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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England.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 The note was withdrawn in 1988 in favour of the one pound coin.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
Bank of England note issues to ten shilling and £1 notes; unlike the 1833 Act, this law also applied to Scotland, meaning that English notes under £5 were classed as legal tender. The Bank of England ten-shilling note was withdrawn in 1969 and the £1 was removed from circulation in 1988, leaving a legal curiosity in Scots law whereby there is now no paper legal tender in Scotland. (Scottish notes were not included in the 1833 or 1954 Acts.) The Bank Charter Act 1844 began the process which gave the Bank of England exclusive note-issuing powers. Under the Act, no new banks could start issuing