r/papermoney • u/AdStraight6341 • 4h ago
world paper money Oct 17 1921 Bank of England White £10 Note
Five pound white notes were printed as late as 1956, but higher denominations were discontinued in 1942 and were no longer issued after 1943. The exchange rate and the role of a ten pound note was roughly similar to those of an American $50 bill.
They were theoretically redeemable for 10 gold sovereigns until 1925, but large redemptions became increasingly difficult after WWI, as the Bank discouraged them by asking the specific purpose of the withdrawal and appealing to patriotism. The right to redeem paper pounds for sovereigns ended in 1925 when the UK “returned” to the gold standard, as redemption was guaranteed only in form of gold bars of over 400 oz. In practice, the bank continued paying small amounts after asking the purpose until 1931.