. Ire. only), ''higher values exist such as £100,000,000 (Titan) bank note, however, usage is restricted''<ref>{{cite web|url=http://www.bankofengland.co.uk/education/museum/exhibitions/securitybydesign.pdf|publisher=Bank of England|title=Security by Design|accessdate=2008-03-27}}</ref> | issuing_authority = [[Bank of England]] | issuing_authority_website = www.bankofengland.co.uk | printer = '''Issuing banks:''' English (inc.Wales) notes: :[[Bank of England note issues|Bank of England]] Scottish notes: :[[Bank of Scotland]]<br/>[[Royal Bank of Scotland]]<br/>[[Clydesdale Bank]] Northern Irish notes:<br/> :[[Northern Bank]]<br/>[[First Trust Bank]]<br/>[[Ulster Bank]]<br/>[[Bank of Ireland]] [[Crown dependency|Crown dependencies]]: :[[Guernsey pound|States of Guernsey]]<br/>[[Jersey pound|States of Jersey]]<br/>[[Manx pound|Isle of Man Government]] '''Note printer:''' :[[De La Rue]] }} '''Sterling banknotes''' are the [[banknote]]s of the [[United Kingdom]] and [[British Islands]], denominated in [[pound sterling|pounds sterling]] (symbol: '''[[Pound sign|£]]'''; [[ISO 4217 currency code]] GBP). One pound is equivalent to 100 [[penny|pence]]. The pound is the official [[currency]] of the United Kingdom, the [[Crown dependency|Crown dependencies]] of Britain and three [[British Overseas Territories]]. In these areas, seven [[retail bank]]s have the right to print their own banknotes in addition to the [[Bank of England]] and the dependency and territorial governments. Unlike most other countries, banknote issue in Britain is not automatically tied in with one national identity or the activity of the state. ==History== Until the middle of the nineteenth century, privately owned banks in Great Britain and Ireland were free to issue their own banknotes and money issued by provincial English,<ref name="birminghambank"> {{cite web |url= http://www.bmagic.org.uk/objects/1965N221.174 |title= One Guinea Banknote, Birmingham Bank |accessdate=2007-10-08 |work= Birmingham Museums & Art Gallery}} </ref><ref name="swaledale"> {{cite web |url= http://www.p-wood.com/articles/swalebank.html |title= the Swaledale and Wensleydale Banking Company |accessdate=2007-10-08 |author=Malcolm Lobley FCIB |work= P-Wood.com }} </ref><ref name="englishprovincial"> {{cite web |url= http://homepage.ntlworld.com/trev.rh/Notes/prov.htm |title= British Provincial Banknotes |pages: pp. 1-6 |accessdate=2007-10-08 }} </ref> Welsh,<ref name="cardiffbank"> {{cite web |url= http://www.gtj.org.uk/en/item1/21067 |title= Cardiff and Merthyr Bank note, 1824 |accessdate=2007-10-08 |work= Gathering the Jewels/Casglu'r Tlysau}} </ref> Scottish<ref name="bankofscotland"> {{cite web |url= http://www.hbosplc.com/abouthbos/History/BoS_family_tree.asp |title= Bank of Scotland 'family tree' |accessdate=2007-10-08 |work= HBOS History}} </ref> 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 [[Act of Parliament|Acts of Parliament]],<ref name="historyofbanknotes"> {{cite web |url= http://www.bankofengland.co.uk/banknotes/about/history.htm |title= A brief history of banknotes |accessdate=2007-10-08 |author= Bank of England}} </ref> 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.<ref name="historyofbanknotes"/> However, some of the monopoly provisions of the Bank Charter Act only applied to England and Wales. <ref>{{Cite web|url=http://www.ledr.com/bank_act/1844032.htm#11 |title=Bank Charter Act 1844, Section XI, "Restriction against Issue of Bank Notes" }}</ref> The Bank Notes (Scotland) Act was passed the following year, and to this day, three [[retail bank]]s retain the right to issue their own sterling banknotes in Scotland, and four in Northern Ireland.<ref name="cscb-legal">{{cite web |url=http://www.scotbanks.org.uk/banknote_history.php |title= Banknote History - Legal tender |author=Committee of Scottish Clearing Bankers |accessdate=2007-10-08 }}</ref><ref>{{Cite web |url=http://www.statutelaw.gov.uk/content.aspx?LegType=All+Primary&PageNumber=99&NavFrom=2&parentActiveTextDocId=1031777&ActiveTextDocId=1031777&filesize=50345 |title=Bank Notes (Scotland) Act 1845 |publisher=[[UK Statute Law Database]]}}</ref> Notes issued in excess of the value of notes outstanding in 1844 / 1845 must be backed up by an equivalent value of Bank of England notes.