Posts Tagged ‘bank of england’
The Evolution of UK Banknotes: From Paper to Precision
The history of banknotes in the United Kingdom is a fascinating journey of innovation, security, and tradition. From the earliest issues to the forthcoming King Charles III banknotes, each phase reflects the technological and cultural shifts of its time.
A Brief History of UK Banknotes
The Bank of England began issuing banknotes shortly after its establishment in 1694. Initially, these notes were handwritten, a far cry from the highly sophisticated currency we use today. By the mid-18th century, partially printed notes were introduced, with the denomination and other details filled in by hand.
Source: Bank of England website
https://www.bankofengland.co.uk/museum/online-collections/blog/our-earliest-bank-of-england-note
The 19th century brought significant changes with fully printed notes and the introduction of standardized designs to prevent forgery. A pivotal moment in the history of UK banknotes came in 1960 when Queen Elizabeth II became the first monarch to be featured on the Bank of England notes. Her portrait on the £1 note marked the beginning of a tradition of depicting reigning monarchs on the nation’s currency, providing a sense of continuity and national identity.
Security Features: From Simplicity to Sophistication
As technology advanced, so did the sophistication of banknote security features. Early notes relied heavily on the quality of the paper and intricate designs to deter counterfeiters. However, as counterfeiting techniques improved, so too did the security measures.
Modern UK banknotes are a marvel of technology and design. Click on the dots below to explore the key security features:
Introducing the King Charles III Banknotes
In a historic move, the Bank of England is set to release the new King Charles III banknotes on June 5th, 2024. This marks the first time in over 70 years that a new monarch’s portrait will grace the currency, following the reign of Queen Elizabeth II.
The King Charles III banknotes will continue to feature the same high-security features of their predecessors and the new banknotes will initially be available in £5, £10, £20, and £50 denominations. They will circulate alongside the existing Queen Elizabeth II notes, gradually phasing out the older series as they wear out.
Introducing the DateStamp™ Set: Connecting the Past and Present
To commemorate this historic transition, we are excited to introduce an exclusive DateStamp™ set that brings together the past and the present of UK currency. This unique collection features the Queen Elizabeth II £5 and £10 banknotes alongside the brand new King Charles III £5 and £10 banknotes, each postmarked on the official issue date, 5th June, 2024.
You can now be one of just 2,024 collectors to own this special set.
Click here now to pre-order yours before the official release >>
Was this the most famous Banknote ever issued?
First issued by the Bank of England in 1694, Banknotes were originally supposed to be used as a receipt in exchange for gold loans to the bank. Owners of Banknotes could literally take their note to the Bank of England and exchange it for the equivalent price in gold.
In fact, all British notes still have the statement “I promise to pay the bearer on demand the sum of…” to this day.
Britain stopped using the gold standard in 1931, meaning that the right to redeem Banknotes for gold ceased. And by 1945, a metal thread had to be introduced on the £5 note following a security threat from Nazi Germany.
In this blog, we’ll explore the history of the ‘White Fiver’, why an estimated 70,000,000 of these ‘notes’ were burned and the story of one of wartime’s most over-the-top secret plots…
The Story Behind The ‘White Fiver’
The £5 note was only ever intended as a temporary measure, William Pitt, the Prime Minister at the time originally planned to take the £5 out of circulation once economic conditions improved. However, the £5 note has since become the longest serving denomination and at one point was even the highest denomination Bank of England note.
Active between 1793 and 1945, the Bank of England’s White Paper £5 note was the second variant of the denomination and became known as the ‘White Fiver‘. Much bigger than today’s equivalent (which stands at 135 x 70mm), the original paper notes were a huge 195 x 120mm.
But production of these notes was halted during World War II and a new metal thread security feature was introduced to combat counterfeiting attempts from Nazi Germany.
Operation Bernhard
The largest counterfeiting operation in history, Operation Bernhard was the codename of a secret Nazi plot to destabilise the British economy. The Nazis planned to drop counterfeit notes throughout Europe to cause artificial inflation of the British pound.
In 1942, production of counterfeit British ‘White Fivers’ began behind the gates of Sachsenhausen concentration camp. Prisoners worked to perfect the process, revealing over 150 secret security marks, creating identical ink, solving the serial numbering system and printing the notes. By 1945 it is estimated that 70,000,000 notes were printed by inmates – a cache of upwards of £100,000,000.
