The £100 Million Bank Note
May 27, 20244:32 pm
The £100 Million Bank Note

So this is actually a thing…

⁣⁣It’s a £100 million bank note issued by the Bank of England (non-circulating sadly). ⁣They are created and stored in vaults. Banks in Scotland and Northern Ireland can issue currency against them. Think of it as the currency “budget” of these banks.

⁣⁣Remember, once upon a time £1 = 1lb of sterling (97.5% purity) silver.

Now they just write “£100 million” on a piece of paper and it becomes real – no need to go to the trouble of digging silver out of the ground.

Fun fact for the day.

*Not Financial Advice⁣⁣⁣
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