The Bank of England issues the first one-pound and two-pound banknotes.
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 of 1844 when the ability of other banks to issue notes was restricted.
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. Since 1970, the Bank of England's notes have featured portraits of British historical figures.
Of the eight banks authorised to issue sterling notes in the UK, only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. Bank of England notes are not legal tender in Scotland and Northern Ireland, but are always accepted by traders.
The Bank of England now issues notes, all in polymer, in four denominations £5, £10, £20 and £50.
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of the United Kingdom, it is the world's eighth-oldest bank. It was privately owned by stockholders from its foundation in 1694 until it was nationalised in 1946 by the Attlee ministry.The Bank became an independent public organisation in 1998, wholly owned by the Treasury Solicitor on behalf of the government, but with independence in setting monetary policy.The Bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland.The Bank's Monetary Policy Committee has a devolved responsibility for managing monetary policy. The Treasury has reserve powers to give orders to the committee "if they are required in the public interest and by extreme economic circumstances", but such orders must be endorsed by Parliament within 28 days. The Bank's Financial Policy Committee held its first meeting in June 2011 as a macroprudential regulator to oversee regulation of the UK's financial sector.
The Bank's headquarters have been in London's main financial district, the City of London, on Threadneedle Street, since 1734. It is sometimes known as The Old Lady of Threadneedle Street, a name taken from a satirical cartoon by James Gillray in 1797. The road junction outside is known as Bank junction.
As a regulator and central bank, the Bank of England has not offered consumer banking services for many years, but it still does manage some public-facing services such as exchanging superseded bank notes. Until 2016 the bank provided personal banking services as a privilege for employees.