The plot never came to fruition and at the end of the war Nazis burned huge amounts of British “currency”. But the Bank of England didn’t take any chances and withdrew all circulating notes.
Unsurprisingly Operation Bernhard, as it was known, is remembered as one of wartime’s most over-the-top secret plots.
And that’s why, over 60 years since it was legal tender, the ‘White Fiver’ remains the most famous banknote ever issued…
Your Limited Edition Collecting Opportunity
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Just 9,950 of these White Fiver Gold-plated Ingots have been issued for collectors worldwide, a tiny number given the important part the White Fiver has played in British history.
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Introductory Offer
The White Fiver is an Introductory Offer for the History of Banknotes Ingot Collection. Each month, you’ll receive two Gold-plated Banknote Ingots for £25.00 (+p&p). Next month, you’ll also receive your FREE Presentation Case to house your collection. You can cancel your subscription at anytime. Click here to secure yours >>
The secrets hidden in Britain’s most secure banknote yet
Whether you love them or hate them, it’s fair to say that when the Bank of England issued the very first polymer banknotes, UK currency was revolutionised. As well as refreshing the designs of the notes, these polymer versions were considered a cleaner, safer and stronger alternative.
In 2016 it was the £5 that received the first makeover, and Winston Churchill was selected to feature on the note. Jane Austen soon followed on the £10 note and now, as chosen by the British public, renowned artist JMW Turner graces the new £20 polymer note.
But it’s not only the design that makes this note special. You see, the Bank of England have described this note as the most secure banknote yet. So, I’m of course curious to see what special security features have been worked into the design of our newest banknote…
Britain’s most secure banknote
Before the revolutionary polymer £20 came along, there were over 2 billion £20 paper notes in circulation. The sheer volume of them made the £20 note Britain’s most used, and consequently most forged, banknote.
So it’s understandable that the need to make it difficult to counterfeit was at the forefront of the designer’s mind! The result? A whole host of special features that make it harder to forge and stand out from other notes in circulation.
Let’s take a closer look at some of the security features incorporated into the design:
- Transparent windows – the foil in the large see-through window is blue and gold on the front, and silver on the back. Plus, there’s a second, smaller window in the bottom corner.
- Changing holograms – the hologram beneath the large clear pane will alternate between reading ‘Twenty’ and ‘Pounds’ depending on what way you tilt the note.
- The Queen’s portrait in the transparent window – the Queen’s portrait is printed on the window with ‘£20 Bank of England’ printed twice around the edge.
- Foil patches – a silver foil patch contains a 3D image of the coronation crown. There is a second purple foil patch which contains the letter ‘T’.
- Ultra-violet technology – under UV light, the number ’20’ appears in bright red and green on the front of the note, against a duller background.
- Raised dots – you’ll find three clusters of raised dots in the top left hand corner. This tactile feature helps blind and partially sighted people identify the value of the note.
JMW Turner design
When choosing the design for the £20 note, the Bank of England were spoilt for choice. They received over 29,000 nominations submitted by the general public. And the choice to select JMW Turner makes him the first British artist to ever feature on a UK banknote.
The note itself features Turner’s 1799 self-portrait, which is currently housed in the Tate Modern in London. And behind this you’ll notice one of his most recognisable works – The Fighting Temeraire. This famous painting is a tribute to the ship that played a pivotal role in in Nelson’s victory at the Battle of Trafalgar in 1805.
The final nod to Turner in the design comes from the quote “light is therefore colour”, alongside the signature taken from his will. The quote is taken from a lecture Turner gave in 1818 and is a reference to his innovative use of light, shade, colour and tone.
What do you think about the new £20 Polymer note? Let us know in the comments!
If you’re interested…
If you’re looking for a way to own this significant, revolutionary piece of British currency, then look no further than the UK 2020 £20 Polymer Banknote DateStamp™ issue. Each DateStamp™ issue has been postmarked by Royal Mail with the note’s first day of release – 20th February 2020 – forever ensuring its provenance.
First issues are always valued by collectors and by owning the DateStamp™ issue you will be one of just 2,500 collectors able to forever mark the date the new £20 polymer banknote entered circulation. We have a limited number available, so click here to find out more >>