65-628: The Chief Cashier of the Bank of England 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 bank notes issued by the Bank of England. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating
130-524: A California based company that was a large provider of electronic voting systems in the United States, from Jefferson Smurfit plc for $ 23 million. Following the Panama Papers leak, it was revealed that from 2002 until 2010, De La Rue had secretly contracted New Delhi businessman Somendra Khosla to obtain contracts in exchange for a 15% commission. In 2003, the company acquired
195-610: A discount, specifying which day the following week they wanted the bills issued. Maturities would be for one, three, six or, theoretically but not practically, twelve months. The tenders were for the face value of the Treasury Notes, less a discount, which represented the interest rate. This system was replaced by a computerised system by the Debt Management Office , an executive agency of the Treasury, and
260-583: A higher denomination notes than £10, the Series D £20 note was introduced on 9 July 1970. The note was predominantly purple and featuring a statue of William Shakespeare and the balcony scene from Romeo and Juliet on its reverse. On 5 June 1991 this note was replaced by the first Series E £20 note, featuring the physicist Michael Faraday and the Royal Institution lectures. By 1999 this note had been extensively counterfeited, and therefore it became
325-468: A motion in the House of Commons calling for the new design to be delayed. The new note entered circulation on 13 March 2007. The Elgar note ceased to be legal tender on 30 June 2010. A new polymer £20 note, featuring the artist J. M. W. Turner , was issued in 2020. Series A £50 notes appeared in 1725 and continued to be issued until 1943. They ceased to be legal tender in 1945. The Series D £50 note
390-399: A note — prison reformer Elizabeth Fry on the £5 note — was to be replaced by Winston Churchill . Like the £5 note featuring Churchill, the new £10 note is made from polymer rather than cotton paper. £20 notes, in white, appeared in 1725 and continued to be issued until 1943. They ceased to be legal tender in 1945. After the 1967 sterling devaluation increased demand for
455-563: A six-week period (along with other denominations, with total face value of £300,000,000, corresponding to a loan from the US to help shore up HM Treasury. These were cancelled on 6 October 1948, and presumably destroyed, except for the £1,000,000 "Number Seven" and "Number Eight" notes (serial numbers 000007 and 000008), which were given to the British and American Treasury Secretaries. These two have been in private hands since 1977, and most recently,
520-698: Is a British company headquartered in Basingstoke , England , that produces secure digital and physical protections for goods, trade, and identities in 140 countries. It sells to governments, central banks, and businesses. Its authentication division provides government revenue technology , brand protection , and ID security, such as polycarbonate data pages for passports. Its currency division designs and produces banknotes , secure polymer substrate and banknote security features. This includes security holograms , security threads and security printed products for central banks and currency issuing authorities. It
585-416: Is by no means the only security feature in any of the notes). The interwoven thread ("Motion") is a hologram whose image of a green circle with a "£" sign alternates with a green "50" as the note is rotated. If the note is rotated, the image appears to move up and down, in the opposite plane to the rotation. A new polymer £50 note, featuring Alan Turing , was issued on 23 June 2021. A £500 note, issued by
650-642: Is chaired by Clive Wiley. Its non-executive board members are Nick Bray, Mark Hoad and Brian Small. In 1843, De La Rue's designs for playing cards are the basis for the modern standard design. The playing card business was sold to John Waddington in 1969. The company has also printed postage stamps for the United Kingdom and some of its colonies, for Italy and for the Confederate States of America. The Cape of Good Hope triangulars were also printed by De La Rue & Co. De La Rue developed
715-571: Is listed on the London Stock Exchange . It is the world's largest commercial printer of banknotes. The company was founded by Thomas de la Rue , who moved from Guernsey to London in 1821 and set up in business as a Leghorn straw hat maker, then as a stationer and printer. In 1831 he secured a Royal Warrant for his business to produce playing cards. In 1855 it started printing postage stamps and in 1860 banknotes. The company's first banknotes were made for Mauritius . In 1896,
