Early 20 th Century – 10 Shilling Noteĭuring the First World War, the link between notes and gold was broken. In 1853, the first fully printed banknotes were introduced, meaning hand-written denominations on notes were phased out. The £5 note followed in 1793 at the start of the war against Revolutionary France and by 1797 the £1 and £2 notes were issued. Notes were printed with the pound sign and the first digit included, but any following digits were then added by hand!īy 1745, notes were issued in denominations ranging from £20 to £1,000 but it wasn’t until 1759, as a result of gold shortages caused by the seven years of war, that a £10 note was issued. The issuing of fixed denomination notes first started in the 18th century. These were the first recorded bank notes to feature a cashier’s signature! 18 th Century – Fixed Denominations
When the Bank of England was established in 1694 to raise money for King William III’s war effort, they issued notes in exchange for deposits. This similar phrase still appears on British banknotes today: “I promise to pay the bearer on demand the sum of…” 1694 – Bank of England They were made out in the name of the depositor and also carried the words, ‘or bearer’, after the name of the depositor. In the 16 th century, the goldsmith-bankers would issue receipts for cash, known as ‘running cash notes’.
The first recorded use of ‘paper’ money was in China back in the seventh century! However, it was until over a thousand years later that paper money made its way to Europe.
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