<ref name="Other_Notes"> {{cite web |url= http://www.bankofengland.co.uk/banknotes/about/other_notes.htm |title= Other British Notes |accessdate=2007-10-08 |work=Bank of England }}</ref> Following the [[Partition of Ireland]], the [[Irish Free State]] created an [[Irish pound]] in 1928; the new currency was [[Fixed exchange rate|pegged]] to sterling until 1979. The issue of banknotes for the Irish pound fell under the authority of the [[Currency Commission]] of Ireland, who immediately abandoned the sterling banknotes in favour of a single [[Banknotes of the Republic of Ireland|Consolidated Banknote Issue]] in [[1928]].<ref name="irishpound"> {{cite web |url= http://www.fundinguniverse.com/company-histories/Bank-of-Ireland-Company-History.html |title= Bank of Ireland Company History |accessdate=2007-10-08 |work= Funding Universe }} </ref> Meanwhile, Irish banks continued to issue sterling banknotes.<ref name="irishpound" /> From 1929, these were specifically for [[Banknotes of Northern Ireland|circulation in Northern Ireland]]. ===Key dates=== The following events and acts of parliament affected the course of banknote history in Great Britain and Ireland: {| class="wikitable" style="font-size: 90%; width:80%" |- ! Year ! Event ! Countries ! Impact |- |1694 |[[Bank of England Act 1694]] |England & Wales |Incorporation of the Bank of England<ref name="historyofbanknotes"/> |- |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<ref name="boshistory"> {{cite web |url= http://companies.jrank.org/pages/4208/Governor-Company-Bank-Scotland.html |title= The Governor and Company of the Bank of Scotland Business Information, Profile and History |accessdate=2007-10-14 |work= jrank.org}} </ref> |- |1707 |[[Acts of Union 1707]] | England & Wales<br />Scotland |English and Scottish parliaments merged into the [[Parliament of Great Britain]] |- | 1708 1709 |nowrap|[[Bank of England Act 1708]]<br />[[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<ref name="historyofbanknotes"/> |- |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]] |Great Britain & Ireland |British and Irish parliaments merged into the Parliament of [[United Kingdom of Great Britain and Ireland|Great Britain and Ireland]] |- |1826 |[[Country Bankers Act 1826]] |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<ref name="historyofbanknotes"/>. |- |1826 |nowrap| [[Bank Notes Act 1826]]<br />[[Bankers (Scotland) Act 1826]] |England & Wales<br />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]], and the Scottish £1 note is saved.<ref name="cscb-legal" /> |- |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.<ref name="historyofbanknotes"/> |- |1844 |[[Bank Charter Act 1844]] |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.<ref name="historyofbanknotes"/> |- |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<ref name="cscb-legal"/> |- |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]]. |- |1914 |[[Currency and Bank Notes Act 1914]] |UK |[[HM Treasury]] 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]] of Somerset, loses its note-issuing rights under the 1844 act after it is acquired by [[Lloyds Bank]]<ref name="historyofbanknotes"/>. |- |1928 |Irish pound established |Ireland |Following [[Partition of Ireland]], 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. |} ==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: {| class="wikitable" |- ! colspan=3 style="background-color:#DEDEDE"|[[United Kingdom]] |- ! width=33%|[[England & Wales]] ! width=33%|[[Scotland]] ! width=33%|[[Northern Ireland]] |- | valign="top"| *[[Bank of England]] [[Image:Map symbol museum 02.png|18px|central bank]] | valign="top"| *[[Bank of Scotland]] [[Image:Bills and coins-edit.png|30px|retail bank]] *[[Royal Bank of Scotland]][[Image:Bills and coins-edit.png|30px|retail bank]] *[[Clydesdale Bank]][[Image:Bills and coins-edit.png|30px|retail bank]] | valign="top"| *[[Bank of Ireland]] [[Image:Bills and coins-edit.png|30px|retail