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#1732772353138780-774: 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. Banknotes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855. Since 1970,
845-419: Is the first Scot to appear on a Bank of England note, although the economist has already appeared on Scottish Clydesdale Bank £50 notes. The design of the £20 note was controversial for two reasons: the choice of a Scottish figure on an English note was a break with tradition; and the removal of Elgar took place in the year of the 150th anniversary of the composer's birth, causing a group of English MPs to table
910-481: The Bank Restriction Act 1797 began to issue lower denomination £1 and £2 notes in place of gold guineas, that were hoarded as so often was the case in time of war. Confidence in the value of banknotes was rarely affected, except during 1809–11 and 1814–15 under the extreme conditions of war. The Country Bankers Act 1826 allowed some joint-stock banks outside London to issue notes, and also allowed
975-986: The Bank of England's Leeds branch in 1936, fetched £24,000 at auction in 2023. The Bank of England held money on behalf of other countries and issued Treasury bills to cover such deposits, on Bank of England paper. Examples include a note issued in London on behalf of the Royal Romanian Government on 21 January 1915, payable on 21 January 1916, for £500,000, and a similar Treasury bill, dated 22 April 1927 and payable on 22 April 1928. These exist in private hands as cancelled specimens . 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. They were used only internally within
1040-487: The Debden based banknote printing operations of the Bank of England . In 2003 and 2004 the company supplied banknotes to Iraq. The company was recognised by Hermann Simon as a role model for other small- to medium-sized businesses in his book Hidden Champions . The Highest Perfection, a history of De La Rue was published in 2011. Written by Peter Pugh for De La Rue, it covered the years 1712–2003. In August 2014,
1105-490: The French Revolutionary Wars . The Bank of England's first £1 note since 1845 was issued on 22 November 1928. This note featured a vignette of Britannia, a feature of the Bank's notes since 1694. The predominant colour was green. Unlike previous notes it, and the contemporaneous ten shilling note, were not dated but their approximate year of issue can be identified by the signature of the Chief Cashier of
1170-492: The "Number Eight" was auctioned for £69,000. These are "Treasury Notes" issued on Bank of England paper, and they state: "This Treasury note entitles the Bank of England to payment of one million pounds on demand out of the Consolidated Fund of the United Kingdom." A third note surfaced on the collector market, dated 8 September 2003 and with the serial number R016492; it is signed by Andrew Turnbull , Secretary to
1235-493: The 1770s and thereafter almost all the provincial banks were established by the more substantial merchants, landed gentry etc. of a town and district. Gold shortages in the 18th century, caused by the Seven Years' War and war with Revolutionary France , began to affect the supply of gold bullion reserves, giving rise to the "Restriction period". The Bank of England was unable to pay out gold for its notes, and so under
1300-536: The 1833 or 1954 acts.) The Bank Charter Act 1844 began the process which gave the Bank of England exclusive note-issuing powers in England and Wales. Under the act, no new banks could start issuing notes, and note-issuing banks in England and Wales were barred from expanding their note issue. Gradually, these banks vanished through mergers, closures and take-overs, and their note issues went with them. The last privately issued banknotes in Wales were withdrawn in 1908, on
1365-566: The 1960s. In 1995, the company acquired Portals Limited which had been listed on the London stock market since 1904. For almost 300 years Portals had been one of the leading banknote paper manufacturers in the world, having manufactured banknote paper for the Bank of England since 1724. In 1997, De La Rue acquired Harrison and Sons , the stamp and banknote printers based in High Wycombe . The factory closed permanently in 2003. In early 2002, De La Rue purchased Sequoia Voting Systems ,
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#17327723531381430-413: The 211 million £5 notes in circulation. The first Bank of England £10 note was issued in 1759, when the Seven Years' War caused severe gold shortages. It ceased to be produced in 1943. A string of devaluations through the late 1940s and 1950s meant increased demand for notes of higher values than £5 and on the 21 February 1964 a new brown-coloured note was issued in the Series C design. The Series C note
