Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the fifth-oldest surviving bank in the United Kingdom, is the only commercial institution created by the Parliament of Scotland to remain in existence, it was one of the first banks in Europe to print its own banknotes, it continues to print its own sterling banknotes under legal arrangements that allow Scottish banks to issue currency. In June 2006, the HBOS Group Reorganisation Act 2006 was passed by the Parliament of the United Kingdom, allowing the bank's structure to be simplified; as a result, The Governor and Company of the Bank of Scotland became Bank of Scotland plc on 17 September 2007. Bank of Scotland has been a subsidiary of Lloyds Banking Group since 19 January 2009, when HBOS was acquired by Lloyds TSB; the Governor and Company of the Bank of Scotland was established by an Act of the Parliament of Scotland on 17 July 1695, the Act for erecting a Bank in Scotland, opening for business in February 1696.
Although established soon after the Bank of England, the Bank of Scotland was a different institution. Where the Bank of England was established to finance defence spending by the English government, the Bank of Scotland was established by the Scottish government to support Scottish business, was prohibited from lending to the government without parliamentary approval; the founding Act granted the bank a monopoly on public banking in Scotland for 21 years, permitted the bank's directors to raise a nominal capital of £1,200,000 pound Scots, gave the proprietors limited liability, in the final clause made all foreign-born proprietors naturalised Scotsmen "to all Intents and Purposes whatsoever". John Holland, an Englishman, was one of the bank's founders, its first chief accountant was George Watson. The Bank of Scotland was suspected of Jacobite sympathies, its first rival, The Royal Bank of Scotland was formed by royal charter in 1727. This led to a period of great competition between the two banks as they tried to drive each other out of business.
Although the "Bank Wars" ended in around 1751, competition soon arose from other sources, as other Scottish banks were founded throughout the country. In response, the Bank of Scotland itself began to open branches throughout Scotland; the first branch in London opened in 1865. The bank took the lead in establishing the security and stability of the entire Scottish banking system, which became more important after the collapse of the Ayr Bank in 1772, in the crisis following the collapse of the London house of Neal, James and Down; the Western Bank collapsed in 1857, the Bank of Scotland stepped in with the other Scottish banks to ensure that all the Western Bank's notes were paid. See Credit crisis of 1772. In the 1950s, the Bank of Scotland was involved in several mergers and acquisitions with different banks. In 1955, the Bank merged with the Union Bank of Scotland; the Bank expanded into consumer credit with the purchase of Chester based, North West Securities. In 1971, the Bank agreed to merge with the British Linen Bank, owned by Barclays Bank.
The merger saw Barclays Bank acquire a 35% stake in the Bank of Scotland, a stake it retained until the 1990s. The merchant banking division of the Bank of Scotland was relaunched as British Linen Bank. In 1959 Bank of Scotland became the first bank in the UK to install a computer to process accounts centrally. At 11 am on 25 January 1985 the Bank introduced HOBS, an early application of remote access technology being made available to banking customers; this followed a small-scale service operated jointly with the Nottingham Building Society for two years but developed by Bank of Scotland. The new HOBS service enabled customers to access their accounts directly on a television screen, using the Prestel telephone network; the arrival of North Sea oil to Scotland in the 1970s allowed the Bank of Scotland to expand into the energy sector. The Bank used this expertise in energy finance to expand internationally; the first international office opened in Houston, followed by more in the United States and Singapore.
In 1987, the Bank acquired Countrywide Bank of New Zealand. The Bank expanded into the Australian market by acquiring the Perth-based Bank of Western Australia. A controversial period in the Bank's history was the attempt in 1999 to enter the United States retail banking market via a joint venture with evangelist Pat Robertson; the move was met with criticism from civil rights groups in the UK, owing to Robertson's controversial views on homosexuality. The Bank was forced to cancel the deal when Robertson described Scotland as a "dark land overrun by homosexuals". In the late 1990s, the UK financial sector market underwent a period of consolidation on a large scale. Many of the large building societies were demutualising and becoming banks in their own right or merging with existing banks. For instance Lloyds Bank and TSB Bank merged in 1995 to create Lloyds TSB. In 1999, the Bank of Scotland made a takeover bid for National Westminster Bank. Since the Bank of Scotland was smaller than the English-based NatWest, the move was seen as an audacious and risky move.