bank]] *[[First Trust Bank]] [[Image:Bills and coins-edit.png|30px|retail bank]] *[[Northern Bank]] [[Image:Bills and coins-edit.png|30px|retail bank]] *[[Ulster Bank]] [[Image:Bills and coins-edit.png|30px|retail bank]] |- ! colspan=3 style="background-color:#DEDEDE"|[[Crown dependency|Crown dependencies]] |- ! [[Isle of Man|The Isle of Man]] ! [[Jersey|Bailiwick of Jersey]] ! [[Guernsey|Bailiwick of Guernsey]] |- | valign="top"| *[[Isle of Man Government]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Manx pound]])</small> | valign="top"| *[[States of Jersey]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Jersey pound]])</small> | valign="top"| *[[States of Guernsey]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Guernsey pound]])</small> |- ! colspan=3 style="background-color:#DEDEDE"|[[British overseas territories|British Overseas Territories]] |- ! [[Gibraltar]] ! [[Saint Helena]] ! [[Falkland Islands]] |- |valign="top"| *[[Government of Gibraltar]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Gibraltar pound]])</small> |valign="top"| *[[Legislative Council of Saint Helena|Government of Saint Helena]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Saint Helena pound]])</small> | valign="top"| *[[Government of the Falkland Islands]] [[Image:Crown of Saint Edward.svg|18px|top|government]]<br /><small>([[Falkland Islands pound]])</small> |} {| |- | align="center"|[[Image:Crown of Saint Edward.svg|18px|government]] | = notes issued by a [[government]] or [[treasury]] |- | align="center"|[[Image:Map symbol museum 02.png|20px|central bank]] | = notes issued by a [[central bank]] |- | align="center"|[[Image:Bills and coins-edit.png|30px|retail bank]] | = notes issued by a [[retail bank]] |} ==Everyday use and acceptance== Because of the wide variety of sterling notes in circulation, acceptance of different pound sterling banknotes varies. ;English banknotes (Bank of England) :The majority of sterling notes are printed by the Bank of England. These are [[legal tender]] in England and Wales and generally accepted throughout the UK, Isle of Man, and Channel Islands. However in Jersey since 2005, cash machines generally no longer dispense English notes. Bank of England notes are also accepted in the Overseas Territories which are at parity with sterling. ;Scottish banknotes {{Main|Pound Scots}} :These are recognised currency in Scotland and are generally acceptable throughout the UK and Channel Islands. Until recently many people outside Scotland were unfamiliar with the notes and they were sometimes refused. However, such institutions as [[clearing banks]], [[building societies]] and the [[Post Office]] will readily accept Scottish bank notes as will major shops. 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 <ref>[http://www.rbs.com/about03.asp?id=ABOUT_US/OUR_HERITAGE/OUR_HISTORY/OUR_BANKNOTES/HISTORY_OF_OUR_BANKNOTES Royal bank of Scotland Group - 'The history of our banknotes']</ref>. ;Northern Ireland banknotes :These are rarely seen outside Northern Ireland and Glasgow. They are often not accepted in England and Wales without some explanation. As with Scottish notes, clearing banks and building societies will accept them. ;Banknotes from the Crown dependencies : The [[Bailiwick]]s of Jersey and Guernsey and the Isle of Man are possessions of the Crown but are outside the UK; they are in [[currency union]] with the United Kingdom and issue sterling banknotes in local designs, but these notes cannot generally be used in the UK (Jersey and Guernsey pounds are freely interchangeable within the Channel Islands, however). They can however be paid into UK bank accounts although banks and building societies generally will not exchange them. ;British Overseas Territories :There are fourteen British Overseas Territories which all issue their own currencies which are distinct under [[ISO 4217]]; 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 [[South Georgia and the South Sandwich Islands]], and St Helena pounds can also be used on neighbouring [[Ascension Island]]. ==The question of legal tender== The concept of "[[legal tender]]" 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). 