1495-539: The Bank and were never seen in circulation. They were based on a much older design of banknote, and are A5 and A4 sized respectively. However, the need for these large notes has been obviated by section 217(2)(c) of the Banking Act 2009 . 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
1560-486: The Bank of England announced a new design in Series F, featuring James Watt , Matthew Boulton , the Whitbread Engine and Soho Manufactory . It entered circulation on 2 November 2011 and is the first Bank of England note to feature two portraits on the reverse. The predominant colour of this denomination banknote is red. This note includes a security feature not present in the other denominations (though it
1625-504: The Bank of England to open branches in major provincial cities, enabling better distribution of its notes. With the passing of the Bank Notes Act 1833 , Bank of England notes over £5 in value were first given the status of " legal tender " in England and Wales, effectively guaranteeing the worth of the Bank's notes and ensuring public confidence in the notes in times of crisis or war. The Currency and Bank Notes Act 1954 extended
1690-658: The Bank of England's notes have featured portraits of British historical figures. Of the eight banks authorised to issue sterling notes in the UK, only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender . Bank of England notes are not legal tender in Scotland and Northern Ireland, but are always accepted by traders. The Bank of England now issues notes, all in polymer , in four denominations – £5, £10, £20 and £50. There are currently four different denominations of notes – £5, £10, £20 and £50. Each value has its own distinct colour scheme and
1755-454: The Bank started to issue notes in return for deposits. The crucial feature that made Bank of England notes a means of exchange was the promise to pay the bearer the sum of the note on demand. This meant that the note could be redeemed at the Bank for gold or coinage by anyone presenting it for payment. If it was not redeemed in full, it was endorsed with the amount withdrawn. These notes were initially handwritten on Bank paper and signed by one of
1820-458: The Bank’s cashiers. During the 18th century there was a gradual move towards fixed denomination notes. In 1725 the Bank started issuing partly printed notes for completion in manuscript. The £ sign and the first digit were printed but the cashier’s signature along with the name of the payee and other numerals were added by hand. The first fully printed notes appeared in 1855 relieving the cashiers of
1885-417: The Chief Cashier. The Bank of England notes on its website that the promise holds "for all time", even after notes have been withdrawn from circulation. This means that every Bank of England note can be exchanged for its face value at any time. Listed below are the names of people who have held the post of Chief Cashier at the Bank of England: Bank of England note issues The Bank of England , which
1950-658: The Monopolies commission as being against the public interest. In 1991 the company's name was changed again – this time to De La Rue plc. In 1965 De La Rue established a joint venture with the Italian printer and inventor Gualtiero Giori called De La Rue Giori. Based in Switzerland, the company specialized in building banknote printing equipment. The company printed banknotes for the Central Bank of Iran during
2015-399: The Series D design (known as the "Pictorial Series"), featuring Sir Isaac Newton on the reverse, was issued. However, like the 10/– note in the 1960s, inflation was quickly making production of the note uneconomic and printing was discontinued in favour of a coin . The note was withdrawn from circulation on 11 March 1988. The first Bank of England £5 note was issued in 1793 in response to
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2080-563: The Treasury . The Treasury had issued notes of these denominations at the start of the First World War in 1914 in order to supplant the sovereign and half-sovereign and remove gold coins from circulation. The notes issued by the Bank of England in 1928 were the first coloured banknotes and 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
2145-473: The Treasury, and cancelled. A £10.000,000 Treasury Bill, stamped "cancelled", sold for £17,000 at auction in London on 29 September 2014 by Dix Noonan Webb . Until 2006, these Treasury Notes were issued by the Bank of England, in the City of London . HM Treasury would manage its cash and ensure that adequate funds were available. London's banks and other financial institutions would bid for these instruments, at