However, The Royal Bank of Scotland tabled a rival offer, a bitter takeover battle ensued, with the Royal Bank the victor. The Bank of Scotland was now the centre of other merger opportunities. A proposal to merge with the Abbey National was explored, but rejected. In 2
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
Royal College of Surgeons of Edinburgh
The Royal College of Surgeons of Edinburgh is a professional organisation of surgeons located in Nicolson Street, within the William Henry Playfair designed Surgeons' Hall and adjoining buildings. It is one of the oldest surgical corporations in the world and traces its origins to 1505 when the Barber Surgeons of Edinburgh were formally incorporated as a craft guild of Edinburgh; the Barber-Surgeons of Dublin was the first medical corporation in Ireland or Britain, having been incorporated in 1446. It represents fellows across the UK and the world; the majority of its UK members are based in England with others across Wales and Northern Ireland. In 1505, the Barber Surgeons of Edinburgh were formally incorporated as a Craft Guild of the city and this recognition is embodied in the Seal of Cause, granted to the Barber Surgeons by the Town Council of Edinburgh on 1 July 1505; the Seal of Cause conferred various privileges and imposed certain crucially important duties, the most important of these that all apprentices should be literate, that every master should have full knowledge of anatomy and surgical procedures and that this knowledge should be tested at the end of apprenticeship, all clauses still relevant to surgical practice and the College today.
In 1647 the Incorporation acquired a permanent meeting place for the first time in rented rooms of a tenement in Dickson's Close. At the end of the century however, work on what is now known as'Old Surgeons' Hall', in High School Yards, was started and by 1697 was completed and occupied; the University of Edinburgh Medical School and The Royal Infirmary of Edinburgh were responsible for the rapid development in Edinburgh of systematic medical teaching on a sound scientific basis. Surgery however was perceived by many as still being a manual craft rather than an intellectual discipline, so members of the Incorporation of Surgeons undertook the task of education and did much to establish Edinburgh's reputation as a centre of surgical teaching. In 1778, King George III granted a new charter giving the surgeons' corporation the title "The Royal College of Surgeons of the City of Edinburgh". By the beginning of the 19th century, the Old Surgeons' Hall had become inadequate for the College and there was an urgent need to provide suitable accommodation for the large collection of anatomical and surgical specimens, presented to the College by Dr John Barclay.
A site for this was acquired by the purchase of a Riding School in Nicolson Street. William Henry Playfair, 1790–1857, the foremost Scottish architect of that era, was commissioned to design a building containing a meeting hall, Lecture Room and Library as its principal apartments. Surgeons' Hall was completed in May 1832 and formally opened two months later. In July 1905, the College celebrated the fourth centenary of its Incorporation and as part of the celebrations conferred Honorary Fellowship upon 36 of the world's most distinguished surgeons; these included Lord Lister, the acknowledged'Father of Modern Surgery' who had become a Fellow in 1855. In 1955, on the 450th Anniversary of the foundation of the College, the Honorary Fellowship was conferred upon His Royal Highness, the Duke of Edinburgh, who had consented to become Patron of the College earlier in that year. A derelict tenement on Hill Place was made available to the college by Edinburgh District Council and this was topped out in May 1981.
The College celebrated its Quincentenary in 2005 with the opening of a new skills laboratory and conference venue, of its Ten Hill Place Hotel. Today the College continues to serve its original role, to continue education and the advancement of surgeons and surgery. In April 2014 the college opened a regional centre in Birmingham to cater for the 80% of its UK membership based in England and Wales. Dentistry has been an important part of the Royal College of Surgeons of Edinburgh since the Incorporation of Barber Surgeons were granted their Seal of Cause by Edinburgh Town Council in 1505, though it remained unregulated in Edinburgh until the middle of the 19th century. In 1879 the Diploma of Licentiate in Dental Surgery was introduced and recognised for admission to the Dentist's Register. In 1921, the Dentists Act raised standards, only dentists, trained in a dental school could be admitted to the Register and allowed to practice dentistry; the Edinburgh Dental School became part of the University of Edinburgh in 1948 and graduates awarded the Bachelor of Dental Surgery.
The same year, the College introduced the diploma of Fellowship in Dental Surgery. In 1982, Dental Surgery became a distinct faculty within the College and continues to concentrate on the education and maintenance of standards of professional competence and conduct. To be admitted as a member to the college, trainee surgeons are required to sit and pass MRCS Membership of the Royal College of Surgeons examinations, which happens in the first or second years of surgical training. Since September 2008, the MRCS has become an Intercollegiate Examination, with a syllabus and content common to all three colleges in the UK; the College conducts a number of other examinations, including dental examinations, immediate medical care examinations and sport and exercise medicine. The Royal College of Surgeons of Edinburgh runs a large range of educational events and courses for medical students interested in surgery, through to surgical trainees and consultant specialists. Many of these courses are held in the Surgical Skills Laboratory on site in Edinbur
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 Ireland
Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional'Big Four' Irish banks. The premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Bank of Ireland, the ancient institution established by Royal Charter in 1783. Bank of Ireland is the oldest bank in continuous operation in Ireland; the history is. 1783 – 25 June 1783, the Bank of Ireland opened for business at Mary's Abbey in a private house owned by one Charles Blakeney. 1808 – 6 June 1808, Bank of Ireland moved to 2 College Green. 1864 – Bank of Ireland first pays interest on deposits. 1926 – The Bank of Ireland took control of the National Land Bank – a friendly society. 1948 – The Bank of Ireland 1783–1946 by F. G. Hall was published jointly by Hodges Figgis and Blackwell's. 1958 – The Bank took over the Hibernian Bank Limited. 1965 – The National Bank Ltd, a bank founded by Daniel O'Connell in 1835, had branches in Ireland and Britain.