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. Acceptability as a means of payment is essentially a matter for agreement between the parties involved.<ref name="bankofengland_faqs">{{cite web |url = http://www.bankofengland.co.uk/banknotes/about/faqs.htm#15 |title = Are Scottish & Northern Irish notes legal tender? |accessdate = 2007-10-14 |author = Bank of England |work = Frequently Asked Questions }}</ref> 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.<ref name="CSCB_legaltender">{{cite web |url = http://www.scotbanks.org.uk/legal_tender.php |title = Legal Tender |accessdate = 2007-10-14 |author = Committee of Scottish Clearing Bankers }}</ref> Bank of England notes are the only banknotes that are legal tender in England and Wales. Scottish, Northern Ireland, Jersey, Guernsey and Manx banknotes are not legal tender in England and Wales. However, they are not illegal under English law and creditors and traders may accept them if they so choose. In Scotland and Northern Ireland no banknotes, not even ones issued in those countries, are legal tender.<ref name="cscb-legal"/> Scottish and Northern Irish notes are '[[promissory note]]s' (defined as [[legal currency]]), essentially cheques made out from the bank to 'the bearer', as the wording on each note says. 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. Bank of England one pound notes did have legal tender status in Scotland while they existed.<ref name="siliconglen">{{cite web |url=http://www.siliconglen.com/Scotland/1_7.html |title= Scotland Guide - Currency and legal tender |author=Silicon Glen |accessdate=2007-10-08 }}</ref> 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.<ref name="treasury">[http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2005/press_70_05.cfm Banknote issue arrangements in Scotland and Northern Ireland] - HM Treasury 25 July 2005</ref> The proposal has been opposed by [[Scottish National Party|Scottish nationalists]] who claim it would reduce the independence of the Scottish banking sector.<ref>[http://news.scotsman.com/politics.cfm?id=1974862005 ''The Scotsman'', 22 September 2005]</ref> 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.<ref name="Other_Notes"/> Despite commonly held public conception, which the Bank of England does little to challenge, bank notes are no longer redeemable in gold as 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]]. ==Issuers== ===England and Wales=== ====Bank of England notes==== [[Image:Bank Of England10.gif|right|300px|thumb|A £10 Bank of England note.]] [[Image:Bank Of England20.gif|right|300px|thumb|An old £20 Bank of England note.]] [[Image:Bank of England printing at Debden.jpg|right|thumb|Banknote printing facility in [[Loughton, England|Loughton]].<ref name="loughton">{{cite web |url=http://www.bbc.co.uk/legacies/myths_legends/england/essex/user_3_article_1.shtml |publisher=BBC |title=Your Story: The Bank of England Printing Works |accessdate=2008-06-01 |first=Richard |last=Morris }}</ref>]] {{main|Bank of England note issues}} 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 issues 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 [[Gold sovereign|sovereign]] and [[half sovereign|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 [[Operation Bernhard|combat forgery]], higher denomination notes (at the time as high as £1,000) were removed from circulation. As of [[13 March]] [[2007]] the Bank of England banknotes in circulation, known as Series E, do not exceed £50. The notes are as follows: * 5 pound note depicting [[Elizabeth Fry]], showing a scene with her reading to prisoners in [[Newgate Prison]]. * 10 pound note depicting [[Charles Darwin]], a [[hummingbird]] and the [[HMS Beagle|HMS ''Beagle'']]. * 20 pound note depicting Sir [[Edward Elgar]], with a view of the west face of [[Worcester Cathedral]]. * 50 pound note depicting Sir [[John Houblon]], with a view of his house in Threadneedle Street. On [[13 March]] [[2007]], the first note from the new Series F entered circulation. This is the new 20 pound