Royal Bank of Scotland
The Royal Bank of Scotland (Scottish Gaelic: Banca Rìoghail na h-Alba, Scots: Ryal Bank o Scotland abbreviated as RBS, is one of the retail banking subsidiaries of The Royal Bank of Scotland Group plc, together with NatWest and Ulster Bank. The Royal Bank of Scotland has around 700 branches in Scotland, though there are branches in many larger towns and cities throughout England and Wales. Both the bank and its parent, The Royal Bank of Scotland Group, are separate from the fellow Edinburgh-based bank, the Bank of Scotland, which pre-dates The Royal Bank of Scotland by 32 years; the Royal Bank of Scotland was established in 1724 to provide a bank with strong Hanoverian and Whig ties. Following ring-fencing of the Group's core domestic business, the bank is expected to become a direct subsidiary of NatWest Holdings by 2019. NatWest Markets comprises the Group's investment banking arm. To give it legal form, the former RBS entity was renamed NatWest Markets in 2018. Drummond and Child & Co. businesses in England.
The bank traces its origin to the Society of the Subscribed Equivalent Debt, set up by investors in the failed Company of Scotland to protect the compensation they received as part of the arrangements of the 1707 Acts of Union. The "Equivalent Society" became the "Equivalent Company" in 1724, the new company wished to move into banking; the British government received the request favourably as the "Old Bank", the Bank of Scotland, was suspected of having Jacobite sympathies. Accordingly, the "New Bank" was chartered in 1727 as the Royal Bank of Scotland, with Archibald Campbell, Lord Ilay, appointed its first governor. On 31 May 1728, the Royal Bank of Scotland invented the overdraft, considered an innovation in modern banking, it allowed a merchant in the High Street of Edinburgh, access to £ 1,000 credit. Competition between the Old and New Banks was centred on the issue of banknotes; the policy of the Royal Bank was to either drive the Bank of Scotland out of business, or take it over on favourable terms.
The Royal Bank built up large holdings of the Bank of Scotland's notes, which it acquired in exchange for its own notes suddenly presented to the Bank of Scotland for payment. To pay these notes, the Bank of Scotland was forced to call in its loans and, in March 1728, to suspend payments; the suspension relieved the immediate pressure on the Bank of Scotland at the cost of substantial damage to its reputation, gave the Royal Bank a clear space to expand its own business—although the Royal Bank's increased note issue made it more vulnerable to the same tactics. Despite talk of a merger with the Bank of Scotland, the Royal Bank did not possess the wherewithal to complete the deal. By September 1728, the Bank of Scotland was able to start redeeming its notes again, with interest, in March 1729, it resumed lending. To prevent similar attacks in the future, the Bank of Scotland put an "option clause" on its notes, giving it the right to make the notes interest-bearing while delaying payment for six months.
Both banks decided that the policy they had followed was mutually self-destructive and a truce was arranged, but it still took until 1751 before the two banks agreed to accept each other's notes. The bank opened its first branch office outside Edinburgh in 1783 when it opened one in Glasgow, in part of a draper's shop in the High Street. Further branches were opened in Dundee, Dalkeith, Port Glasgow, Leith in the first part of the nineteenth century. In 1821, the bank moved from its original head office in Edinburgh's Old Town to Dundas House, on St. Andrew Square in the New Town; the building as seen along George Street forms the eastern end of the central vista in New Town. It was designed for Sir Lawrence Dundas by Sir William Chambers as a Palladian mansion, completed in 1774. An axial banking hall behind the building, designed by John Dick Peddie, was added in 1857; the banking hall continues in use as a branch of the bank, Dundas House remains the registered head office of the bank to this day.
