Sterling banknotes are the
banknotes in circulation in the British Islands (encompassing the United Kingdom
and the British Crown
dependencies), denominated in pounds
sterling (symbol: £;
ISO 4217 currency code
GBP). One pound is equivalent to 100
pence.
The pound is the official
currency of the
United Kingdom and the Crown dependencies of Britain. Three
British Overseas
Territories also have currencies called pounds which are at par
with the pound sterling.
In most
countries of the world the issue of banknotes is handled
exclusively by a single central bank or
government, but in the United Kingdom seven retail banks have the right to print their own
banknotes in addition to the Bank of England
; Sterling banknote issue is thus not automatically
tied in with one national identity or the activity of the
state. The arrangements in the UK are unusual but not
unique, as a comparable system is used in
Hong Kong, where three
banks issue their own banknotes in addition to the Hong Kong
government.
History
Until the
middle of the 19th century, privately
owned banks in Great Britain and Ireland
were free to issue their own banknotes and money
issued by provincial English, Welsh, Scottish and Irish banking
companies circulated freely as a means of payment.
As gold
shortages affected the supply of money, note-issuing powers of the
banks were gradually restricted by various Acts of Parliament, until the Bank Charter Act 1844 gave exclusive
note-issuing powers to the central Bank of England. Under the Act, no new banks could start
issuing notes and note-issuing banks gradually vanished through
mergers and closures. The last private English banknotes were
issued in 1921 by
Fox, Fowler
and Company, a Somerset bank.
However, some of the monopoly provisions of the Bank Charter Act
only applied to
England and
Wales.The Bank Notes (Scotland) Act was passed the following
year, and to this day, three
retail
banks retain the right to issue their own sterling banknotes in
Scotland, and four in Northern Ireland.Notes issued in excess of
the value of notes outstanding in 1844 (1845 in Scotland) must be
backed up by an equivalent value of Bank of England notes.
Following the
Partition of
Ireland, the
Irish Free State
created an
Irish pound in 1928; the new
currency was
pegged to sterling
until 1979. The issue of banknotes for the Irish pound fell under
the authority of the
Currency
Commission of Ireland, who set about replacing the private
banknotes with a single
Consolidated Banknote
Issue in 1928.
In 1928 a Westminster act of parliament
reduced the fiduciary limit for Irish banknotes circulating in
Northern
Ireland
to take account of the reduced size of the
territory concerned.
Key dates
The following events and acts of parliament affected the course of
banknote history in Great Britain and Ireland:
| Year |
Event |
Countries |
Impact |
| 1694 |
Bank of England Act
1694 |
England & Wales |
Incorporation of the Bank of England |
| 1695 |
An Act creating the Governor and Company of the Bank of
Scotland |
Scotland |
Creation of the Bank of Scotland, principally as a trading
bank |
| 1707 |
Acts of Union 1707 |
England & Wales
Scotland |
English and Scottish parliaments merged into the Parliament of Great Britain |
| 17081709 |
Bank of
England Act 1708
Bank of England
Act 1709 |
England & Wales |
Prohibition of companies or partnerships of more than six
people to set up banks and issue notes, preventing smaller banks
from printing their own money |
| 1727 |
Chartering of the Royal Bank of Scotland |
Scotland |
Broke the monopoly of the Bank of Scotland, initiated the
banking war when the Royal Bank attempted to drive the Bank of
Scotland out of business by stockpiling and then presenting its
notes for payment. |
| 1800 |
Act of Union 1800 |
Great Britain & Ireland |
British and Irish parliaments merged into the
Parliament of Great Britain and Ireland |
| 1826 |
Country Bankers Act
1826 |
England & Wales |
Allowed joint stock banks with more
than six partners which were at least 65 miles away from London to
print their own money. Bank of England allowed to open branches in
major English provincial cities, enabling wider distribution of its
notes. |
| 1826 |
Bank Notes Act
1826
Bankers Act 1826 |
England & Wales
Scotland |
Prohibition of circulation of notes under £5 in England.