2210-816: The case. In April 2023, it was announced that chairman Kevin Loosemore was stepping down in May 2023 to "draw a line under recent speculation surrounding the leadership of the company". Following the launch of a fast-track search for a replacement, the company appointed Clive Wiley in May 2023. In February 2024, it was announced that the company had been contracted, alongside the Bank of England , to design new bank notes carrying King Charles III's portrait. De La Rue sells high-security fully finished banknotes, polymer substrate and security features for over 69 national currencies . De La Rue also produces other secure documents, including Tax stamps . The company's board
2275-753: The closure of the last Welsh bank, the North and South Wales Bank . The last private English banknotes were issued in 1921 by Fox, Fowler and Company , a Somerset bank, when it was bought out by Lloyds Bank . Under the terms of the Bank Charter Act 1844, the bank lost the legal right to issue banknotes when it merged with Lloyds, and the Bank of England became the sole note-issuing bank in England and Wales. Notes were originally handwritten; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855, no doubt to
2340-607: The company announced the appointment of Martin Sutherland (formerly of BAE Systems Applied Intelligence ) as chief executive officer. In 2016, the Cash Handling division (Cash Processing Systems) was sold to Privet Capital. In December 2016, the company announced it had purchased the DuPont Authentication division. In March 2018, the company sold the paper business. De La Rue retained a 10% share in
2405-505: The definition of legal tender to 10/– and £1 notes; unlike the 1833 act, this law also applied to Scotland, meaning that Bank of England notes under £5 were classed as legal tender. Due to inflation the Bank of England 10/– note was withdrawn in 1969 and the £1 was removed from circulation in 1988, leaving a legal curiosity in Scots law whereby there is now no paper legal tender in Scotland. (Notes issued by Scottish banks were not included in
2470-447: The denomination's colour was changed to a turquoise blue, and the note incorporated design elements to make photocopying and computer reproduction of it more difficult. Initially the reverse of the Series E £5 note featured the railway engineer George Stephenson , but on 21 May 2002 a new Series E note, in a green colour and featuring the prison reformer Elizabeth Fry , was issued. The initial printing of several million Stephenson notes
2535-470: The family partnership was converted into a private company. In 1921, the de la Rue family sold their interests. The company was first listed on the London Stock Exchange in 1947. Then called Thomas De La Rue & Company, Limited , it changed its name in 1958 to The De La Rue Company Limited . A takeover bid for De La Rue was made by the Rank Organisation in 1968, but this was rejected by
2600-481: The first denomination to be replaced on 22 June 1999 by a second Series E design, featuring a bolder denomination figure at the top left of the obverse side, and a reverse side featuring the composer Sir Edward Elgar and Worcester Cathedral . In February 2006, the Bank announced a new design for the note which featured Scottish economist Adam Smith with a drawing of a pin factory – the institution which supposedly inspired his theory of economics. Smith
2665-526: The first practical fountain pen in 1881. Products were marketed under the " Onoto " brand. Production of fountain pens by De La Rue ceased in Britain in 1958 but continued for a few more years in Australia. During the 1930s De La Rue created a number of board games. These included a cricket game, Stumpz , which was produced in a number of different editions, and Round The Horn , a game which re-created
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2730-457: The helmeted Britannia, was introduced. The old "white fiver" was withdrawn on 13 March 1961. The Series B note was replaced in turn on 21 February 1963 by the Series C £5 note which for the first time introduced the portrait of the monarch, Queen Elizabeth II, to the £5 note (the Queen's portrait having first appeared on the Series C ten shilling and £1 notes issued in 1960). The Series C £5 note
2795-464: The last Treasury Notes were printed in September 2003. These notes would often get traded to other banks, so they did circulate; this was done without the Bank of England's knowledge, and the notes would be redeemed by the bank on their date of maturity by the bearer. The circulating nature of the notes led to the City bonds robbery on 2 May 1990, when John Goddard, a messenger for the firm Sheppards,
