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 After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England.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 The note was withdrawn in 1988 in favour of the one pound coin.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 10s note only obliged to exchange notes for gold in multiples of 400 ounces or more. The responsibility for the printing of ten-shilling notes was transferred to the Bank of England in 1928, and the right to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. The first Bank of England ten-shilling notes were two-sided, red, printed banknotes featuring the declaration "I promise to pay the bearer on demand the sum of ten shillings" on the front. This declaration remains on Bank of England banknotes to this day. In 1940, during the Second World War, ten-shilling notes