Bank of England note issues
The Bank of England, now the central bank of the United Kingdom, 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 hand-written. Notes were 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 banknotes 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 accepted there along with the respective countries' national banknotes. There are 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. These images are to scale at 0.7 pixel per millimetre.
For table standards, see the banknote specification table. Source: Bank of England website All current Bank of England banknotes are printed by contract with De La Rue at Debden, Essex, they include the printed signature of the Chief Cashier of the Bank of England and depict Elizabeth II in full view, facing left. On the left hand side of the £20 and £50 notes there is a hidden watermark, featuring the Queen facing right; the £5 and £10 polymer notes do not contain a watermark. More recent issues include the EURion constellation; this is a pattern of yellow circles. They are identified by photocopiers. Elizabeth II has appeared on all the notes issued since Series C in 1960; the custom of depicting historical figures on the reverse began in 1970 with Series D, designed by the bank's first permanent artist, Harry Eccleston. In 2015, the Bank of England launched a public competition to nominate historic personalities with links to the visual arts for a future redesign of the £20 banknote; the Governor of the Bank of England asked the public to "think beyond the obvious" when nominating suggestions, with over 29,700 nominations made.
In September 2015 the Bank of England announced that the next £20 note will be printed on polymer, rather than cotton paper. This was followed by an announcement in April 2016 that Adam Smith will be replaced by artist J. M. W. Turner on the next £20 note which will enter circulation in 2020. Images on the reverse of the new note will include a 1799 self-portrait of Turner, a representation of his painting The Fighting Temeraire, the quotation "Light is therefore colour" from an 1818 lecture by him, a copy of Turner's signature as made on his will. On 13 October 2018, the Bank of England announced that the next £50 note will be printed on polymer, rather than cotton paper. Members of the public have been invited to nominate a scientist to feature on it; the Bank of England has not always had a monopoly of note issue in Wales. Until the middle of the 19th century, private banks in Great Britain and Ireland were free to issue their own banknotes, notes issued by provincial banking companies were in circulation.
Over the years, various Acts of Parliament were introduced by the Parliament of the United Kingdom to increase confidence in banknotes in circulation by limiting the rights of banks to issue notes. The Bank of England gained a monopoly of note issue in England and Wales. 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 & 5 guineas were prohibited in the 1770s and thereafter 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 result was that the Bank was unable to pay out gold for its notes, at the same time began to issue lower denominations £1 and £2 notes in place of gold guineas, that were hoarded as so was the case in time of war.
Confidence in the value of banknotes was 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, allowed 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 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 the definition of legal tender to ten shilling and £1 notes. The Bank of England ten-shilling 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; the Bank Charter Act 1844 began the process which gave the Bank of England exclusive note-issuing powers.
Under the Act, no new banks could start issuing notes, note-issuing banks in England and Wales were barred from expanding their no
Polymer banknotes are banknotes made from a polymer such as biaxially oriented polypropylene. Such notes incorporate many security features not available in paper banknotes, including the use of metameric inks. Polymer banknotes last longer than paper notes, causing a decrease in environmental impact and a reduced cost of production and replacement. Modern polymer banknotes were first developed by the Reserve Bank of Australia, Commonwealth Scientific and Industrial Research Organisation and The University of Melbourne, they were first issued as currency in Australia during 1988. In 1996 Australia switched to polymer banknotes. Other countries that have switched to polymer banknotes include: Brunei, New Zealand, Papua New Guinea and Vietnam; the latest countries to introduce polymer banknotes into general circulation include: the United Kingdom, Cape Verde, The Gambia, Nicaragua and Tobago, Maldives, Botswana, São Tomé and Príncipe, North Macedonia, the Russian Federation, Solomon Islands, the Organisation of Eastern Caribbean States and Northern Ireland.