The rest of the nineteenth century saw the bank pursue mergers with other Scottish banks, chiefly as a response to failing institutions. The assets and liabilities of the Western Bank were acquired following its collapse in 1857. By 1910, the Royal Bank of Scotland had around 900 staff. In 1969, the bank merged with the National Commercial Bank of Scotland to become the largest clearing bank in Scotland; the expansion of the British Empire in the latter half of the nineteenth century saw the emergence of London as the largest financial centre in the world, attracting Scottish banks to expand southward into England. The first London branch of the Royal Bank of Scotland opened in 1874. However, English banks moved to prevent further expansion by Scottish banks into England. An agreement was reached, under which English banks would not open branches in Scotland and Scottish banks would not open branches in England outside London; this agreement remained in place until the 1960s, although various cross-border acquisitions were permitted.
The Royal Bank's English expansion plans were resurrected after World War I, when it acquired various small English banks, includin
Bank of England £20 note
The Bank of England £20 note is a banknote of the pound sterling. It is the second highest denomination of banknote issued by the Bank of England; the current cotton note, first issued in 2007, bears the image of Queen Elizabeth II on the obverse and the image of Scottish economist Adam Smith on the reverse. Starting in 2020, the current note will be phased out, to be replaced by a polymer note featuring a portrait of artist J. M. W. Turner in place of Smith. Twenty pound notes were introduced by the Bank of England for the first time in 1725; the earliest notes were handwritten, were issued to individuals as needed. These notes were written on one side only and bore the name of the payee, the date, the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821 when the French Revolutionary Wars and the Napoleonic Wars caused a bullion shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank.
If redeemed in part, the banknote would be signed to indicate the amount, redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of twenty pounds" replacing the name of the payee; this declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward; the right to redeem banknotes for gold ceased in 1931. The twenty pound note ceased to be produced by the Bank of England in 1943, it was not until 1970 with the introduction of the series D notes that the denomination reappeared; the predominantly purple series D notes were two-sided, with an image of Queen Elizabeth II appearing on one side, accompanied by an image of Saint George and the Dragon and an image of William Shakespeare appearing on the other. This note had a security feature in the form of a'windowed' metal thread.
The thread is woven into the paper so that it forms a dashed line, yet appears as a single line when held up to the light. Series D notes were phased out in favour of the newer series E notes beginning in 1991; these notes were featured an image of scientist Michael Faraday on the back. Series E notes were replaced by a variant design from 1999 onwards; these are broadly similar to the earlier series E feature Edward Elgar on the reverse. The current £20 note was introduced in 2007, it features a portrait of Scottish economist Adam Smith on the back as well as an illustration of workers in a pin factory. The note features a number of security features in addition to the metallic thread: these include raised print, a watermark, microlettering, a holographic strip, a see-through register, a colourful pattern which only appears under ultraviolet light. 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 Turner note will include a c.1799 self-portrait of Turner, a version of Turner's The Fighting Temeraire, the quote "Light is therefore colour" from an 1818 lecture by Turner, a copy of Turner's signature as made on his will. Information taken from Bank of England website. Bank of England note issues Bank of England website
Bank of England £1 note
The Bank of England £1 note was a banknote of the pound sterling. After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England; the one pound note was issued by the Bank of England for the first time in 1797 and continued to be printed until 1984. The note was withdrawn in 1988 in favour of the one pound coin. One pound notes were introduced by the Bank of England for the first time in 1797, following gold shortages caused by the French Revolutionary Wars; the earliest notes were handwritten, were issued as needed to individuals. These notes were written on one side only and bore the name of the payee, the date, the signature of the issuing cashier. Between 1797 and 1821 the lack of bullion meant that banks would not exchange banknotes for gold, but after the end of the Napoleonic Wars the shortage was alleviated such that notes could be exchanged for an equivalent amount of gold when presented at the bank. One pound notes were replaced by gold sovereigns.
