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 The ten-shilling note was withdrawn from circulation on 20 November 1970 following the introduction on 14 October 1969 of the fifty pence coin.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
Legal tender face values of gold coins are 50p; £1; £2; and £5, a mere fraction of their worth as bullion. Five pound coins, although legal tender, are intended as souvenirs and are almost never seen in circulation. Maundy money is legal tender but may not be accepted by retailers and is worth much more than face value due to its rarity value and silver content. Bank of England notes are legal tender in England and Wales and are issued in the denominations of £5, £10, £20 and £50. They can always be redeemed at the Bank of England even if discontinued.