The Irish branches were acquired by Bank of Ireland and rebranded temporarily as National Bank of Ireland, before being incorporated into Bank of Ireland. The British branches were acquired by Glyn's Bank. 1980 - The first Pass card and machine were open known as ATM. 1983 – Bank of Ireland Bi-Centenary. A commemorative stamp was issued; the Bank commissioned the publication of "An Irish Florilegium". 1995 – Bank of Ireland merge First New Hampshire Bank with Royal Bank of Scotland's Citizens Financial Group 1996 – Bank of Ireland buys the Bristol and West building society for €882m, which keeps its own brand. 1999 – Merger talks with Alliance & Leicester were held and called off. 2000 – It is announced that Bank of Ireland is to acquire Chase de Vere. 2002 – Bank of Ireland acquires Iridian, the US investment manager, which doubles the size of its asset management business. 2005 – Bank of Ireland completes the sale of the Bristol and West branch and Direct Savings to Britannia Building Society.
2008 – Moody's Investors Service changed its outlook on Bank of Ireland from stable to negative. Moody's pinpointed concerns over weakening asset quality and the impact of a more challenging economic environment on profitability at Bank of Ireland. A share price collapse followed. 2009 – The Irish government announces a €7 billion rescue package for the bank and Allied Irish Banks plc in February. The biggest bank robbery in the history of the state took place at Bank of Ireland at College Green. Consultants Oliver Wyman validated Bank of Ireland's bad debt levels at €6 billion over three years to March 2011, a bad debt level, exceeded by €1 billion within a matter of months. 2010 – The European Commission orders the disposal of Bank of Ireland Asset Management, New Ireland Assurance, ICS Building Society, its US Foreign Exchange business and the stakes held in the Irish Credit Bureau and in an American Asset Manager followed the receipt of Irish Government State aid. 2011 – The Securities Services Division is sold to Northern Trust Corporation.
2013 – Bank of Ireland more than doubles interest rates on mortgages tracking the Bank of England rates, citing the need to hold more reserves and the'increased cost of funding mortgages'. Described by Ray Boulger of broker John Charcol as'having shot the reputation of its mortgages to smithereens' the bank continues to offer competitive mortgages through the Post Office. 2014 – Regulation of the bank will transfer to the European Central Bank. 2014 – Enters marketing alliance with EVO Payments International and re-enters the card acquiring market. BOI Payment Acceptance launches in December 2014; the Bank of Ireland is not, was never, the Irish central bank. However, as well as being a commercial bank – a deposit-taker and a credit institution – it performed many central bank functions, much like the earlier-established Bank of Scotland and Bank of England; the Bank of Ireland operated the Exchequer Account and during the nineteenth century acted as something of a banker of last resort. The titles of the chairman of the board of directors and the title of the board itself suggest a central bank status.
From the foundation of the Irish Free State in 1922 until 31 December 1971, the Bank of Ireland was the banker of the Irish Government. The headquarters of the bank until the 1970s was the impressive Parliament House on College Green, Dublin; this building was designed by Sir Edward Lovett Pearce in 1729 to host the Irish Parliament, it was the world's first purpose-built bicameral parliament building. The bank had planned to commission a building designed by Sir John Soane to be constructed on the site bounded by Westmoreland Street, Fleet Street, College Street and D'Olier Street. However, the project was cancelled following the Act of Union in 1800, when the newly defunct Parliament House was bought by the Bank of Ireland in 1803; the former Parliament House continues today as a working branch. Today, visitors can still view the impressive Irish House of Lords chamber within the old headquarters building; the Oireachtas, the modern parliament of the Republic of Ireland, is now housed in Leinster House in Dublin.
