when did paper pound notes go out of circulation
Bank of England £1 note The Bank of England Â£1 note was a banknote of the pound sterling. After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England. The one pound note was issued by the Bank of England for the first time in 1797 and continued to be printed until 1984. The note was withdrawn in 1988 in favour of the one pound coin.
Bank of England note issues The first Bank of England £5 note was issued in 1793[24] in response to the need for smaller denomination banknotes to replace gold coin during the French Revolutionary Wars. (Previously the smallest note issued had been £10.) The 1793 design, latterly known as the "White Fiver" (black printing on white paper), remained in circulation essentially unchanged until 21 February 1957 when the multicoloured (although predominantly dark blue) "Series B" note, depicting the helmeted Britannia, was introduced. The old "White Fiver" was withdrawn on 13 March 1961.[24]
Gold standard Many other countries followed Britain in returning to the gold standard, this was followed by a period of relative stability but also deflation.[24] This state of affairs lasted until the Great Depression (1929–1939) forced countries off the gold standard. In September 19, 1931, speculative attacks on the pound forced Britain to abandon the gold standard. Loans from American and French Central Banks of £50,000,000 were insufficient and exhausted in a matter of weeks, due to large gold outflows across the Atlantic.[25][26][27] The British benefited from this departure. They could now use monetary policy to stimulate the economy. Australia and New Zealand had already left the standard and Canada quickly followed suit.
1 + 2 + 3 + 4 + ⋯ which increases without bound as n goes to infinity. Because the sequence of partial sums fails to converge to a finite limit, the series does not have a sum.