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.
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