On This Day
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Bank of England issues first £1 note

The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694.

The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the power of other banks to issue notes was restricted. Only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. They are not legal tender in Scotland and Northern Ireland, but are always accepted there by traders.

Banknotes were originally hand-written; although they were partially printed from 1725 onwards, cashiers still had to sign each note and make them payable to someone. Notes were fully printed from 1855.

Historical Significance

The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694.

Events Before

  1. Napoléon Bonaparte is appointed Commander-in-Chief of the French Army in Italy

    The Italian campaigns of the French Revolutionary Wars (1792–1801) were a series of conflicts fought principally in Northern Italy between the French Revolutionary Army and a Coalition of Austria,…

  2. Napoléon Bonaparte (26) marries his first wife Joséphine de Beauharnais (32), changing her name from Rose

    Napoléon Bonaparte (26) marries his first wife Joséphine de Beauharnais (32), changing her name from Rose

  3. English country doctor Edward Jenner administers his revolutionary cowpox-based vaccine for smallpox in Berkeley, Glouce

    English country doctor Edward Jenner administers his revolutionary cowpox-based vaccine for smallpox in Berkeley, Gloucestershire

  4. Armand-Gaston Camus becomes chairman of the Council of 500

    Armand-Gaston Camus becomes chairman of the Council of 500

  5. The capital of Upper Canada is moved from Newark to York

    York was a town and the second capital of the colony of Upper Canada. It is the predecessor to the old city of Toronto (1834–1998).

Events After

  1. Russia appoints first Jewish censor to censor Hebrew books

    Russia appoints first Jewish censor to censor Hebrew books

  2. US Sedition Act prohibits "any false, scandalous, and malicious writing" about the government

    US Sedition Act prohibits "any false, scandalous, and malicious writing" about the government

  3. 11th Amendment ratified, judicial powers construed

    11th Amendment ratified, judicial powers construed

  4. Coup d'état in Batavian Republic

    The Batavian Republic (Dutch: Bataafse Republiek; French: République Batave) was the successor state to the Republic of the Seven United Netherlands.

  5. Rep Matthew Lyon (Vt) spits in face of Rep Roger Griswold (Ct) in US House of Representatives, after an argument

    Rep Matthew Lyon (Vt) spits in face of Rep Roger Griswold (Ct) in US House of Representatives, after an argument

More from the 1790s

Albany replaces New York City as the capital of New York

Albany ( AWL-bə-nee) is the capital city of the U.S. state of New York. It is also the county seat of, and the most populous city in, Albany County.

Russia appoints first Jewish censor to censor Hebrew books

Russia appoints first Jewish censor to censor Hebrew books

First US President George Washington delivers the first State of the Union address

The 1790 State of the Union Address was the inaugural State of the Union address, delivered by President George Washington to the United States Congress on January 8, 1790, at the Senate Chamber of…

French King Louis XVI sentenced to death by the National Convention during the French Revolution

Louis XVI was the last king of France before the fall of the monarchy during the French Revolution.

Frequently Asked Questions

What happened on February 26, 1797?
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the power of other banks to issue notes was restricted. Only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender.
Why is Bank of England issues first £1 note significant?
The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694.

Explore More

February 26 in HistoryYear 1797