note depicting [[Adam Smith]], with an illustration of 'The division of labour in pin manufacturing', which will replace the Series E Elgar note. As of [[2005]], they are signed by the Chief Cashier, [[Andrew Bailey]]. All the notes issued since Series C in 1960 also depict [[Elizabeth II of the United Kingdom]] in full view facing left and as a [[watermark]], hidden, facing right; recent issues have the [[EURion constellation]] around. The custom of depicting historical figures on the reverse began with [[William Shakespeare]] in Series D in [[1970]]. {| class="wikitable" style="font-size: 90%" |+Bank of England notes since series D |- !colspan=4| Series D |- !Value !! Reverse portrait !! Issued !! Withdrawn |- |£1 || [[Isaac Newton]] || [[9 February]] [[1978]] || [[11 March]] [[1988]] |- |£5 || [[Arthur Wellesley, 1st Duke of Wellington|Duke of Wellington]] || [[11 November]] [[1971]] || [[29 November]] [[1991]] |- |£10 || [[Florence Nightingale]] || [[20 February]] [[1975]] || [[20 May]] [[1994]] |- |£20 || [[William Shakespeare]] || [[9 July]] [[1970]] || [[19 March]] [[1993]] |- |£50 || [[Christopher Wren]] || [[20 March]] [[1981]] || [[20 September]] [[1996]] |- !colspan=4| Series E |- |£5 || [[George Stephenson]] || [[7 June]] [[1990]] || [[21 November]] [[2003]] |- |£10 || [[Charles Dickens]] || [[29 April]] [[1992]] || [[31 July]] [[2003]] |- |£20 || [[Michael Faraday]] || [[5 June]] [[1991]] || [[28 February]] [[2001]] |- |£50 || [[John Houblon]] || [[20 April]] [[1994]] || in use |- !colspan=5| Series E revision |- |£5 || [[Elizabeth Fry]] || [[21 May]] [[2002]] || in use |- |£10 || [[Charles Darwin]] || [[7 November]] [[2000]] || in use |- |£20 || [[Edward Elgar]] || [[22 June]] [[1999]] || in use |- !colspan=4| Series F |- |£20 || [[Adam Smith]] || [[13 March]] [[2007]] || in use |} On [[29 October]] [[2006]] the Governor of the Bank of England announced that, to herald the launch of the new Series F banknotes from Spring 2007, a new £20 was to be issued featuring the Scottish economist, [[Adam Smith]]. The £20 banknote was known to have suffered from relatively higher cases of counterfeiting (276,000 out of 290,000 cases detected in 2007) than any other denominations.<ref>[http://www.bankofengland.co.uk/banknotes/about/counterfeits.htm Counterfeit Bank of England banknotes], [[Bank of England]], retrieved [[16 June]] [[2008]]</ref> The note, which also includes enhanced security features entered circulation on [[13 March]] [[2007]].<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/business/6444003.stm|publisher=BBC|title=New Adam Smith £20 note launched|accessdate=2007-03-13}}</ref> The Bank of England Series D one pound note was discontinued in 1984, having been replaced by a [[British coin One Pound|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 &ndash; 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.<ref name="Other_Notes"/> ====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]]<ref name="kates">{{cite web |url= http://www.katespapermoney.com/page.asp?ID=11 |title= The Man who printed his own Money |author=Dr A.H. Stamp |accessdate=2007-10-08 |format=JPEG |date=2001-06-01 |work= Country Quest Magazine}}</ref>. An attempt was made in 1969 by a Welsh banker to revive [[banknotes of the Chief Treasury of Wales Limited|Welsh banknotes]], 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 bank]]s, not [[central bank]]s, and secondly, as they are not [[legal tender]] anywhere in the UK &ndash; not even in Scotland or Northern Ireland &ndash; they are in fact [[promissory note]]s. Indeed, '''no''' banknotes (even [[Bank of England]] notes) are now [[legal tender]] there.<ref name="rm-legal-tender">{{cite web|url=http://www.royalmint.com/Corporate/BritishCoinage/LegalTenderGuidelines.aspx|title=Legal Tender Guidelines|publisher=[[Royal Mint]]|accessdate=2008-04-12}} </ref><ref name="bankofengland_faqs" /> Seven retail banks have the authority of Parliament to issue sterling banknotes as currency.