During the First World War the British Government wanted to maintain its stocks of gold and so banks were ordered to again stop exchanging any and all denominations of banknotes for gold. Gold sovereigns were replaced by one pound notes issued by the Treasury; these notes were nicknamed "Bradburys" because of the prominent signature of Sir John Bradbury, Permanent Secretary to the Treasury displayed on the notes. Britain returned to the gold standard in 1925, although the Bank of England was only obliged to exchange notes for gold in multiples of 400 troy ounces or more; the responsibility for the printing of one pound notes was transferred to the Bank of England in 1928, the ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The Bank of England's first post-World War I one pound notes were two-sided green notes which were printed – not handwritten; the name of the payee was replaced by the declaration "I promise to pay the bearer on demand the sum of one pound".
This declaration remains on Bank of England banknotes to this day. This signature of the issuing cashier was replaced by the printed signature of the Chief Cashier of the Bank of England. In 1940, following the outbreak of the Second World War, one pound notes were issued in a new blue-orange colour scheme to deter counterfeiters, although the design remained the same. At the same time, metal thread running the paper was introduced as a security feature. After the war one pound notes were issued in their original green colour; the earliest post-World War II notes did not have the metallic thread security feature, but those issued from September 1948 onward did. A new design for one pound notes was introduced in 1960, with the old notes ceasing to be legal tender in 1962; these new series C notes were narrower, were the first one-pound notes to feature a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. Series C notes were replaced by the series D notes from 1978 onward.
These smaller notes featured an new design with Queen Elizabeth II on the front and scientist Isaac Newton on the back. The note was redesigned in 1981 to feature brighter background colours. Following a consultation with retailers and other groups it was announced on 31 July 1981 that the one pound note would be replaced by a one pound coin. Part of the reason for this change was that notes, on average, lasted only nine months in general circulation, while coins could last forty years or more; the government believed that the growing vending industry would benefit from the introduction of a one-pound coin. The new cupro-nickel coin was introduced on 21 April 1983 and the one pound note ceased to be legal tender on 11 March 1988. Bank of England £1 notes are still found in circulation in Scotland, alongside Royal Bank of Scotland £1 notes; this is because Scotland has no concept of Legal Tender, any Sterling bank note, of any age, may be used provided the trader is content to accept it. The Bank of England will exchange old £1 notes for their face value in perpetuity.
Information taken from Bank of England website. Bank of England note issues Bank of England website
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
Charles Rennie Mackintosh
Charles Rennie Mackintosh was a Scottish architect, water colourist and artist. His artistic approach had much in common with European Symbolism, his work, alongside that of his wife Margaret Macdonald, was influential on European design movements such as Art Nouveau and Secessionism and praised by great modernists such as Josef Hoffmann. Mackintosh was died in London. Charles Rennie Mackintosh was born at 70 Parson Street, Glasgow, on 7 June 1868, the fourth of eleven children and second son of William McIntosh, a superintendent and chief clerk of the City of Glasgow Police, his wife, Margaret Rennie. Mackintosh grew up in the Townhead and Dennistoun areas of Glasgow, he attended Reid's Public School and the Allan Glen's Institution. In 1890 Mackintosh was the second winner of the Alexander Thomson Travelling Studentship, set up for the "furtherance of the study of ancient classic architecture, with special reference to the principles illustrated in Mr. Thomson's works." He changed the spelling of his name from'McIntosh' to'Mackintosh' for unknown reasons, as his father did before him, around 1893.
Confusion continues to surround the use of his name with'Rennie' sometimes incorrectly substituted for his first name of'Charles'. The modern use of'Rennie Mackintosh' as a surname is incorrect and he was never known as such in his lifetime. Signatures took various forms including'C. R. Mackintosh' and'Chas. R. Mackintosh.' The usage of "Rennie Mackintosh" to refer to him is therefore incorrect and he should instead be referred to as "Charles Rennie Mackintosh" or "Mackintosh". Upon his return, he resumed work with the Honeyman & Keppie architectural practice where he started his first major architectural project, the Glasgow Herald Building, in 1899, he was engaged to marry Jessie Keppie. Around 1892, Mackintosh met fellow artist Margaret Macdonald at the Glasgow School of Art, he and fellow student Herbert MacNair an apprentice at Honeyman and Keppie, were introduced to Margaret and her sister Frances MacDonald by the head of the Glasgow School of Art, Francis Henry Newbery, who saw similarities in their work.
