Bank of England note issues Bank of England note issues The Bank of England, which is now the central bank of the United Kingdom, has issued banknotes since 1694. In 1921 The Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the ability of other banks to issue notes was restricted. Banknotes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855. Since 1970, the Bank
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.