Bank of England note issues was decided to replace the 10/- note with the 50p coin. The ten-shilling note was withdrawn from circulation on 20 November 1970 following the introduction on 14 October 1969 of the fifty pence coin. The first Bank of England £1 note was issued on 2 March 1797 under the direction of Thomas Raikes, Governor of the Bank of England, and according to the orders of the government of William Pitt the Younger, in response to the need for smaller denomination banknotes to replace gold coin during the French Revolutionary Wars. The Bank of England's first £1 note since 1845 was
Bank of England £5 note the only £5 note that is currently legal tender. The old paper series E was withdrawn, following a co-circulation period with both notes being legal tender which ended on 5 May 2017. The Bank of England is responsible for printing and issuing notes to ensure a smooth monetary supply across the United Kingdom. It reports the number of notes in circulation at any given time. As of the end of February 2016, there were £1,645,000,000 worth of £5 notes in circulation, which is equivalent to 329,000,000 individual notes. Table sources from the Bank of England Statistics Bank of England £5