From 7th Century merchants to a Turner classic
THE first banknotes were used in the 7th Century when Chinese merchants traded them as a substitute for heavy copper coins. But the idea did not catch on in Europe for another thousand years. THE Bank of England was set up in 1694 when King William III was running short of cash for a war waged against France. Wealthy people were encouraged to exchange money for handwritten notes that promised to pay the bearer the sum written – effectively an IOU. Initially, the Bank did not issue promissory notes for anything less than £50.
THE first ‘White Fiver’ notes were not issued until 1793 – the first £10 note was released in 1759. The notes were issued due to a shortage of gold that had been spent waging the Seven Years’ War against France. With limited gold reserves, the Bank of England also started issuing £1 and £2 notes.
THE first fully printed notes – not individually signed or with denomination filled in by hand – were issued in 1853. The term ‘I promise to pay the bearer on demand the sum of’ was introduced at this time.
THE first historic figure on the fiver was Battle of Waterloo military leader the Duke of Wellington, issued between 1971 and 1990. He was replaced by ‘father of railways’ George Stephenson between 1990 and 2002 until prison reformer Elizabeth Fry took over.
PLASTIC tenners will appear from next year with author Jane Austen replacing scientist Charles Darwin. A plastic £20 note comes out in 2020 with the artist JMW Turner replacing economist Adam Smith.