Bank of England

[frannie38]

What did the Bank of England issue for the first time in 1781? I have tried and tried to get the answer to this but just cannot get it. Any help would be appreciated.

[cruella]

Hi Frannie38,
All I could come up with was that it was the "Renewal of the bankers Charter"
Hope this helps.

[frannie38]

Many thanks, Isaw that but it was not the first. I will have to go with that if I don't find anything else.
Thanks again

[dzug]

The only thing I can come up with (and I'm not at all sure it is the right year) is banknotes not backed by gold in the vaults.

[frannie38]

DZUG
I think I will go with your answer it sounds the best we can all come up with.
Thank you both for helping.

[Slingshot]

In 1781 the B.O.E issued a charter which backed all notes by gold reserves. This was subsequently rescinded as there was not enough gold owing to the habit that people of the time had of going to the bank and exchanging their notes & coins every time that a war looked imminent. This was done because there is a finite source of gold so it holds it's value in times of hyper inflation. You still hear the 19th century expressions of 'a flight to gold' and 'gold standard' in currency markets etc.

[frannie38]

slingshot
Thank you it is most helpful to have the answer explained.
I have Googled for weeks.
Thanks again Frannie