1865) A 10 Pounds Sterling Banknote issued by the Bank of England (BOE) in 1964, which was part of the first Banknote Series (Series "C") of BOE to feature Queen Elizabeth II's image:
The background prior to the issue of Series "C" Banknotes by the Bank of England (BOE):
Sterling banknotes are the banknotes in circulation in the United Kingdom and its related territories, denominated in pounds sterling and are the official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. Three British Overseas Territories also have currencies called pounds which are at par with the pound sterling.
The Bank of England has a monopoly of banknote issuance in England and Wales but, for historic reasons, three banks in Scotland and four banks in Northern Ireland are permitted to issue their own currency – but the law requires that the issuing banks hold a sum of Bank of England banknotes (or gold) equivalent to the total value of notes issued.
Versions of the pound sterling issued by British Crown Dependencies (BCDs) and other areas are regulated by their local governments and not by the Bank of England.
The Bank of England was allowed to use the Queen's portrait in 1956, when the UK Treasury gave permission to the Bank of England to use the Queen’s portrait in a new series of notes.
Interestingly, 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. Presently, Banknotes issued by Scottish and Northern Irish banks do not depict the monarch.
The wide variety of sterling notes in circulation means that 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 concept of "legal tender", which is often misunderstood by users.
The present day status of various Banknotes issued by Banks in the UK:
1) Bank of England Banknotes:
Most Sterling Banknotes are issued by the Bank of England. These are legal tender in England and Wales, and are always accepted by traders throughout the UK. Bank of England notes are generally 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 Bank of England notes, and the other with local ones.
2) Scottish Banknotes:
These are the recognised currency in Scotland, although they are not legal tender. They are always accepted by traders in Scotland, and are usually accepted in other parts of the United Kingdom. However, some 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 are not permitted to dispense their own notes from those branches.
Modern Scottish banknotes are denominated in Pounds Sterling, and have exactly the same value as Bank of England Banknotes.
3) Northern Irish Banknotes:
Banknotes issued by Northern Irish 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 of Northern Ireland.
Bank of England Banknotes "C" Series:
For the 1960s the Bank of England introduced a new series of banknotes.
Making forgery difficult was their biggest concern. They thought that a portrait of someone well-known would make forgery more difficult. People would spot something wrong with a familiar picture.
The Queen first appeared on a Bank of England Banknote, with the first Bank of England note to feature the Queen’s portrait being the £1 note issued in 1960. It was followed by a ten Shillings Banknote in 1961.
Both Banknotes used the same portrait by Banknote Designer Robert Austin. The Queen was depicted as wearing the Diamond Diadem, notable for featuring on many other banknotes and stamps. It was a formal, regal image, and was criticised for being a severe and unrealistic likeness.
in 1946, the UK Government had nationalised the Bank of England. Therefore, its directors had no objections to the portrait being of the Queen.
The Bank did not replace all its existing banknotes at once. It introduced a new £1 note in 1960 and a new 10 shilling note in 1961.
The £5 and £10 notes came in 1963 and 1964 respectively. The £1 and 10 shilling notes were not liked by the public and the Bank chose a different designer for the £5 and £10.
"Series C" £5 and £10 Banknotes:
A new £5 was issued in 1963 and a new £10 in 1964. Both featured a new portrait by Reynolds Stone.
This new portrait had a better reception than Austin’s version. People thought the portrait was more realistic and her gaze was more relaxed.
The new notes made life easier for people because they needed to carry fewer notes. It also made life easier for the bankers as they needed to print fewer notes for the same value of money.
An unissued 50p note 1967:
In the late 1960s, the Bank of England proposed a new 10 shilling note as the first in a new series. The portrait showed the Queen wearing the hat and robes of the Order of the Garter.
It soon became clear that the British currency would change from pounds, shillings and pence to the decimal system of 100 pennies in the pound. So designers changed the denomination to its equivalent decimal value, 50 pence.
Instead, a 50p coin was created as part of the new system of decimal coinage. Ten shilling notes were withdrawn in 1970, and the 50p note was never issued.
The Series "C" Ten Pound Sterling Banknote (1964):
Links: Postage Stamps from the British Isles:
"Tales of the Earth Coin Series": The Second Dinosaurs Collector Coin Series:
Myths & Legends Coin Series:
3) Hylaeosaurus, United Kingdom: Third and final Coin in a three Coin 50 Pence Coin Series titled "Tales of the Earth - Dinosauria", brought out by the Royal Mint, UK in five variants - Gold, Silver (x 2 coins) and Cupro-nickel (x 2 Coins): Date of coin issue: 01.06.2020
Links to some other interesting posts from the British Isles and British Overseas Territories/Dependencies:
Links: Crypto-Currency Stamps & Coin Posts:
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