Attempts to apply this law in Scotland fail after a protest by Sir
Walter Scott, and the Scottish £1 note
is saved. |
| 1833 |
Bank Notes Act 1833 |
England & Wales |
Gave Bank of England notes official status as "legal tender"
for all sums above £5 in England and Wales to guarantee public
confidence in the notes even in the event of a gold shortage. |
| 1844 |
Bank Charter Act 1844 |
UK |
Took away the note-issuing rights of any new banks; existing
note-issuing banks barred from expanding their issue. Began process
of giving Bank of England monopoly over banknote issue in England
and Wales. |
| 1845 |
Bank Notes Act
1845 |
Scotland |
Regulated issue of notes in Scotland; most Scottish banknotes
had to be backed up by Bank of England money |
| 1908 |
Bank closure |
Wales |
The last private note issuer in Wales, the North and South Wales Bank, loses
its note-issuing rights under the 1844 act after it is acquired by
Midland Bank. |
| 1914 |
Currency and Bank
Notes Act 1914 |
UK |
HM
Treasury given
temporary wartime powers for issuing banknotes to the value of £1
and 10/- (ten shillings) in the UK (ended 1928) |
| 1921 |
Bank closure |
England |
The last private note issuer in England, Fox, Fowler and Company of Somerset,
loses its note-issuing rights under the 1844 act after it is
acquired by Lloyds Bank. |
| 1928 |
Irish pound established |
Ireland |
Following Partition of
Ireland, Irish pound is established as a separate currency (but
at parity with sterling until 1979); Northern Ireland remains
within sterling |
| 1954 |
Currency and Bank
Notes Act 1954 |
UK |
Extended the Bank Notes Act 1833 to make Bank of England notes
under £5 in value legal tender; act also applied to Scotland,
making English 10/- and £1 legal tender for the first time. Bank of
England withdrew low-denomination notes in 1969 and 1988, removing
legal tender from Scotland. |
| 2008 |
Banking Act 2009 |
UK |
As a consequence of the Financial Crisis of 2007-08, this
proposed Bill will alter the right of banks in Scotland and
Northern Ireland to issue their own notes, and consequential
provisions related to the powers of the Bank of England. |
Everyday use and acceptance
Because of the wide variety of sterling notes in circulation,
acceptance of different pound sterling banknotes varies. Their
acceptance may depend on the experience and understanding of
individual retailers, and it is important to understand the idea of
"legal tender", which is often misunderstood (see
section below). In summary,
the various banknotes are used as follows:
- English banknotes (Bank of England)
- The majority of sterling notes are printed by the Bank of
England. These are legal tender in
England and Wales and generally accepted throughout the UK, Isle of
Man, and Channel Islands. However since 2005, cash machines in
Jersey generally no longer dispense English notes. Bank of England
notes are also accepted in the Overseas Territories which are at
parity with sterling. In Gibraltar, there are examples of pairs of
automatic cash dispensers placed together, one stocked with English
notes, the other with local ones. The English notes have the most
advanced security features ; security features are not standardized
across Britain.
- Scottish banknotes
- These are recognised currency in Scotland, and although they
are not legal tender they are always
accepted by traders in Scotland, and often in other parts of the
United Kingdom. However, some people outside Scotland are
unfamiliar with the notes and they are sometimes refused.
Institutions such as clearing banks,
building societies and the
Post Office will readily accept Scottish
bank notes. Branches of the Scottish note-issuing banks situated in
England dispense Bank of England notes and may not dispense their
own notes from those branches. Modern Scottish banknotes are
denominated in pounds sterling, and are exactly the same value as
Bank of England notes; they should not be confused with the former
Pound Scots, a separate currency which
was abolished in 1707.
