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Bank Notes
Matthew Cooper made this Freedom of Information request to Bank of England
The request was successful.
From: Matthew Cooper
22 September 2010
Dear Bank of England,
Is the promise to pay on BoE promisory notes an obligation of the
BoE or HM Treasury. In the US, FRNs are obligations of the US
Treasury so I was wondering if it is similar in the UK?
Yours faithfully,
Matthew Cooper
From: Enquiries
Bank of England
23 September 2010
We acknowledge receipt of your e-mail dated 22 September (our ref FF 24480).
We will reply in due course.
If you have any queries please contact the Bank's Public Information and Enquiries Group on 020 7601 4878.
Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 20 7601 4878
[Bank of England request email]
show quoted sections
From: Enquiries
Bank of England
30 September 2010
Dear Mr Cooper
Please find attached a response to your email dated 22 September below.
Yours sincerely
Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 (0)20 7601 4878
[Bank of England request email]
show quoted sections
Matthew Cooper left an annotation ( 2 October 2010)
This is all very interesting, the notes I am referring to are bank notes. The obligation is to the 'bearer on demand', meaning the holder of the note.
My question is, I promise to pay the bearer on demand the sum of twenty pounds of what?? What's backing all this? Berth Certificates? Who knows?
Fascinating Stuff!
From: Matthew Cooper
2 October 2010
Dear Enquiries,
I should let you know that the promisory notes I am referring to
are known as money to many people. Is your answer still valid in
consideration of this point?
Yours sincerely,
Matthew Cooper
brian ovens left an annotation ( 3 October 2010)
Yes, I agree. The thing is they did away with the gold standard backing years ago, so why did they leave the promise to pay on demand on the notes? My thinking is, someone somewhere collects these and cashes them in for gold/silver.
Matthew Cooper left an annotation ( 4 October 2010)
The important thing is that ALL bank notes are notes, which are aka. promisory notes. So whether they left the promise on or not, it is still a promise to pay. I have found out many other interesting facts about the bank, including the fact that the BoE buys loan securities from commercial banks, and the UK is bankrupt!
From: Enquiries
Bank of England
6 October 2010
Dear Mr Cooper
Please find attached a response to your email dated 2 October below.
Yours sincerely
Public Information & Enquiries Group
Bank of England |Threadneedle Street|London|EC2R 8AH|+44 (0)20 7601 4878 [Bank of England request email]
show quoted sections
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brian ovens left an annotation (30 September 2010)
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