By Tim Lambert

Early Money

c 600 BC Coins are used in Lydia in what is now Turkey

400 BC Silver coins are used in Greece

8th Century AD The Anglo-Saxons make silver pennies

Late 13th Century The half penny, the farthing and the groat (four pence) are minted

16th Century Shillings are minted. A coin called a sovereign is also introduced. The Crown and half crown are also introduced. The sixpence and the threepence coin are also minted.

1663 A coin called the guinea is introduced

1694 The Bank of England is founded

1695 The Bank of Scotland is founded

1734 The Bank of England moves to Threadneedle Street

1772 Travellers Cheques are invented in Britain

1793 The Bank of England first prints 5 pound notes

1833 Banknotes issued by the Bank are made legal tender. (They must be accepted as payment for a debt).

Modern Money

1844 The Bank Charter Act creates modern banking in Britain

1946 The Bank of England is nationalized

1966 The first credit card is introduced in the UK

1967 Barclays Bank installs the first cash dispensing machine at a branch in Enfield

1971 With decimalization a pound becomes worth 100 pence

1983 Pound coins are introduced


The Bank of England

A History of Banking

A History of Work

A History of Money