In 2011, the Irish Government set out proposals to acquire the building as a venue for the state to use as a cultural venue. In the 1970s the bank moved its headquarters to a modern building on Lower Baggot Street, Dublin 2; as Frank McDonald notes in his book Destructi
Bank of England 10s note
The Bank of England 10s note was a banknote of the pound sterling. Ten shillings in pre-decimal money was equivalent to half of one pound; the ten-shilling note was the smallest denomination note issued by the Bank of England. The note was issued by the Bank of England for the first time in 1928 and continued to be printed until 1969; the note was removed in favour of the fifty pence coin. In the 18th and 19th centuries, banknotes were handwritten or part-printed and could be exchanged, in whole or in part, for an equivalent amount of gold when presented at the bank. During the First World War the British Government wanted to maintain its stocks of bullion and so banks were ordered to stop exchanging banknotes for gold. One pound and 10 shilling notes were introduced by the Treasury in lieu of gold sovereigns; 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, but the Bank of England was only obliged to exchange notes for gold in multiples of 400 ounces or more.
The responsibility for the printing of ten-shilling notes was transferred to the Bank of England in 1928, the right to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The first Bank of England ten-shilling notes were two-sided, printed banknotes featuring the declaration "I promise to pay the bearer on demand the sum of ten shillings" on the front; this declaration remains on Bank of England banknotes to this day. In 1940, during the Second World War, ten-shilling notes were issued in a new mauve and grey colour scheme in order to deter counterfeiters, although the design remained the same. At the same time, a metallic thread running through the paper was introduced as a security feature. After the war ten-shilling notes were issued in their original red colour; the earliest post-World War II notes did not have the metallic thread security feature, but those issued from October 1948 onward did. A new design for ten-shilling notes was introduced in 1961, with the old notes ceasing to be legal tender in 1962.
These new series C notes were longer and narrower, were the first ten-shilling notes to feature a portrait of Queen Elizabeth II on the front. The reverse design incorporated the logo of the Bank of England. In the late 1960s it was decided that future banknotes should feature a British historical figure on the reverse; the first such note was the series D £ 20 note, featuring William Shakespeare. A design for a ten-shilling note featuring Walter Raleigh on the reverse was approved in 1964 but was never issued. Instead, in 1969, as part of the process of decimalisation, a new fifty pence coin was introduced as a replacement for the ten-shilling note; the principal reason for the change was economy: the notes had an average lifetime of about five months whereas coins could last at least fifty years. The series C ten shilling notes ceased to be legal tender on 22 November 1970. In the Isle of Man, both the English and Manx Ten Shilling Notes continued to be legal tender for fifty new pence until 2013.
Information taken from Bank of England website. Bank of England note issues Bank of England website
Bank of England £50 note
The Bank of England £50 note is a banknote of the pound sterling. It is the highest denomination of banknote issued for public circulation by the Bank of England; the current cotton note, first issued in 2011, bears the image of Queen Elizabeth II on the obverse and the images of engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton on the reverse. £50 notes were introduced by the Bank of England for the first time in 1725. The earliest notes 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. 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 fifty 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, although this was replaced by the signature of the Chief Cashier from 1870 onwards; the ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The £50 note ceased to be produced by the Bank of England in 1943 and did not reappear until it was reintroduced in 1981; these D series notes were predominantly olive green on both sides, with an image of Queen Elizabeth II on the front and an image of architect Christopher Wren on the back. As a security feature, this note had a metallic thread running through it, upgraded to a "windowed" thread from July 1988 onward; the thread is woven into the paper such that it forms a dashed line, yet appears as a single line when held up to the light. The series D note was replaced by the series E, beginning in 1994; this reddish note replaced Christopher Wren with John Houblon, the first governor of the Bank of England, on the reverse.
As an additional security feature, these notes had a foil patch on the front. The E revision series didn't have a £50 note; the current £50 note was introduced in 2011. It features two portraits on the reverse: engineer and scientist James Watt and industrialist and entrepreneur Matthew Boulton, along with the Whitbread Engine and the Soho Manufactory, Birmingham; the note has a number of security features in addition to the metallic thread, including motion thread, raised print, a watermark, microlettering, a see-through register, a colourful pattern that only appears under ultraviolet light. The current note is the first Bank of England banknote to feature two people on the reverse, the first Bank of England note to feature the motion thread security feature; this is an image in a broken green thread. The Bank of England has issued new £5 and £10 notes in polymer form. In October 2018, the Bank of England announced that the £50 note would be retained, with a new Series G polymer note planned to replace the Series F note at some point after 2020.
The Bank of England has a committee to consider nominations for the face of the new notes via public consultation. Peter Sands, an advisor to the British Government and former Chief Executive of Standard Chartered, has raised concern with the Bank of England over high denomination notes and their role in tax evasion, he claimed that scrapping the £50, other high denomination notes such as the CHF 1000 and $100, would reduce financial crime. Information taken from Bank of England website. Bank of England note issues Bank of England website