The use of the term "polymer" in place of "plastic" to describe banknotes was introduced on 1 November 1993 by the Reserve Bank of Australia, at the launch of its $10 note. Jeffrey Bentley-Johnston and his firm were retained to assist in the launch of the $10 note after the $5 note received a cool reception. Having earlier worked in a firm that designed and constructed synthetic fibre plants, Bentley-Johnston recognised the polymer nature of the new banknote and so proposed the use of that term. In 1967 forgeries of the Australian $10 note were found in circulation and the Reserve Bank of Australia was concerned about an increase in counterfeiting with the release of colour photocopiers that year. In 1968 the FGH started collaborations with RTASOC, funds were made available in 1969 for the experimental production of distinctive papers; the insertion into banknotes of an optically variable device created from diffraction gratings in plastic as a security device was proposed in 1972. The first patent arising from the development of polymer banknotes was filed in 1973.
In 1974 the technique of lamination was used to combine materials. An alternative polymer of polyethylene fibres, marketed as Tyvek by DuPont, was developed for use as currency by the American Bank Note Company in the early 1980s. Tyvek did not perform well in trials: smudging of ink and fragility were reported as problems. Only Costa Rica and Haiti issued Tyvek banknotes. Additionally, English printers Bradbury Wilkinson produced a version on Tyvek but marketed as Bradvek for the Isle of Man in 1983. In the 1980s, Canadian engineering company AGRA Vadeko and US chemical company US Mobil Chemical Company developed a polymer substrate trademarked as DuraNote, it had been tested by the Bank of Canada in the 1990s. It was tested by the Bureau of Engraving and Printing of the United States Department of the Treasury in 1997 and 1998, when 40,000 test banknotes were printed and evaluated. Polymer banknotes were developed in Australia to replace paper banknotes with a more secure and more durable alternative.
The BOPP substrate is processed through the following steps: Opacifying – two layers of ink are applied to each side of the note, except for any areas deliberately left clear. BOPP is a non-porous polymer. Compared with paper banknotes, banknotes made using BOPP are harder to tear, more resistant to folding, more resistant to soil, harder to burn, easier to machine process, are shreddable and recyclable at the end of their lives. Polymer banknotes have three levels of security devices. Primary security devices are recognisable by consumers and may include intaglio, metal strips, the clear areas of the banknote. Secondary security devices are detectable by a machine. Tertiary security devices may only be detectable by the issuing authority when a banknote is returned. Modern polymer banknotes were first developed by the Reserve Bank of Australia and the Commonwealth Scientific and Industrial Research Organisation or CSIRO and first issued as currency in Australia during 1988, to coincide with Australia's bicentennial year.
Note Printing Australia prints regular and commemorative banknotes for circulation, has done so for 20 countries. Trading as Innovia Security, Innovia Films markets BOPP as "Guardian" for countries with their own banknote printing facilities; as of 2014, at least seven countries have converted to polymer banknotes: Australia, Canada, New Zealand, Papua New Guinea and Vietnam. Other countries and regions with notes printed on Guardian polymer in circulation include: Bangladesh, Chile, Costa Rica, Dominican Republic, Hong Kong, Israel, Malaysia, Nepal, Solomon Islands, Singapore, Sri Lanka and Zambia. Canada released its first polymer ban
Edinburgh Castle is a historic fortress which dominates the skyline of the city of Edinburgh, Scotland from its position on the Castle Rock. Archaeologists have established human occupation of the rock since at least the Iron Age, although the nature of the early settlement is unclear. There has been a royal castle on the rock since at least the reign of David I in the 12th century, the site continued to be a royal residence until 1633. From the 15th century the castle's residential role declined, by the 17th century it was principally used as military barracks with a large garrison, its importance as a part of Scotland's national heritage was recognised from the early 19th century onwards, various restoration programmes have been carried out over the past century and a half. As one of the most important strongholds in the Kingdom of Scotland, Edinburgh Castle was involved in many historical conflicts from the Wars of Scottish Independence in the 14th century to the Jacobite rising of 1745.
Research undertaken in 2014 identified 26 sieges in its 1100-year-old history, giving it a claim to having been "the most besieged place in Great Britain and one of the most attacked in the world". Few of the present buildings pre-date the Lang Siege of the 16th century, when the medieval defences were destroyed by artillery bombardment; the most notable exceptions are St Margaret's Chapel from the early 12th century, regarded as the oldest building in Edinburgh, the Royal Palace and the early-16th-century Great Hall, although the interiors have been much altered from the mid-Victorian period onwards. The castle houses the Scottish regalia, known as the Honours of Scotland and is the site of the Scottish National War Memorial and the National War Museum of Scotland; the British Army is still responsible for some parts of the castle, although its presence is now ceremonial and administrative. Some of the castle buildings house regimental museums which contribute to its presentation as a tourist attraction.
