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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 of 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, 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.
Current banknotes
Current banknotes
The notes now in circulation all feature a portrait of the late Queen Elizabeth II on the obverse. The Bank of England unveiled new notes, in the same design but featuring the new monarch, Charles III, on 20 December 2022. They are expected to enter circulation in mid-2024.
There are currently four different denominations of notes – £5, £10, £20 and £50. Each value has its own distinct colour scheme and the size of each note increases in length and width as the value increases.
Here, at YorkshireAire HQ, we have examples of all British Banknotes issued since 1928, which was when the Bank of England began to print coloured banknotes. The old white notes, which were printed on one side only, continued to be issued until 1939 when all but the white £5 were withdrawn. The white fiver was replaced by a coloured note in 1957 and withdrawn in 1961.
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