Margaret and Charles married on 22 August 1900. The couple had no children. MacNair and Frances married the previous year; the group worked collaboratively and came to be known as "The Four", were prominent figures in Glasgow Style art and design. In 1904, after he had completed several successful building designs, Mackintosh became a partner in Honeyman & Keppie, the company became Honeyman, Keppie & Mackintosh; when economic hardships were causing many architectural practices to close, in 1913, he resigned from the partnership and attempted to open his own practice. Mackintosh lived most of his life in the city of Glasgow. Located on the banks of the River Clyde, during the Industrial Revolution, the city had one of the greatest production centres of heavy engineering and shipbuilding in the world; as the city grew and prospered, a faster response to the high demand for consumer goods and arts was necessary. Industrialized, mass-produced items started to gain popularity. Along with the Industrial Revolution, Asian style and emerging modernist ideas influenced Mackintosh's designs.
When the Japanese isolationist regime softened, they opened themselves to globalisation resulting in notable Japanese influence around the world. Glasgow's link with the eastern country became close with shipyards building at the River Clyde being exposed to Japanese navy and training engineers. Japanese design gained great popularity. In fact, it became so popular and so incessantly appropriated and reproduced by Western artists, that the Western World's fascination and preoccupation with Japanese art gave rise to the new term, Japonism or Japonisme; this style was admired by Mackintosh because of: its restraint and economy of means rather than ostentatious accumulation. In the old western style, furniture was seen as ornament that displayed the wealth of its owner and the value of the piece was established according to the length of time spent creating it. In the Japanese arts furniture and design focused on the quality of the space, meant to evoke a calming and organic feeling to the interior.
At the same time a new philosophy concerned with creating functional and practical design was emerging throughout Europe: the so-called "modernist ideas". The main concept of the Modernist movement was to develop innovative ideas and new technology: design concerned with the present and the future, rather than with history and tradition. Heavy ornamentation and inherited styles were discarded. Though Mackintosh became known as the ‘pioneer’ of the movement, his designs were far removed from the bleak utilitarianism of Modernism, his concern was to build around the needs of people: people seen, not as masses, but as individuals who needed not a machine for living in but a work of art. Mackintosh took his inspiration from his Scottish upbringing and blended them with the flourish of Art Nouveau and the simplicity of Japanese forms. While working in architecture, Charles Rennie Mackintosh developed his own style: a contrast between strong right angles and floral-inspired decorative motifs with subtle curves, e.g. the Mackintosh Rose motif, along with some references to traditional Scottish architecture.
The project that helped make his international reputation was the Glasgow School of Art. During the early stages of the Glasgow School of Art Mackinto
The Royal Bank of Scotland £1 note
The Royal Bank of Scotland £1 note is a banknote of the pound sterling. It is the smallest denomination of banknote issued by The Royal Bank of Scotland; the current cotton note, first issued in 1987 bears an image of Lord Ilay, one of the founders of the bank, on the obverse and a vignette of Edinburgh Castle on the reverse. The £1 note is the smallest denomination of banknote issued by The Royal Bank of Scotland; the bank ceased regular production of £1 notes in 2001. In common with a number of other banks in Scotland, the Royal Bank of Scotland has retained the right to issue its own banknotes, it first issued notes in the same year the bank was founded. The issuing of banknotes by Scottish banks was regulated by the Banknote Act 1845 until it was superseded by the Banking Act 2009. Scottish banknotes are legal tender and as currency are accepted throughout the United Kingdom. Scottish banknotes are backed such that holders have the same level of protection as those holding genuine Bank of England notes.