2860-400: The need for smaller denomination banknotes to replace gold coin during the French Revolutionary Wars . (Previously the smallest note issued had been £10.) The 1793 design, latterly known as the "white fiver" (black printing on white paper), remained in circulation essentially unchanged until 21 February 1957 when the multicoloured (although predominantly dark blue) "Series B" note, depicting
2925-661: The new business, Portals International Limited . In April 2018, the company decided to appeal against the decision of the British government to manufacture passports in France. It subsequently decided against appealing. In October 2019 the company sold its Identity Solutions business to HID Global for £42m. On 26 July 2019, the Serious Fraud Office opened an investigation into De La Rue plc for suspected corruption in South Sudan . They later decided to close
2990-524: The notes currently in circulation. Two issue dates are given for each note – the first is for the Elizabeth II issue: the second date is for the Charles III issue. These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table . All current Bank of England banknotes are printed by contract with De La Rue at Debden, Essex . They include
3055-589: The printed signature of the Chief Cashier of the Bank of England , Sarah John, for notes issued since mid-2018, and depict the British monarch in full view, facing left. They also include the EURion constellation , a pattern of yellow circles which stops copying of banknotes and is easily identified by photocopiers. Until her death in 2022, Queen Elizabeth II had appeared on all the notes issued since Series C in 1960. The custom of depicting historical figures on
3120-467: The relief of the bank's workers. Until 1928 all notes were the monochromatic Series A type, printed in black with a blank reverse. During the 20th century, notes in Series A were issued in denominations between £5 and £1,000, but in the 18th and 19th centuries there were Series A notes for £1 and £2. The Bank of England's first issue of 10/– and £1 notes in the 20th century was on 22 November 1928 when it took over responsibility for these denominations from
3185-502: The reverse began in 1970 with Series D, designed by the Bank of England's first permanent artist, Harry Eccleston . The Bank of England now has a monopoly of note issue in England and Wales, but this has not always been the case. Until the middle of the 19th century, private banks in Great Britain and Ireland were free to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation. Over
3250-447: The size of each note increases in length and width as the value increases. They all feature a portrait of Elizabeth II or Charles III on the obverse. The Bank of England introduced its Series G set of banknotes between 2016 and 2021. Following the death of Elizabeth II, the Bank unveiled new notes, in the same design but featuring Charles III, on 20 December 2022. These notes entered circulation on 5 June 2024. The table below shows
3315-438: The task of filling in the name of the payee and signing each note individually. The practice of writing the name of the Chief Cashier as the payee on notes was halted in favour of the anonymous "I promise to pay the bearer on demand the sum of …", a feature that has remained unchanged on notes to this day. The printed signature on the note continued to be that of one of three cashiers until 1870; since then it has always been that of
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#17327723531383380-449: The time as high as £1,000) were removed from circulation. Banknotes in various denominations have been issued over time. The denominations are listed in this table, using information from the Bank of England's Withdrawn Banknotes Reference Guide: The Bank of England's first 10 shilling (10/-) note, which was issued on 22 November 1928, featured a vignette of Britannia , a feature of the Bank's notes since 1694. The predominant colour
3445-506: The time. In 1940 a metal security thread was introduced, and the colour of the note was changed to blue and pink for the duration of the Second World War, to combat German counterfeits (see below ). The original design of the note was replaced by the Series C design on 17 March 1960, when Queen Elizabeth II agreed to allow the use of her portrait on the notes. The Series C £1 note was withdrawn on 31 May 1979. On 9 February 1978
3510-533: The title. The post is currently held by Sarah John who was appointed in June 2018. She is the 33rd Chief Cashier since the Bank was founded in 1694. The position has the following responsibilities: The Executive Director Banking & Chief Cashier is a member of the Governor’s Executive Team which is the Bank’s senior management group. In 1694 the Bank of England was established. Almost immediately,