- Northern Ireland banknotes
- Banknotes issued by Northern Ireland banks have the same legal
status as Scottish banknotes in that they are promissory notes
issued in pounds sterling and may be used for cash transactions
anywhere in the United Kingdom. However, they are rarely seen
outside Northern Ireland and are often not accepted in England and
Wales without some explanation. As with Scottish notes, clearing
banks and building societies will accept them. Northern Ireland
sterling banknotes should not be confused with the Irish pound (or Punt), a separate currency which
was replaced in the Republic of Ireland
by the Euro in 1999.
- Banknotes from the Crown dependencies
- The Bailiwicks of Jersey and Guernsey,
and the Isle of Man are possessions of the Crown but are outside
the UK; they are in currency union
with the United Kingdom and issue sterling banknotes in local
designs, but these notes cannot generally be used in the UK (Jersey
and Guernsey pounds are freely interchangeable within the Channel
Islands, however).
- British Overseas Territories
- There are fourteen British Overseas Territories which all issue
their own currencies which are distinct under ISO 4217; Gibraltar, Saint Helena and the Falkland
Islands have their own pounds which are at par with Sterling. These
notes cannot be used in the UK or outside the territories of
origin. Falkland Island Pounds are also commonly
used in South Georgia and the South Sandwich
Islands
(insofar as banknotes circulate in those largely
uninhabited territories) and St Helena pounds can also be used on
Ascension
Island
.
The question of legal tender
The concept of "
legal tender" is a
narrow technical definition that refers to the settlement of debt,
and it has little practical meaning in everyday transactions such
as buying goods in shops (but does apply, for example, to the
settling of a restaurant bill, where the food has been eaten prior
to demand for payment and so a debt exists). Essentially, any two
parties can agree to any item of value as a medium for exchange
when making a purchase (in that sense, all money is ultimately an
extended form of barter). If a debt exists that is legally
enforceable and the debtor party offers to pay with some item that
is not "legal tender," the creditor may refuse such payment and
declare that the debtor is in default of payment; if the debtor
offers payment in legal tender, the creditor is required to accept
it or else the creditor is in breach of contract. Thus, if in
England party A owes party B 1,000 pounds sterling and offers to
pay in Northern Ireland banknotes, party B may refuse and sue party
A for nonpayments; if party A provides Bank of England notes, party
B must acknowledge the debt as legally paid even if party B would
prefer some other form of payment.
Banknotes do not have to be classed as legal tender to be
acceptable for trade; millions of retail transactions are carried
out in the UK using cheques, or debit or credit cards, none of
which is a payment using legal tender. Equally, traders may choose
to accept payment in foreign currency, such as Euro or US dollar.
Acceptability as a means of payment is essentially a matter for
agreement between the parties involved.
Millions of pounds' worth of sterling banknotes in circulation are
not legal tender, but that does not mean that they are illegal or
of lesser value; their status is of "legal currency" (that is to
say that their issue is approved by the parliament of the UK) and
they are backed up by Bank of England securities.
Bank of England notes are the only banknotes that are legal tender
in England and Wales. Scottish and Northern Ireland banknotes are
not legal tender anywhere, and Jersey, Guernsey and Manx banknotes
are only legal tender in their respective jurisdictions. The fact
that these banknotes are not legal tender in the UK does not
however mean that they are
illegal under English law, and
creditors and traders may accept them if they so choose. Traders
may, on the other hand, choose not to accept banknotes as payment
as contract law across the United Kingdom allows parties not to
engage in a transaction at the point of payment if they choose not
to.
In Scotland and Northern Ireland no banknotes, not even ones issued
in those countries, are legal tender. Scottish and Northern Irish
notes are '
promissory notes'
(defined as
legal currency),
essentially cheques made out from the bank to 'the bearer', as the
wording on each note says. They have a similar legal standing to
cheques or debit cards, in that their acceptability as a means of
payment is essentially a matter for agreement between the parties
involved, although
Scots law requires any
reasonable offer for settlement of a debt to be accepted.