<ref name="Scotnotes">{{cite web |url=http://www.scotbanks.org.uk/banknote_history.php |title=Banknote History |publisher=Scottish Clearing Banks |accessdate=2007-10-26}}</ref> Despite this, the notes are sometimes refused in England and Wales, and are not always 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.<ref name="BanknoteDesign">{{cite web |url=http://www.scotbanks.org.uk/banknote_denominations.php |title=Current Banknotes|publisher=Scottish Clearing Banks |accessdate=2007-10-26}}</ref> ====Scotland==== =====Bank of Scotland notes===== [[Image:BankScotland50.jpg|right|300px|thumb|A £50 Bank of Scotland ''Tercentenary series'' note.]] 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: * £5 note featuring a [[vignette (graphic design)|vignette]] of [[Petroleum|oil]] and [[energy]] * £10 note featuring a vignette of [[distillation|distilling]] and [[brewing]] * £20 note featuring a vignette of [[education]] and [[research]] * £50 note featuring a vignette of [[art]]s and [[culture]] * £100 note featuring a vignette of [[recreation|leisure]] and [[tourism]] 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. [[Image:Bank of Scotland 20 pound note 2007.jpg|thumb|300px|A Bank of Scotland £20 note of the new 2007 issue]] As of [[17 September]] [[2007]], the Bank of Scotland introduced its new ''Bridges of Scotland'' [[banknote|notes]], on which appear famous Scottish [[bridge]]s: *£5 features the [[Brig o' Doon]] *£10 features the [[Glenfinnan Viaduct]] *£20 features the [[Forth Bridge (railway)|Forth Bridge]] *£50 features the [[Falkirk Wheel]] *£100 features the [[Kessock Bridge]] Again all the notes also depict Sir [[Walter Scott]] on the front. =====Royal Bank of Scotland notes===== [[Image:RoyBankScotland100.jpg|right|thumb|300px|A £100 Royal Bank of Scotland note.]] In circulation are: * £1 note featuring [[Edinburgh Castle]] * £5 note featuring [[Culzean Castle]] * £10 note featuring [[Glamis Castle]] * £20 note featuring [[Brodick Castle]] * £50 note featuring [[Inverness Castle]] * £100 note featuring [[Balmoral Castle]] All these notes also depict [[Archibald Campbell, 3rd Duke of Argyll|Lord Ilay]] ([[1682]]-[[1761]]), first [[governor]] of the bank. Occasionally, the [[Royal Bank of Scotland]] issues commemorative banknotes. Examples are the £20 note for the 100th birthday of [[Elizabeth Bowes-Lyon|Queen Elizabeth, the Queen Mother]] in [[2000]], and the £5 note honouring veteran golfer [[Jack Nicklaus]] in his last competitive Open competition at St Andrews in [[2005]] (an issue of two million notes). These notes are much sought-after by collectors and they rarely remain long in circulation. =====Clydesdale Bank notes===== [[Image:ClydesdaleBank20.jpg|right|thumb|300px|A £20 Clydesdale Bank note.]] * £5 note featuring [[Robert Burns]] on the obverse and a vignette of a [[field mouse]] from Burns' poem ''[[To a Mouse]]'' on the reverse * £10 note featuring [[Mary Slessor]] on the front and a vignette of a [[map]] of [[Calabar]] and [[Africa]]n [[missionary]] scenes on the back * £20 note featuring [[Robert the Bruce]] on the front and a vignette of the Bruce on [[horse]]back with the [[Monymusk Reliquary]] against a background of [[Stirling Castle]] on the back * £50 note featuring [[Adam Smith]] on the front and a vignette of [[industry]] [[tool]]s against a background of [[sailing]] [[ship]]s on the back * £100 note featuring [[Lord Kelvin]] on the front and a vignette of the [[University of Glasgow]] on the back 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]]. ====Northern Ireland==== [[Image:NorthernBankNI20.png|right|thumb|185px|A £20 Northern Bank note]] {{main|Banknotes of Northern Ireland}} Currently, four [[Northern Irish]] banks practice their right to issue pound sterling notes in [[Northern Ireland]], with different series of denominations. [[Bank of Ireland]] issues notes from £5 to £50. [[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 entire U.K. was issued by Northern Bank commemorating the new millennium. ===Channel Islands=== ====States of Jersey notes==== [[Image:Jer20f.jpg|right|thumb|185px|The obverse of a Jersey £20 note.]] [[Image:Jer20b.jpg|right|thumb|185px|The reverse of a Jersey £20 note.]] {{Main|Jersey pound}} The