3575-415: The use of her portrait on the notes. As part of the planned Series D, which introduced historical figures, a new 10 shilling note featuring Sir Walter Raleigh was planned. This was to be issued as a 50 pence note in anticipation of the decimalisation of Britain's currency in 1971. However, inflation, particularly after the 1967 sterling devaluation , was eroding the note's lifespan in circulation and it
3640-450: The years, various acts of Parliament were introduced in the United Kingdom to increase confidence in banknotes in circulation by limiting the rights of banks to issue notes. Attempts to restrict banknote issue by banks other than the Bank of England began in 1708 and 1709, when acts of Parliament were passed which prohibited banking companies of more than six partners or shareholders. Notes under 1 guinea and 5 guineas were prohibited in
3705-408: Was criticised, since Darwin's ideas were spurred by finches and mockingbirds , not hummingbirds. A newly designed £10 banknote, featuring early 19th-century novelist Jane Austen , was issued on 14 September 2017. The decision to replace Darwin with Austen followed a campaign to have a woman on the back of a Bank of England banknote when it was announced that the only woman to feature on the back of
3770-521: Was decided to replace it with a 50 pence coin , which was first issued in 1969. The 10 shilling note was withdrawn from circulation on 20 November 1970. The first Bank of England £1 note was issued on 2 March 1797 under the direction of Thomas Raikes , Governor of the Bank of England, and according to the orders of the government of William Pitt the Younger , in response to the need for smaller denomination banknotes to replace gold coin during
3835-459: Was destroyed when it was noticed that the wrong year for his death had been printed. The original issue of the Fry banknote was withdrawn after it was found the ink on the serial number could be rubbed off the surface of the note; these notes are now very rare and sought by collectors. The Stephenson £5 note was withdrawn as legal tender from 21 November 2003, at which time it formed around 54 million of
3900-454: Was issued. The reverse featured author Charles Dickens and a scene from The Pickwick Papers . This note was withdrawn from circulation on 31 July 2003. A second Series E note was issued on 7 November 2000 featuring naturalist and biologist Charles Darwin , HMS Beagle , a hummingbird , and flowers under a magnifying glass, illustrating the Origin of Species . The hummingbird's inclusion
3965-526: Was mugged of £292 million in Treasury bills and certificates of deposit. All but two of these bonds were eventually recovered. The Bank of England £100,000,000 note , also referred to as Titan, is a non-circulating sterling banknote used to guarantee the value of the notes issued by commercial banks in Scotland and Northern Ireland . De La Rue De La Rue plc ( UK : / ˈ d ɛ l ə r uː / , US : / ˌ d ɛ l ə ˈ r uː / )
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#17327723531384030-531: Was red-brown. Unlike previous notes it, and the contemporaneous £1 note, were not dated but their approximate year of issue can be identified by the signature of the Chief Cashier of the time. In 1940 a metal security thread was introduced, and the colour of the note was changed to mauve for the duration of the Second World War . The original design of the note was replaced by the Series C design on 12 October 1961, when Queen Elizabeth II agreed to allow
4095-403: Was released on 20 March 1981 featuring the architect Christopher Wren and the plan of St Paul's Cathedral on the reverse. In 1994 this denomination was the last of the first Series E issue, when the Bank commemorated its 300th birthday by featuring its first governor, Sir John Houblon , on the reverse. The old Series D £50 note was withdrawn from circulation on 20 September 1996. In May 2009,
4160-465: Was withdrawn on 31 August 1973. On 11 November 1971, the Series D pictorial £5 note was issued, showing a slightly older portrait of the Queen and a battle scene featuring the Duke of Wellington on the reverse. It was withdrawn on 29 November 1991. On 7 June 1990, the Series E £5 note, by now the smallest denomination issued by the Bank, was issued. For the Series E note (known as the "Historical Series")
4225-520: Was withdrawn on 31 May 1979. The Series D pictorial note appeared on 20 February 1975, featuring nurse and public health pioneer Florence Nightingale (1820–1910) on the reverse, plus a scene showing her work at the army hospital in Scutari during the Crimean War . It was withdrawn on 20 May 1994. On 29 April 1992, a new £10 note in Series E, with orange rather than brown as the dominant colour,
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