Until 1988, the Bank of England issued one pound notes, and these
notes did have legal tender status in Scotland and Northern Ireland
while they existed. The
Currency and Bank Notes Act
1954 defined Bank of England notes of less than £5 in value as
legal tender in Scotland. Since the English £1 note was removed
from circulation in 1988, this leaves a legal curiosity in
Scots law whereby there is no paper legal tender
in Scotland. The UK Treasury has proposed extending legal tender
status to Scottish banknotes. The proposal has been opposed by
Scottish nationalists who
claim it would reduce the independence of the Scottish banking
sector.
Most of the notes issued by the note-issuing banks in Scotland and
Northern Ireland have to be backed by Bank of England notes held by
the issuing bank. The combined size of these banknote issues is
well over a billion pounds. To make it possible for the
note-issuing banks to hold equivalent values in Bank of England
notes, the Bank of England issues special notes with denominations
of one million pounds ("Giants") and one hundred million pounds
("Titans") for internal use by the other banks.
Bank notes are no longer redeemable in gold and the Bank of England
will only redeem sterling banknotes for more sterling banknotes or
coins. The contemporary sterling is a
fiat
currency which is backed only by securities; in essence IOUs
from the Treasury that represent future income from the taxation of
the population. Some economists term this 'currency by trust' as
sterling relies on the faith of the user rather than any physical
specie.
Issuing banks and authorities
The following table lays out the various banks or authorities which
are authorised to print pound sterling banknotes, organised by
territory:
England and Wales
Bank of England notes
A Series E (revised) £10 Bank of England note.
A Series E (revised) £20 Bank of England note.
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.
The bank issued its first banknotes in 1694, although before 1745
they were written for irregular amounts, rather than predefined
multiples of a pound. It tended to be times of war, which put
inflationary pressure on the British economy, that led to greater
note issue. In 1759, during the
Seven
Years' War, when the lowest-value note issued by the Bank was
£20, a £10 note was issued for the first time. In 1793, during the
war with revolutionary
France, the Bank issued the first £5 note. Four years later, £1
and £2 notes appeared, although not on a permanent basis. Notes did
not become entirely machine-printed and payable to the bearer until
1855.
At the start of the
First World War,
the government issued £1 and 10-shilling Treasury notes to supplant
the
sovereign and
half-sovereign gold coins. The first coloured
banknotes were issued in 1928, and were also the first notes to be
printed on both sides. The
Second World
War saw a reversal in the trend of warfare creating more notes
when, in order to
combat forgery,
higher denomination notes (at the time as high as £1,000) were
removed from circulation.
All Bank of England notes issued since Series C in 1960 depict
Queen Elizabeth
II on the obverse side, in full view facing left; her image
also appears as a hidden
watermark, facing
right; recent issues have the
EURion constellation around.
The custom of depicting historical figures on the reverse began
with
William Shakespeare in
Series D in 1970. Since then, many other figures have featured on
successive issues.
Current issue
As of June 2009 the Bank of England banknotes in circulation are
mixed series. Most notes are of the revised Series E, although the
Houblon £50 note, which is part of the original Series E, remains
in circulation. On 13 March 2007, Bank of England issued a new 20
pound note depicting
Adam Smith. This is
the first note from the new Series F and it is gradually replacing
the Series E Elgar note.
The notes presently in circulation are as follows:
Series F
The launch of the new Series F banknotes was announced on 29
October 2006 by the Governor of the Bank of England. The first of
these new notes, a £20 note, drew some commentary because it
features the Scottish economist,
Adam
Smith, the first Scot to appear on an English note. Smith also
features on £50 notes issued by the
Clydesdale Bank. Previous issues of Bank of
England £20 notes were known to have suffered from higher cases of
counterfeiting (276,000 out of 290,000 cases detected in 2007) than
any other denominations. The note, which also includes enhanced
security features entered circulation on 13 March 2007.