The castle, in the care of Historic Environment Scotland, is Scotland's most-visited paid tourist attraction, with over 2 million visitors in 2017 and over 70 percent of leisure visitors to Edinburgh visiting the castle. As the backdrop to the Edinburgh Military Tattoo during the annual Edinburgh Festival the castle has become a recognisable symbol of Edinburgh and of Scotland; the castle stands upon the plug of an extinct volcano, estimated to have risen about 350 million years ago during the lower Carboniferous period. The Castle Rock is the remains of a volcanic pipe, which cut through the surrounding sedimentary rock before cooling to form hard dolerite, a type of basalt. Subsequent glacial erosion was resisted by the dolerite, which protected the softer rock to the east, leaving a crag and tail formation; the summit of the Castle Rock is 130 metres above sea level, with rocky cliffs to the south and north, rising to a height of 80 metres above the surrounding landscape. This means that the only accessible route to the castle lies to the east, where the ridge slopes more gently.
The defensive advantage of such a site is self-evident, but the geology of the rock presents difficulties, since basalt is impermeable. Providing water to the Upper Ward of the castle was problematic, despite the sinking of a 28-metre deep well, the water supply ran out during drought or siege, for example during the Lang Siege in 1573. Archaeological investigation has yet to establish when the Castle Rock was first used as a place of human habitation. There is no record of any Roman interest in the location during General Agricola's invasion of northern Britain near the end of the 1st century AD. Ptolemy's map of the 2nd century AD shows a settlement in the territory of the Votadini named "Alauna", meaning "rock place", making this the earliest known name for the Castle Rock; this could, refer to another of the tribe's hill forts in the area. The Orygynale Cronykil of Andrew of Wyntoun, an early source for Scottish history, names "Ebrawce", a legendary King of the Britons, as having "byggyd Edynburgh".
According to the earlier chronicler, Geoffrey of Monmouth, Ebraucus had fifty children by his twenty wives, was the founder of "Kaerebrauc", "Alclud" and the "Maidens' Castle". The 16th-century English writer John Stow, credited Ebraucus with building "the Castell of Maidens called Edenbrough" in 989 BC; the name "Maidens' Castle" occurs up until the 16th century. It appears in charters of his successors, although the reason for it is not known. William Camden's survey of Britain, records that "the Britans called Castle Myned Agned, the Scots, the Maidens Castle and the Virgins Castle, of certaine young maidens of the Picts roiall bloud who were kept there in old time". According to the 17th-century antiquarian Father Richard Hay, the "maidens" were a group of nuns, who were ejected from the castle and replaced by canons, considered "fitter to live among soldiers". However, this story was considered "apocryphal" by the 19th-century antiquarian Daniel Wilson and has been ignored by historians since.
The name may have been derived from a "Cult of the Nine Maidens" type of legend. Arthurian legends suggest that the site once held a shrine to one of nine sisters. St Monenna, said to be one of nine companions, reputedly invested a church at Edinburgh, as well as at Dumbarton and other places. Similar names are shared by many other Iron Age hillforts and may have described a castl
Legal tender is a medium of payment recognized by a legal system to be valid for meeting a financial obligation. Paper currency and coins are common forms of legal tender in many countries. Legal tender is variously defined in different jurisdictions. Formally, it is anything. Thus, personal cheques, credit cards, similar non-cash methods of payment are not legal tender; the law does not relieve the debt obligation. Coins and banknotes are defined as legal tender; some jurisdictions may restrict payment made other than by legal tender. For example, such a law might outlaw the use of foreign coins and bank notes or require a license to perform financial transactions in a foreign currency. Designation of a particular form of money as legal tender means "that the designated money is valid payment for all debts unless there is a specific agreement to the contrary". In some jurisdictions legal tender can be refused as payment if no debt exists prior to the time of payment. For example, vending machines and transport staff do not have to accept the largest denomination of banknote.
