Banknote Promise

[Bonzo 2000]

Firstly, if I went to (I suppose the head office of) a bank with my crisp tenner and asked them to honour its statement of promise to pay the bearer on demand, the sum of �10 Sterling, what would they give me - gold? Secondly, I assume that my �10 Sterling (in whatever form it comes) would be legal tender, but would I actually be able to spend it anywhere?

[Sequin]

Britain has not been on the gold standard since the 1930's so all you could demand would be other denominations of Sterling - pound coins, copper etc

[PlainJane]

Unless youi have a Scottish, or Northern Irish bank note you will have to take it to the bank of England, as it is their chief cashiier who has given the promise.
I was always told that because bank notes are legal tender you would be given another nice crisp tenner.

[Loosehead]

The promise on the note originally represented gold and there was a time when you could have demanded the gold, ie universal currency from the Bank of England. However I think that rule has long since been inactivated so only represents novelty value.  If you tried it today the Bank of England would probably sigh and say something like, "How original, you're only the 500th this week!". Beside the above the amount of gold in the BOE is no where near enough to cover all the notes so the connection has long since dissipated. Gordon swapped a load for  naffing Euro's a couple of years ago!

[trish1234567]

If my memory serves me right, Loosehead, did not Gordon also on two occassions sell our gold reserves?  Have we any gold reserves to speak of now?  Many folk forget these little deals!!  Trish.

[scorpio61]

Did nobody look in their wallets, or am I just priviledged enough to own a tenner?!?! It says " I promise to pay the bearer Twenty Pounds" - there's no mention of sterling - or gold - or diamonds - or pigs - or aliens - or anything else, just good old fashioned "pounds" - or are mine all fakes!?