The current £50 note will be replaced in late 2010 by the first
Bank of England banknote to feature two Britons; James Watt and
Matthew Boulton.
As of 2005, the notes are signed by the Chief Cashier,
Andrew Bailey.
Previous issues
The Bank of England Series D one pound note was discontinued in
1984, having been replaced by a
pound coin the year before, and was
officially withdrawn from circulation in 1988. Nonetheless, all
banknotes, regardless of when they were withdrawn from circulation
may be presented at the Bank of England where they will be
exchanged for current banknotes. Other banks may also decide to
exchange old banknotes, but they are not under an obligation to do
so.
High-value notes
Higher-value notes are used within the banks – particularly the £1
million and £100 million notes used to maintain parity with
Scottish and Northern Irish notes. Banknotes issued by Scottish and
Northern Irish banks have to be backed by Bank of England notes
(other than a small amount representing the currency in circulation
in 1845), and special million pound notes are used for this
purpose. These resemble simple IOUs and bear no aesthetic design
features.
Wales
There are no Welsh banknotes in circulation; Bank of England notes
are used throughout Wales. The last Welsh banknotes were withdrawn
in 1908 upon the closure of the last Welsh bank, the
North and South Wales Bank. An
attempt was made in 1969 by a Welsh banker to revive
Welsh
banknotes, but the venture was short-lived and the notes did
not enter general circulation, surviving today only as a
collectors' curiosity.
Scotland and Northern Ireland
Scottish and Northern Irish banknotes are unusual, firstly because
they are issued by
retail banks, not
central banks, and secondly, as they
are not
legal tender anywhere in the UK
– not even in Scotland or Northern Ireland – they are in fact
promissory notes.
Indeed,
no banknotes (even Bank of England notes) are now legal
tender in Scotland or Northern Ireland.
Seven retail banks have the authority of Parliament to issue
sterling banknotes as currency. Despite this, the notes are
sometimes refused in England and Wales, and are not always accepted
by banks and exchange bureaus outside of the United Kingdom. This
is particularly true in the case of the
Royal Bank of Scotland £1 note, which
is the only £1 note to remain in circulation within the UK.
In 2000,
the European
Central Bank
indicated that, should the United Kingdom join the
euro, Scottish banks (and, by extension,
Northern Ireland banks) would have to cease banknote issue.
During the
Financial crisis of
2007–2008, the future of private banknotes in the United
Kingdom was uncertain. It has been suggested that the
Banking Act 2009 would restrict the issue
of banknotes by commercial banks in Scotland and Northern Ireland
by removing many of the provisions of the Acts quoted above. Banks
would be forced to lodge sterling funds with the Bank of England to
cover private note issue for a full week, rather than over a
weekend, thereby losing four days' interest and making banknote
production financially unviable. Following negotiations among the
UK Treasury, the Bank of England and the Scottish banks, it was
agreed that the funds would earn interest, allowing them to
continue to issue their own notes.
Scotland
The issuing of retail-bank banknotes in Scotland is subject to the
Bank Charter Act 1844,
Bank Notes Act 1845,
the
Currency and Bank
Notes Act 1928, and the
Coinage Act
1971. Pursuant to some of these statutes, the
Commissioners for Revenue
and Customs publishes an account of "the Amount of Notes
authorised by Law to be issued by the several Banks of Issue in
Scotland, and the Average Amount of Notes in Circulation, and of
Bank of England Notes and Coin held" in the
London Gazette. See for example Gazette Issue
58254 published 21 February 2007 at page 2544.
Bank of Scotland notes
A £50 Bank of Scotland
Tercentenary series note.
As of late 2007, the
Tercentenary Series, introduced at
the time of the
Bank of Scotland's
300th anniversary in 1995, remains in circulation, but will be
withdrawn as their physical condition deteriorates and will be
replaced by the new
Bridges of Scotland series:
All the notes also depict Sir
Walter
Scott who was instrumental in retaining the right of Scottish
banks to issue their own notes in 1826.
