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| 1961 School Extensions Magazine Index |

History of the Bank Note
John Ockenden, IIIA

The forerunner of the bank-note of today, was the 'promissory note.' This was a written promise to pay a certain person a certain sum of money, within a given time.

The first bank-notes were printed in June, 1695. Twelve thousand notes were printed, ranging in value from five pounds to one hundred pounds. These notes were of quite simple design, and so were quite easy to forge. A large number of these notes were unlawfully made, but two months later, they stopped.

A new type of note was then produced. It was of more complicated design, being printed on watermarked paper, with deckled edges. In spite of this, in 1817 more than thirty thousand faked notes were detected. The punishment for passing a faked note was, about this time, hanging. Despite this, people continued passing forged notes. But so many people were being hanged for this crime, that the Bank had to stop prosecuting the offenders until the death penalty was dropped.

The quality of the notes continued to be improved until, in 1914, a new type of note appeared. These were of an intricate design, with a picture of the Sovereign on them. These were improved until you got the notes with serial numbers, and a metal band through them.

In 1950, the Bank of England opened a huge concrete building at Debden in Essex, for printing these bank-notes. No stranger can get in, for all the workers are scrutinized and counted at turnstiles as they go in and come out. There are impregnable vaults of the most modern design, with doors two feet thick. All round the works is a high gallery in which security men can see what is going on, without being seen themselves.

Today, the bank uses only three types of notes, the ten shilling, pound, and five pound ones. Values once ran up to a one thousand pound note.

All notes are signed by the Chief Cashier of the Bank of England, who is, at the moment, L. K. O'Brien.

Today the Bank of England is allowed to print and issue more than fifteen hundred million pounds. The new design, developed last year, is even more trustworthy.


| 1961 School Extensions Magazine Index |
 
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