Longest continuous issuer of banknotes
- Who
- The Bank of England
- Where
- United Kingdom (London,)
- When
- 16 January 2002
The longest continual issuer of banknotes in the world is the Bank of England which has been issuing banknotes since 1694, when it was first established to raise money for the Nine Years' War (1688–97) against the French. The Bank of England itself was brand new and only founded on July 27, 1694 as a private bank for the English government. It was nationalized in 1946 and, today, is the eighth oldest bank in the world.
Notes were initially handwritten on Bank paper and signed by one of the cashiers. These were made out for the precise sum deposited in pounds, shilling and pence. After the recoinage of 1696 reduced the need for small denomination notes, the Bank stopped issuing notes for sums less than £50. As the average income at this time was less than £20 a year most people would not even have come into contact with a banknote. By 1855, they were 100% printed. In 1921, the Bank of England received a monopoly on printing notes for England and Wales, as private bank could do the same prior to then. Today, the Bank of England issued denominations of £5, £10, £20, and £50 in polymer—a form of synthetic plastic.