In 1727, the Royal Bank of Scotland began issuing twenty-shilling notes. Early banknotes were monochrome, printed on one side only; the first twenty-shilling notes were dated 8 December 1727 and were hand-signed by a bank cashier and given a unique number. The cashier added by hand the equivalent value in old Scots pounds — a currency, abolished 20 years earlier in the Acts of Union 1707 which united the Kingdoms of England and Scotland into the Kingdom of Great Britain. Twenty shillings was equivalent to £12 Scots; the bank continued the custom of including the value in old Scots pounds until 1792 to encourage acceptance of its banknotes. This series of banknotes was the first British banknote to have a royal portrait, as they featured a vignette of King George II, who had ascended to the British throne earlier that year. At the time, printing portraits was a difficult and expensive process, including a likeness of the King served as an effective anti-counterfeiting device; the banknotes were held at the bank in bound bundles, similar to modern cheque books.
When issued, the cashier would cut the note out with a wavy line. The Royal Bank's 1826 issue of the £1 note displayed much more intricate detail as printing processes were improved by the introduction of steel plates, it the first British banknote to be printed on both sides; this issue featured a portrait of King George IV, this was the last standard-issue Royal Bank of Scotland banknote to depict a reigning monarch. It was issued after the controversy of the Bankers Act 1826, in which the British government attempted unsuccessfully to prohibit the issue of low-value banknotes; the Royal Bank of Scotland's 1832 issue of £1 notes established the design for all the bank's £1 note issues for 136 years. It featured the bank's name surmounted by the Royal Arms of Scotland, in which the heraldic supporters of The Lion and the Unicorn flanked a portrait of King George I, commemorating his royal assent for the formation of the bank in 1727; the note featured illustrations of the allegorical figures of Britannia, looking out over the seas, Plenty, holding a cornucopia.
This design remained unchanged with only minor alterations. In 1968, the Royal Bank's £1 note design underwent its first major change to match the 1966 £5 note issue. For the first time, Royal Bank notes no longer bore a royal portrait, it was the Royal Bank's first full-colour note, bore the bank's coat of arms and included a steel security strip. The Dale Series was short-lived; these notes were the first Royal Bank notes to conform to the banknote colour conventions across the UK, so that all £1 notes were coloured green. The front of the note featured the coat of arms of the Royal Bank of Scotland, on the reverse was an illustration of the Forth Road Bridge. In 1987, the Royal Bank issued its Ilay series of banknotes, named after Lord Ilay, first governor of the bank, whose portrait appears on the front of all the notes; the illustration is based on a 1744 portrait painting of Lord Ilay by Allan Ramsay. Other common design elements include the bank's coat of arms and logo, the facade of Dundas House, the bank's headquarters in Edinburgh, a pattern representing the ceiling of the headquarters' banking hall, an image of Lord Ilay as watermark.
All of the Ilay series notes feature a castle on the back. On the reverse of the £1 note is an image of Edinburgh Castle and the National Gallery of Scotland.£1 notes are now used. The Royal Bank was the last bank in Scotland to issue £1 notes, stopped production in 2001. In 2015, a new series of polymer banknote was introduced by the Royal Bank, replacing its Ilay series £5 and £10 notes. Information taken from The Committee of Scottish Bankers website. Design elements on the Ilay Series £1 note In 1992, The Royal Bank of Scotland issued the first special commemorative banknote in Britain and in Europe; the first commemorative £1 note was issued to mark the European Council Summit, held in Edinburgh on 8 December 1992. Since the Royal Bank has issued a number of c
Bank of England £5 note
The Bank of England £5 note known as a fiver, is a banknote of the pound sterling. It is the smallest denomination of banknote issued by the Bank of England. In September 2016, a new polymer note was introduced, featuring the image of Queen Elizabeth II on the obverse and a portrait of Winston Churchill on the reverse; the old paper note, first issued in 2002 and bearing the image of prison reformer Elizabeth Fry on the reverse, was phased out and ceased to be legal tender after 5 May 2017. Five pound notes were introduced by the Bank of England in 1793, following the ten pound note, introduced in 1759 as a consequence of gold shortages caused by the Seven Years' War; the 5 pound note was introduced again, due to gold shortages caused by the French Revolutionary Wars and the Napoleonic Wars and was the lowest denomination of note issued until 1797. The earliest notes were issued to individuals as needed; these notes were written on one side only and bore the name of the payee, the date and the signature of the issuing cashier.