Shopkeepers may reject large banknotes: this is covered by the legal concept known as invitation to treat. The right, in many jurisdictions, of a trader to refuse to do business with any person, means a purchaser may not insist on making a purchase and so declaring a legal tender in law, as anything other than an offered payment for debts incurred would not be effective. Under U. S. federal law, cash in U. S. dollars is a legal offer of payment for antecedent debts when tendered to a creditor. By contrast, federal statutes do not require that someone, not a pre-existing creditor must accept currency or coins as payment for goods or services. Private businesses may formulate their own policies on whether to accept cash unless state law requires otherwise; the term "legal tender" is from French tendre, meaning to offer. The Latin root is tendere, the sense of tender as an offer is related to the etymology of the English word "extend". Demonetization is the act of stripping a currency unit of its status as legal tender.
It occurs whenever there is a change of national currency: The current form or forms of money is pulled from circulation and retired to be replaced with new notes or coins. Sometimes, a country replaces the old currency with new currency; the opposite of demonetization is remonetization, in which a form of payment is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples of this are: The United Kingdom, adopting decimal currency in place of pounds and pence in 1971, Banknotes remained unchanged. In 1968 and 1969 decimal coins which had precise equivalent values in the old currency were introduced, while decimal coins with no precise equivalent were introduced on 15 February 1971; the smallest and largest non-decimal circulating coins, the half penny and half crown, were withdrawn in 1969, the other non-decimal coins with no precise equivalent in the new currency were withdrawn in 1971.
Non-decimal coins with precise decimal equivalents remained legal tender either until the coins no longer circulated, or the equivalent decimal coins were reduced in size in the early 1990s. The 6d coin was permitted to remain in large circulation throughout the United Kingdom due to the London Underground committee's large investment in coin-operated ticketing machines that used it. Old coins returned to the Royal Mint through the UK banking system will be redeemed by exchanging them for legal tender currency with no time limits; the successor states of the Soviet Union replacing the Soviet ruble in the 1990s. Currencies used in the Eurozone before being replaced by the euro are not legal tender, but all banknotes are redeemable for euros for a minimum of 10 years. India demonetised its 500 and 1000 rupee notes on 8 November 2016; this action affected 86 percent of all cash in circulation. The demonetisation action was intended to curb black money, the hoarding of unaccounted cash, sponsorship of terrorism, but led to long queues from bank runs, leaving more than 30 people dead.
The old notes are now being replaced by new 2000 rupee notes. The Philippines has ceased 2 peso and 50 centavo coins of Flora and Fauna Series in 2000, due to overminting of the coins of BSP Series that has not included the 2 peso and 50 centavo coins of that series. Individual coins or banknotes can be demonetised and cease to be legal tender, but the Bank of England does redeem all Bank of England banknotes by exchanging them for legal tender currency at its counters in London regardless of how old they are. Banknotes issued by retail banks in the UK are not legal tender, but one of the criteria for legal protection under the Forgery and Counterfeiting Act is that banknotes must be payable on demand, therefore withdrawn notes remain a liability of the issuing bank without any time limits. In the case of the euro, coins an
Robert Burns known familiarly as Rabbie Burns, the National Bard, Bard of Ayrshire and the Ploughman Poet and various other names and epithets, was a Scottish poet and lyricist. He is regarded as the national poet of Scotland and is celebrated worldwide, he is the best known of the poets who have written in the Scots language, although much of his writing is in English and a light Scots dialect, accessible to an audience beyond Scotland. He wrote in standard English, in these writings his political or civil commentary is at its bluntest, he is regarded as a pioneer of the Romantic movement, after his death he became a great source of inspiration to the founders of both liberalism and socialism, a cultural icon in Scotland and among the Scottish diaspora around the world. Celebration of his life and work became a national charismatic cult during the 19th and 20th centuries, his influence has long been strong on Scottish literature. In 2009 he was chosen as the greatest Scot by the Scottish public in a vote run by Scottish television channel STV.
