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Not sure if that’s sarcasm, but the promise is to exchange it for gold, not “hard currency”. Barely 100 years since the establishment of the Bank of England ha
by LudwigNagasena 4y ago
Not sure if that’s sarcasm, but the promise is to exchange it for gold, not “hard currency”. Barely 100 years since the establishment of the Bank of England has passed before the convertibility was annulled for 20 years because of wars and, as a consequence, gold shortage.
- denton-scratch 4y agoThere's no mention of "gold". It says on this here piece of paper: "I promise to pay the bearer on demand the sum of twenty pounds". The implication that this £20 note is not actually £20. But ten £2 coins is coin-of-the-realm, and coin is what you can expect the Governor to hand over when you go to cash-in the promise.