In 1797, due to the extra money need to fund the war and the uncertainty caused as Britain declared war on France, a series of bank runs drained the Bank of England of its gold supply. The Bank was forced to issue notes of £ 1 and £ 2 denominations; this was known as the'restriction period', as the exchange of notes for their value in gold was restricted. The Restriction Period ended in 1821 as the Government had to anchor the value of the currency to gold in order to control rising inflation and national debt. After a brief period to offset any sudden deflation, the UK returned to the gold standard on 1 May 1821; these notes could again be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be marked to indicate the amount, redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of five pounds" replacing the name of the payee; this declaration remains on Bank of England banknotes to this day.
A printed signature of one of three cashiers appeared on the printed notes, though this was replaced by the signature of the Chief Cashier from 1870 onward. The right to redeem banknotes for gold ceased in 1931, when Britain stopped using the gold standard. Metal thread was introduced on the £5 note in 1945 as a security feature; the printed black and white notes were replaced from 1957 onward by two-sided notes. The first two-sided £5 notes were blue and featured a bust of Britannia on the front and a lion on the back. Series C notes, first introduced in 1963, were the first notes to feature an image of the monarch on the front, with Britannia being relegated to the back. From 1971 onward, with the introduction of series D, a British historical figure was portrayed on the reverse: the soldier and statesman the Duke of Wellington in this case. Series E notes, first issued in 1990, are multicoloured, although they are predominantly turquoise-blue; these notes feature a portrait of railway pioneer George Stephenson, as well as for the first time'windowed' metal thread.
In 2002, a problem was identified in. The problem was highlighted after six members of the public complained to The Bank of England; the Bank said the move was a "precautionary measure while we carry out further tests and investigative work into what might have caused the fault and how widespread the problem is". The bank did rigorous testing and found the problem to be that the serial numbers were printed over the varnish rather than under it allowing the ink to be removed if enough force was applied; the Bank started to varnish the notes in an attempt to make them last longer than previous notes which only had an estimated lifespan of nine months. A spokesman for the Bank of England said: "The notes are still legal tender and the public shouldn't have a problem spending them in the shops; as long as shopkeepers check the anti-counterfeit measures the lack of serial numbers is not a problem. "If members of the public are concerned they should take the notes back to the bank where they will be exchanged."
In April 2013, the Governor of the Bank of England Sir Mervyn King announced on behalf of the bank that Elizabeth Fry would be replaced by Winston Churchill on the next £5 note which would enter circulation in 2016. It was announced that the images featured on the reverse would include a 1941 portrait of Churchill by Yusuf Karsh, a view of the Houses of Parliament, a quote by Churchill and a background image of Churchill's Nobel Prize in Literature, while the obverse would feature an image of Queen Elizabeth II. In December 2013 the Bank of England announced that the next £5 note would be printed on a polymer, rather than cotton paper; the bank cited that they would be "cleaner, more secure and more durable". It was said that the new polymer notes would be more environmentally friendly, lasting 2.5 times as long as cotton paper notes, according to the Bank's own environmental testing. The note was introduced on 13 September 2016, with an initial print run of 440 million notes, over the period of co-circulation.
It was announced that there would be a co-circulatory period with the old series E notes, on 5 May 2017, the series E would cease to be legal tender. However, as with all Bank of England notes, they can be exchanged at f