current notes depict Queen Elizabeth II on the front and various landmarks of Jersey or incidents in [[History of Jersey|Jersey history]] on the reverse. The watermark is a [[Jersey cattle|Jersey cow]] * 1 pound note, green, [[Saint Helier|St. Helier]] Parish Church (In [[2004]], a special edition £1 note is in general circulation alongside the St. Helier Parish Church note; this commemorative note marks the 800th [[anniversary]] of the division of the [[Duchy of Normandy]] in [[1204]] and the design consequently includes [[Mont Orgueil]] Castle and other historic [[symbol]]s) * 5 pound note, purple, [[La Corbière]], [[lighthouse]] * 10 pound note, [[red]], ''The Death of [[Major Pierson]]'', Battle of Jersey, [[1781]] * 20 pound note, blue, [[Saint Ouen's manor]], Jersey * 50 pound note, grey, [[Government House]] ====States of Guernsey notes==== {{Main|Guernsey pound}} The Guernsey Pound is [[legal tender]] only in [[Guernsey]], but also circulates freely in [[Jersey]]. Elsewhere it can be exchanged in banks and [[bureaux de change]]. In addition to coins, the following [[banknote]]s are used: *1 pound note, green, [[Daniel De Lisle Brock]], [[List of Bailiffs of Guernsey|Bailiff of Guernsey]] ([[1762]] - [[1842]]) and [[Royal Court]], [[St Peter Port]] ([[1840]]) on front and the Market, St Peter Port on back *5 pound note, pink, [[Elizabeth II of the United Kingdom|Queen Elizabeth II]] and the Town Church, St Peter Port on front, and [[Fort Grey]] and [[Hanois Lighthouse]] (1862) on the back *10 pound note, blue/orange, Queen Elizabeth II and [[Elizabeth College, Guernsey|Elizabeth College]], 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 ===Isle of Man=== {{main|Manx pound}} The Isle of Man Government issues its own banknotes and coinage, which are [[legal tender]] only on the Isle of Man. Manx pounds are a local issue of the pound sterling. The front of all Manx banknotes feature images of [[Elizabeth II of the United Kingdom|Queen Elizabeth II]] (not wearing a crown) and the [[Triskeles]] (three legs emblem). Each denomination features a different scene of the Island on its reverse side: * £1 - [[Tynwald Hill]] * £5 - [[Castle Rushen]] * £10 - [[Peel Castle]] * £20 - the [[Laxey Wheel]] * £50 - [[Douglas Bay]] ==The monarch on banknotes== [[Queen Elizabeth II]] was not the first British [[monarch]] to have her face on [[UK]] banknotes. [[George II of Great Britain|George II]], [[George III of the United Kingdom|George III ]] and [[George IV of the United Kingdom|George IV]] appeared on early [[Royal Bank of Scotland]] notes and [[George V of the United Kingdom|George V]] appeared on 10 [[shilling]] and 1 pound notes issued by the British [[HM Treasury|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]]. ==See also== *[[Coins of the pound sterling]] *[[Pound Scots]] === Related territories === Three overseas territories have currencies which are at parity with the pound and print their own banknotes: *[[Gibraltar pound]] *[[Falkland Islands pound]] *[[Saint Helenian pound]] ===Commonwealth=== *[[Commonwealth banknote-issuing institutions]] == References == {{Reflist}} ==External links== * [http://www.bankofengland.co.uk/banknotes/index.htm Bank of England banknote page] * [http://www.scotbanks.org.uk/index.php Committee of Scottish Clearing Bankers home page] * [http://www.rbs.com/about03.asp?id=ABOUT_US/OUR_HERITAGE/OUR_HISTORY/OUR_BANKNOTES The Royal Bank of Scotland banknote page] * [http://www.gov.im/treasury/coins/notes.xml Isle of Man banknotes (IOM Treasury)] * [http://www.rampantscotland.com/SCM/story.htm History of Scottish Banks and Bank Notes] - Rampant Scotland {{Banknotes of the pound sterling|state=open}} {{Economy of the United Kingdom}} [[Category:Currencies of the United Kingdom]] [[Category:Banknotes|Pound sterling]] [[Category:Banknote issuers of the United Kingdom|Banknote issuers of the United Kingdom]] [[Category:Currencies of the British Crown Dependencies]] [[Category:Currencies of British Overseas Territories]] [[Category:Pound sterling]] [[Category:Currencies with multiple banknote issuers|Pound sterling]]