The Bradbury Pound

Roedd y cais yn rhannol lwyddiannus.

Dear Her Majesty's Treasury,

I happened to find an online FOI request regarding the subject of the "Bradbury Pound". To save time, you gave this response to someone who I don't know, but your reference was Ref: FOI2018/00037

"Thank you for your Freedom of Information enquiry of 1 January 2018.
You asked for the following information:
“Why was the Bradbury Pound introduced in 1914?”
I can confirm that HM Treasury does hold information within the scope of your request.
The Bradbury pound was introduced in 1914 at the outbreak of the First World War. The
Government at the time needed to preserve its stock of bullion so asked the Bank of
England to cease paying out gold for its notes. Instead the Treasury printed and issued 10
shilling and £1 notes (so called Bradbury pounds). The gold standard was then partially
restored in 1925 and the Bank of England was again obliged to exchange its notes for
gold, but only in multiples of 400 ounces or more. Britain left the gold standard in 1931
and the note issue became entirely fiduciary, that is wholly backed by securities instead of
gold.
If you have any queries about this letter, please contact us. Please quote the reference
number above in any future communications.
Information Rights Unit"

So my question is that with the gold standard I could have exchanged a £1 note for £1 worth of gold. Do you agree ?

Perhaps you would be good enough to give me the years when gold could have been exchanged for notes ?

Since our currency - to use your words - "is backed by securities", how do I exchange £1 - or an other amount of pounds - for the equivalent amount of securities ?

Further, could you give an approximate distribution of how the securities are distributed. E.g by institution type or private individuals etc

Thank you.

Yours faithfully,

Simon

FOI Requests, Her Majesty's Treasury

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[2]www.gov.uk/hm-treasury

dangos adrannau a ddyfynnir

FOI Requests, Her Majesty's Treasury

1 Atodiad

Dear Simon

 

Please find attached a letter in response to your Freedom of Information
request.

 

For ease of reference, the attached letter contains the following
clickable hyperlinks:

 

[1]https://www.bankofengland.co.uk/-/media/...

 

[2]https://www.bankofengland.co.uk/freedom-...

 

[3]https://www.bankofengland.co.uk/-/media/...

 

[4]https://www.bankofengland.co.uk/weekly-r...

 

 

Yours sincerely

 

Information Rights Unit | HM Treasury, 1 Horse Guards Road, London, SW1A
2HQ   [5]www.gov.uk/hm-treasury

 

 

This email and any files transmitted with it are intended solely for the
use of the individual(s) to whom they are addressed. If you are not the
intended recipient and have received this email in error, please notify
the sender and delete the email. This footnote also confirms that our
email communications may be monitored to ensure the secure and effective
operation of our systems and for other lawful purposes, and that this
email has been swept for malware and viruses.

References

Visible links
1. https://www.bankofengland.co.uk/-/media/...
2. https://www.bankofengland.co.uk/freedom-...
3. https://www.bankofengland.co.uk/-/media/...
4. https://www.bankofengland.co.uk/weekly-r...
5. http://www.gov.uk/hm-treasury