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 The ten-shilling note was withdrawn from circulation on 20 November 1970 following the introduction on 14 October 1969 of the fifty pence coin.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 10s note part-printed and could be exchanged, in whole or in part, for an equivalent amount of gold when presented at the bank. During the First World War the British Government wanted to maintain its stocks of bullion and so banks were ordered to stop exchanging banknotes for gold. One pound and 10 shilling notes were introduced by the Treasury in lieu of gold sovereigns. These notes were nicknamed "Bradburys" because of the prominent signature of Sir John Bradbury, Permanent Secretary to the Treasury displayed on the notes. Britain returned to the gold standard in 1925, but the Bank of England was