THE LIFE OF A £3 BANK NOTE. Some interesting and curious facts are detailed in an article on “ 4 he Life of a £5 Note” in the "Fall Mall Magazine.” The active circulation of Bank of England notes—that is to say, the amount of notes in the hands of the public—averages about. '£30,000,000 The Bank is allowed so issue notes up to the amount of £18,450,000 against securities, but beyond this sum, for every additional' note that is issued, standard gold coin or bullion must be set aside as security. Thus it will be seen that there is an actual loss on about £12,000,000 in the way of interest, as well as in the way of printing the notes and guarding the gold. It is not generally known that the Bank of England issued £1 and £2 notes in 1797, but discontinued them in 1829. On the return of notes to the Bank of England they are cancelled by having the signature of the chief cashier torn off. The notes are pricked off in the register to show that they have been paid, and sorted into the dates of issue. They are then sent down to the vaults to be placed in boxes to be kept for a period of five years, at the end. of .which time they are burnt. The boxes are moved iip in line along the skelf, until they reach the top end.
nearest the curious old iron-bound door leading to the courtyterd containing the fyrnace. At seven o’clock each day this costly bonfire is lighted, and the notes whiefi were received back at the Bank five years previously are consigned to the flames, 4.20,000 notes being consumed in this manner every" week. The life of a£s note —that is, the length of time for it to remain ki circulation — averages about sixty-three days, . and that of a £I,OOO note, whish is the largest denomination Issued, about 19 days. The Bank authorities hold in their possession two very interesting notes. The first is a Bank note for a million sterling, the only one ever issued. It was presented from time to time, and part payment given by a piece being torn oflTho second note is a £I,OOO note, dated 1815. which is the identical note paid as a fine by Lord Cochrane for giving wrong information about the Battle of Waterloo to his own advantage.
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Anecdotal., Southern Cross, Volume 15, Issue 22, 14 September 1907
Anecdotal. Southern Cross, Volume 15, Issue 22, 14 September 1907
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