Bank of England £1 note Bank of England £1 note The Bank of England £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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England.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 The note was withdrawn in 1988 in favour of the one pound coin. One pound notes were introduced by the Bank of England for the first time in 1797, following gold shortages caused by the French Revolutionary
Legal tender stripping a currency unit of its status as legal tender. It occurs whenever there is a change of national currency: The current form or forms of money is pulled from circulation and retired, often to be replaced with new notes or coins. Sometimes, a country completely replaces the old currency with new currency. The opposite of demonetization is remonetization, in which a form of payment is restored as legal tender. Coins and banknotes may cease to be legal tender if new notes of the same currency replace them or if a new currency is introduced replacing the former one. Examples