A Bank of Scotland £20 note of the new
2007 issue
As of 17 September 2007, the Bank of Scotland introduced its new
Bridges of Scotland notes, on
which appear famous Scottish
bridges:
Again all the notes also depict Sir
Walter
Scott on the front.
Following the announcement that
HBOS (Bank of
Scotland's parent company) would be taken over by
Lloyds TSB in September 2008, it was confirmed
that the new banking company would continue to print bank notes
under the Bank of Scotland name. According to the 1845 Bank Notes
(Scotland) Act, the bank could have lost its note-issuing rights,
but by retaining headquarters within Scotland, banknote issue will
continue. Currently
Lloyds TSB branches
dispense Clydesdale bank notes and there will need to be
negotiations to release
Lloyds
Banking Group from its contract with Clydesdale bank.
Royal Bank of Scotland notes
A £100 Royal Bank of Scotland note.
The current series of Royal Bank of Scotland notes was originally
issued in 1987. On the front of each note is a picture of
Lord Ilay
(1682–1761), the first
governor of the
bank. On the back of the notes are images of Scottish castles, with
a different castle for each denomination:
Occasionally the
Royal Bank of
Scotland issues commemorative banknotes.
Examples include the
£1 note issued to mark the 150th Anniversary of the birth of
Alexander Graham Bell in 1997,
the £20 note for the 100th birthday of Queen Elizabeth, the Queen Mother in
2000, and the £5 note honouring veteran golfer Jack Nicklaus in his last competitive Open Championship at St
Andrews
in 2005. These notes are much sought-after
by collectors and they rarely remain long in circulation.
In addition to this, many people will collect a "lucky" £1 note, as
they become increasingly rare (shops preferring to give change in
£1 coins when they are available).
Clydesdale Bank notes
A £20 Clydesdale Bank note.
In early 2009 Clydesdale Bank announced a new series of banknotes
would be introduced later in the year. The obverse designs will
feature famous Scots while the reverse designs will feature
Scotland's UNESCO World Heritage Sites.
The
Clydesdale Bank also
occasionally issues special edition banknotes, such as a 10 pound
note celebrating the bank's sponsorship of the Scotland team at the
2006 Commonwealth
Games.
Northern Ireland
Currently, four Northern Irish
banks practise their right to issue pound sterling
notes in Northern
Ireland, with different series of denominations.
Bank of Ireland issues notes from £5
to £100.
First Trust Bank issues
notes from £10 to £100,
Northern Bank
issues notes from £5 to £100, and
Ulster
Bank issues notes from £5 to £50.
Northern Bank and Ulster Bank are the only two banks that have
issued commemorative notes so far. The only
polymer banknote in the UK was issued by
Northern Bank commemorating the new millennium. It is the only one
of the bank's pre-2004 notes still in circulation after the recall
of all others following the
£26.5
million pound robbery at its Belfast headquarters in
2004.
Channel Islands
The
Channel Islands are grouped for administrative purposes into the
Bailiwicks of Jersey
and Guernsey
. The islands are not part of the United
Kingdom but are dependencies of the British Crown and in currency
union with the UK. Both Jersey and Guernsey issue their own
banknotes. These notes circulate freely between the two
territories, so Jersey notes are commonly used in Guernsey, and
vice versa. Private banknotes are no longer in circulation in the
Channel Islands.
The
Government of Alderney
(a part of the Bailiwick of Guernsey) is also
licensed to issue its own currency, the Alderney pound, but only mints special
commemorative sterling coins and does not issue
banknotes.
States of Jersey notes
The obverse of a Jersey £20 note.
The reverse of a Jersey £20 note.
The current notes depict Queen Elizabeth II on the front and
various landmarks of Jersey or incidents in
Jersey history on the reverse. The
watermark is a
Jersey cow
- 1
pound note, green, St.
Helier
Parish Church (In 2004, a special edition £1 note
is in general circulation alongside the St. Helier Parish Church
note; this commemorative note marks the 800th anniversary of the division of the Duchy of Normandy in 1204 and the design
consequently includes Mont Orgueil
Castle and other historic symbols)
- 5
pound note, purple, La Corbière
, lighthouse
- 10 pound note, red, The Death of
Major Pierson, Battle of Jersey,
1781
- 20 pound note, blue, Saint Ouen's
manor, Jersey
- 50 pound note, grey, Government
House
States of Guernsey notes
The
Guernsey Pound is legal tender only in
Guernsey, but also circulates freely in Jersey.
Elsewhere it can be exchanged in banks and
bureaux de change. In addition to coins,
the following
banknotes are used:
- 1
pound note, green, Daniel De Lisle
Brock, Bailiff of
Guernsey (1762 - 1842) and Royal
Court, St Peter
Port
(1840) on front and the Market, St Peter Port on
back
- 5
pound note, pink, Queen Elizabeth II and
the Town Church, St Peter Port on front, and Fort Grey
and Hanois
Lighthouse (1862) on the back
- 10 pound note, blue/orange, Queen Elizabeth II and Elizabeth College, St Peter Port
on the front and Saumarez Park,
Les Niaux Watermill, Le Trepid Dolmen on the back
- 20 pound note, pink, Queen Elizabeth II and St James Concert Hall, St Peter Port
on the front and Vale Castle and
St Sampson's Church on the
back
- 50 pound note, light brown, Queen Elizabeth II and the Royal
Court House on the front and St Andrew’s Church and La Gran’mère on
the back
Isle of Man
The Isle of Man Government issues its own banknotes and coinage,
which are
legal tender only on the Isle
of Man. Manx pounds are a local issue of the pound sterling.
The front of all Manx banknotes feature images of
Queen Elizabeth II (not
wearing a crown) and the
Triskeles (three
legs emblem). Each denomination features a different scene of the
Island on its reverse side:
British overseas territories
Three
British overseas
territories use their own separate currencies called pounds
which are
at par with the pound sterling. The
governments of these territories print their own banknotes which in
general may only be used within their territory of origin. Bank of
England notes usually circulate alongside the local note issues and
are accepted as legal currency.
Gibraltar
A Gibraltar £5 note
In Gibraltar, banknotes are issued by the Government of Gibraltar.
The pound was made sole legal tender in 1898 and Gibraltar has
issued its own banknotes since 1934. The notes bear an image of the
British monarch on the obverse and the wording "pounds sterling",
meaning that more retailers in the UK will accept them.
Falkland Islands
The
Falkland Islands pound is the currency of the Falkland
Islands
. Banknotes are issued by the Falkland
Islands Government. The illustrations on all notes are the same,
featuring the British monarch, wildlife and local scenes;
denominations are distinguished by the size and colour of the
notes.
Saint Helena
The
territory of Saint Helena, which
includes the dependencies of Ascension Island and Tristan da Cunha
, uses the Saint Helena pound. Banknotes in
these areas are issued by the Saint Helena Government and bear the
image of the British monarch.
The monarch on banknotes
Queen Elizabeth II was not the first
British monarch to have her face on UK
banknotes. George
II, George III
and George IV
appeared on early Royal Bank of
Scotland notes and George V appeared on 10
shilling and 1 pound notes issued by the
British Treasury between 1914 and 1928. However, prior to the
issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the
monarch. Today, notes issued by Scottish and Irish banks do
not depict the monarch.
The monarch is depicted on banknotes issued by the
Crown dependencies.
Some
British overseas
territories have their own Sterling-based currencies, and some
of these issue banknotes bearing the monarch; for example the
Falkland pound, the
Gibraltar pound, and the
Saint Helena pound.
See also
Commonwealth
States within the
British
Commonwealth issue their own banknotes which are separate
currencies:
References
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