As well as making original compositions, Burns collected folk songs from across Scotland revising or adapting them. His poem "Auld Lang Syne" is sung at Hogmanay, "Scots Wha Hae" served for a long time as an unofficial national anthem of the country. Other poems and songs of Burns that remain well known across the world today include "A Red, Red Rose", "A Man's a Man for A' That", "To a Louse", "To a Mouse", "The Battle of Sherramuir", "Tam o' Shanter" and "Ae Fond Kiss". Burns was born two miles south of Ayr, in Alloway, the eldest of the seven children of William Burnes, a self-educated tenant farmer from Dunnottar in the Mearns, Agnes Broun, the daughter of a Kirkoswald tenant farmer, he was born in a house built by his father, where he lived until Easter 1766, when he was seven years old. William Burnes sold the house and took the tenancy of the 70-acre Mount Oliphant farm, southeast of Alloway. Here Burns grew up in poverty and hardship, the severe manual labour of the farm left its traces in a premature stoop and a weakened constitution.
He had little regular schooling and got much of his education from his father, who taught his children reading, arithmetic and history and wrote for them A Manual Of Christian Belief. He was taught by John Murdoch, who opened an "adventure school" in Alloway in 1763 and taught Latin and mathematics to both Robert and his brother Gilbert from 1765 to 1768 until Murdoch left the parish. After a few years of home education, Burns was sent to Dalrymple Parish School in mid-1772 before returning at harvest time to full-time farm labouring until 1773, when he was sent to lodge with Murdoch for three weeks to study grammar and Latin. By the age of 15, Burns was the principal labourer at Mount Oliphant. During the harvest of 1774, he was assisted by Nelly Kilpatrick, who inspired his first attempt at poetry, "O, Once I Lov'd A Bonnie Lass". In 1775, he was sent to finish his education with a tutor at Kirkoswald, where he met Peggy Thompson, to whom he wrote two songs, "Now Westlin' Winds" and "I Dream'd I Lay".
Despite his ability and character, William Burnes was unfortunate, migrated with his large family from farm to farm without being able to improve his circumstances. At Whitsun, 1777, he removed his large family from the unfavourable conditions of Mount Oliphant to the 130-acre farm at Lochlea, near Tarbolton, where they stayed until William Burnes's death in 1784. Subsequently, the family became integrated into the community of Tarbolton. To his father's disapproval, Robert joined a country dancing school in 1779 and, with Gilbert, formed the Tarbolton Bachelors' Club the following year, his earliest existing letters date from this time, when he began making romantic overtures to Alison Begbie. In spite of four songs written for her and a suggestion that he was willing to marry her, she rejected him. Robert Burns was initiated into masonic Lodge St David, Tarbolton, on 4 July 1781, when he was 22. In December 1781, Burns moved temporarily to Irvine to learn to become a flax-dresser, but during the workers' celebrations for New Year 1781/1782 the flax shop caught fire and was burnt to the ground.
This venture accordingly came to an end, Burns went home to Lochlea farm. During this time he befriended Captain Richard Brown who encouraged him to become a poet, he continued to write poems and songs and began a commonplace book in 1783, while his father fought a legal dispute with his landlord. The case went to the Court of Session, Burnes was upheld in January 1784, a fortnight before he died. Robert and Gilbert made an ineffectual struggle to keep on the farm, but after its failure they moved to the farm at Mossgiel, near Mauchline, in March, which they maintained with an uphill fight for the next four years. In mid-1784 Burns came to know a group of girls known collectively as The Belles of Mauchline, one of whom was Jean Armour, the daughter of a stonemason from Mauchline, his first child, Elizabeth "Bess" Burns, was born to his mother's servant, Elizabeth Paton, while he was embarking on a relationship with Jean Armour, who became pregnant with twins in March 1786. Burns signed a paper attesting his marriage to Jean, but her father "was in the greatest distress, fainted away".
