Bank of England £1 note facts for kids

Quick facts for kids
One pound

(United Kingdom)
Value	£1 sterling
Width	135 mm
Height	67 mm
Paper type	Cotton
Years of printing	1797–1984
Obverse
Design	Queen Elizabeth II
Design date	9 February 1978
Reverse
Design	Isaac Newton
Design date	9 February 1978

The Bank of England £1 note was a type of money used in the United Kingdom. It was a paper banknote worth one pound. After the ten shilling note was stopped in 1970, the £1 note became the smallest paper money issued by the Bank of England.

The Bank of England first printed the one pound note in 1797. It was printed until 1984. The note was officially stopped in 1988 because prices had gone up (this is called inflation). A coin then took its place.

History of the £1 Note

An early £1 note from London, 1805.

The Bank of England first started making one pound notes in 1797. This happened because there wasn't enough gold during the French Revolutionary Wars. The very first notes were written by hand. They were given out to people as needed. These early notes were only written on one side. They showed the name of the person receiving the money, the date, and the signature of the bank's cashier.

Between 1797 and 1821, banks could not swap banknotes for gold. This was because there wasn't enough gold. After the Napoleonic Wars ended, there was more gold. So, notes could be swapped for gold at the bank. One pound notes stopped being made in 1821. Gold sovereign coins took their place.

The £1 Note Returns

During the First World War, the British Government wanted to keep its gold. So, banks were told to stop swapping any banknotes for gold. Gold sovereign coins were replaced by one pound notes. These new notes were issued by the Treasury. People called these notes "Johns." This was because of the clear signature of Sir John Bradbury on them. He was a very important government official.

Britain started using the gold standard again in 1925. This meant that banknotes could be exchanged for gold. However, the Bank of England only had to swap notes for very large amounts of gold. In 1928, the Bank of England took over printing the one pound notes. The ability to swap banknotes for gold stopped completely in 1931. This happened when Britain left the gold standard for good.

New Designs and Security

The Bank of England's first one pound notes after World War I were green. They were printed, not handwritten. The promise "I promise to pay the bearer on demand the sum of one pound" appeared on them. This promise is still on Bank of England banknotes today. The signature of the Chief Cashier of the Bank of England was printed on the notes.

In 1939, when the Second World War began, the UK government learned about secret plans. The plans were for the Nazis to fake British paper money. So, in 1940, new one pound notes were made in blue and orange colors. This was to make it harder for fakers. The design stayed the same. At the same time, a metal thread was put into the paper. This was a new security feature. After the war, one pound notes went back to their original green color. Some early notes after the war did not have the metal thread. But notes made from September 1948 onwards always had it.

Modern £1 Notes

A new design for one pound notes came out in 1960. The old notes stopped being valid in 1962. These new notes were called "Series C." They were a bit narrower. They were the first one-pound notes to show a picture of Queen Elizabeth II on the front. The back of the note had the Bank of England logo.

Series C notes were replaced by "Series D" notes starting in 1978. These notes were a bit smaller. They had a completely new design. Queen Elizabeth II was on the front. The famous scientist and head of the Royal Mint, Isaac Newton, was on the back. The note was changed slightly in 1981. It had brighter background colors.

Why the £1 Note Disappeared

On July 31, 1981, it was announced that the one pound note would be replaced by a one pound coin. This decision was made after talking to shops and other groups. The paper note only lasted about nine months in circulation because of inflation. Also, vending machines worked better with coins than with banknotes. The new coin, made of nickel brass, was introduced on April 21, 1983. The one pound note officially stopped being valid on March 11, 1988.

You might still find Bank of England £1 notes in Scotland sometimes. They are used alongside £1 notes from Scottish banks. The Bank of England will always exchange old £1 notes for their value.

Designs of the £1 Note

See also

• Bank of England note issues