To avoid disgrace, her parents sent her to live with her uncle in Paisley. Although Armour's father forbade it, they were married in 1788. Armour bore him nine childre
New Town, Edinburgh
The New Town is a central area of Edinburgh, the capital of Scotland. A masterpiece of city planning, it was built in stages between 1767 and around 1850, retains much of its original neo-classical and Georgian period architecture, its best known street is Princes Street, facing Edinburgh Castle and the Old Town across the geographical depression of the former Nor Loch. Together with the Old Town, the New Town was designated a UNESCO World Heritage Site in 1995; the idea of a New Town was first suggested in the late 17th century when the Duke of Albany and York, when resident Royal Commissioner at Holyrood, encouraged the idea of having an extended regality to the north of the city and a North Bridge. He gave the city a grant:That, when they should have occasion to enlarge their city by purchasing ground without the town, or to build bridges or arches for the accomplishing of the same, not only were the proprietors of such lands obliged to part with the same on reasonable terms, but when in possession thereof, they are to be erected into a regality in favour of the citizens.
It is possible that, with such patronage, the New Town may have been built many years earlier than it was but, in 1682, the Duke left the city and became King in 1685, only to lose the throne in 1688. The decision to construct a New Town was taken by the city fathers, after overcrowding inside the Old Town city walls reached breaking point and to prevent an exodus of wealthy citizens from the city to London; the Age of Enlightenment had arrived in Edinburgh, the outdated city fabric did not suit the professional and merchant classes who lived there. Lord Provost George Drummond succeeded in extending the boundary of the Royal Burgh to encompass the fields to the north of the Nor Loch, the polluted body of water which occupied the valley north of the city. A scheme to drain the Loch was put into action, although the process was not completed until 1817. Crossing points were built to access the new land; the Mound, as it is known today, reached its present proportions in the 1830s. As the successive stages of the New Town were developed, the rich moved northwards from cramped tenements in narrow closes into grand Georgian homes on wide roads.
However, the poor remained in the Old Town. A design competition was held in January 1766 to find a suitably modern layout for the new suburb, it was won by 26-year-old James Craig, following the natural contours of the land, proposed a simple axial grid, with a principal thoroughfare along the ridge linking two garden squares. Two other main roads were located south with two minor streets between. Several mews off the minor streets provided stable lanes for the large homes. Completing the grid are three north-south cross streets. Craig's original plan has not survived but it has been suggested that it is indicated on a map published by John Laurie in 1766; this map shows a diagonal layout with a central square reflecting a new era of civic Hanoverian British patriotism by echoing the design of the Union Flag. Both Princes Street and Queen Street are shown as double sided. A simpler revised design reflected the same spirit in the names of civic spaces; the principal street was named George Street, after the king at the time, George III.
Queen Street was to be located to the north, named after his wife, St. Giles Street to the south, after the city's patron saint. St Andrew Square and St. George's Square were the names chosen to represent the union of Scotland and England; the idea was continued with the smaller Thistle Street between George Street and Queen Street, Rose Street between George Street and Princes Street. King George rejected the name St. Giles Street, St Giles being the patron saint of lepers and the name of a slum area or'rookery' on the edge of the City of London, it was therefore renamed Princes Street after his sons. The name of St. George's Square was changed to Charlotte Square, after the Queen, to avoid confusion with the existing George Square on the South Side of the Old Town; the westernmost blocks of Thistle Street were renamed Hill Street and Young Street, making Thistle Street half the length of Rose Street. The three streets completing the grid, Castle and Hanover Streets, were named for the view of the castle, King George's father Frederick, the name of the royal family respectively.
Craig's proposals hit further problems. The exposed new site was unpopular, leading to a £20 premium being offered to the first builder on site; this was received by John Young who built Thistle Court, the first buildings in the New Town, at the east end of Thistle Street in 1767. Instead of building as a terrace as envisaged, he built a small courtyard. Doubts were overcome soon enough, further construction started in the east with St. Andrew Square. Craig had intended that the view along George Street be terminated by two large churches, situated at the outer edge of each square, on axis with George Street. Whilst the western church on Charlotte Square was built, at St Andrew Square the land behind the proposed church site was owned by Sir Lawrence Dundas, he commissioned a design from Sir William Chambers. The resulting Palladian mansion, known as Dundas House, was completed in 1774. In 1825 it was acquired by the Royal Bank of Scotland and today is the registered office of the bank.. The forecourt of the building, with the equestrian monument to John Hope, 4th Earl of Hopetoun, occupies the proposed church site.
St. Andrew's Church had to be built on a site on George St
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were required to redeem the notes for legal tender when presented to the chief cashier of the originating bank; these commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; this practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio