The Bank of England £50 note is a sterling banknote. It is the highest denomination of banknote currently issued for public circulation by the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government of ...

. The current note, the first of this denomination to be printed in polymer, entered circulation on 23 June 2021. It bears the image of Queen Elizabeth II on the obverse and

computer scientist A computer scientist is a person who is trained in the academic study of computer science. Computer scientists typically work on the theoretical side of computation, as opposed to the hardware side on which computer engineers mainly focus (al ...

and World War II codebreaker

Alan Turing Alan Mathison Turing (; 23 June 1912 – 7 June 1954) was an English mathematician, computer scientist, logician, cryptanalyst, philosopher, and theoretical biologist. Turing was highly influential in the development of theoretical com ...

on the reverse, with his birth date reflecting the release date. Cotton £50 notes from the previous series remained in circulation alongside the new polymer notes until 30 September 2022, when the last 'paper' banknote issue finally ceased to be legal tender.

History

£50 notes were introduced by the

for the first time in 1725. The earliest notes were handwritten and were issued as needed to individuals. These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821, when the

French Revolutionary Wars The French Revolutionary Wars (french: Guerres de la Révolution française) were a series of sweeping military conflicts lasting from 1792 until 1802 and resulting from the French Revolution. They pitted French First Republic, France against Ki ...

and the

Napoleonic Wars The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of Fren ...

caused a

bullion Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from t ...

shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be signed to indicate the amount that had been redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of fifty pounds" replacing the name of the payee. This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, although this was replaced by the signature of the Chief Cashier from 1870 onwards. White-note-50-pounds

The ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the

gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the la ...

. The £50 note ceased to be produced by the Bank of England in 1943 and did not reappear until it was reintroduced in 1981. These D series notes were predominantly olive green on both sides, with an image of

Queen Elizabeth II Elizabeth II (Elizabeth Alexandra Mary; 21 April 1926 – 8 September 2022) was Queen of the United Kingdom and other Commonwealth realms from 6 February 1952 until Death and state funeral of Elizabeth II, her death in 2022. She was queen ...

on the front (as with all subsequent £50 notes) and an image of architect

Christopher Wren Sir Christopher Wren PRS FRS (; – ) was one of the most highly acclaimed English architects in history, as well as an anatomist, astronomer, geometer, and mathematician-physicist. He was accorded responsibility for rebuilding 52 churches ...

on the back. As a security feature, this note had a metallic thread running through it, which was upgraded to a "windowed" thread from July 1988 onward. The thread is woven into the paper such that it forms a dashed line, yet appears as a single line when held up to the light. The series D note was gradually replaced by the series E, beginning in 1994. This reddish note replaced Christopher Wren with

John Houblon Sir John Houblon (13 March 1632 – 10 January 1712) was the first Governor of the Bank of England from 1694 to 1697. Early life John Houblon was the third son of James Houblon, a London merchant, and his wife, Mary Du Quesne, daughter of Jean ...

, the first governor of the Bank of England, on the reverse. As an additional security feature, these notes had a foil patch on the front. The E revision series did not have a £50 note. The 2011 £50 note features two portraits on the reverse: engineer and scientist

James Watt James Watt (; 30 January 1736 (19 January 1736 OS) – 25 August 1819) was a Scottish inventor, mechanical engineer, and chemist who improved on Thomas Newcomen's 1712 Newcomen steam engine with his Watt steam engine in 1776, which was fun ...

and industrialist and entrepreneur

Matthew Boulton Matthew Boulton (; 3 September 172817 August 1809) was an English manufacturer and business partner of Scottish engineer James Watt. In the final quarter of the 18th century, the partnership installed hundreds of Boulton & Watt steam engine ...

, along with the

Whitbread Engine The Whitbread Engine preserved in the Powerhouse Museum in Sydney, Australia, built in 1785, is one of the first rotative steam engines ever built, and is the oldest surviving. A rotative engine is a type of beam engine where the reciprocating mo ...

and the

Soho Manufactory The Soho Manufactory () was an early factory which pioneered mass production on the assembly line principle, in Soho, Birmingham, England, at the beginning of the Industrial Revolution. It operated from 1766–1848 and was demolished in 1853. Be ...

. The note has a number of security features in addition to the metallic thread, including motion thread, raised print, a watermark, microlettering, a see-through registration device, and a colourful pattern that only appears under

ultraviolet Ultraviolet (UV) is a form of electromagnetic radiation with wavelength from 10 nanometer, nm (with a corresponding frequency around 30 Hertz, PHz) to 400 nm (750 Hertz, THz), shorter than that of visible light, but longer than ...

light. It is the first Bank of England banknote to feature two people on the reverse, and the first Bank of England note to feature the motion thread security feature. This is an image in a broken green thread that moves as the note is viewed from different angles. The new Series G £50 note was brought into circulation in June 2021; it is the last of the Bank of England's notes to switch from paper to polymer. The reverse of the note features a portrait of mathematician and codebreaker

. Suggestions were sought by the Bank for eligible scientists prior to Turing's selection. Some 227,299 nominations covering 989 scientists were received, and the shortlist eventually consisted of (in individuals and pairs)

Mary Anning Mary Anning (21 May 1799 – 9 March 1847) was an English fossil collector, dealer, and palaeontologist who became known around the world for the discoveries she made in Jurassic marine fossil beds in the cliffs along the English Channel ...

Paul Dirac Paul Adrien Maurice Dirac (; 8 August 1902 – 20 October 1984) was an English theoretical physicist who is regarded as one of the most significant physicists of the 20th century. He was the Lucasian Professor of Mathematics at the Univer ...

Rosalind Franklin Rosalind Elsie Franklin (25 July 192016 April 1958) was a British chemist and X-ray crystallographer whose work was central to the understanding of the molecular structures of DNA (deoxyribonucleic acid), RNA (ribonucleic acid), viruses, co ...

William Herschel Frederick William Herschel (; german: Friedrich Wilhelm Herschel; 15 November 1738 – 25 August 1822) was a German-born British astronomer and composer. He frequently collaborated with his younger sister and fellow astronomer Caroline H ...

and

Caroline Herschel Caroline Lucretia Herschel (; 16 March 1750 – 9 January 1848) was a German born British astronomer, whose most significant contributions to astronomy were the discoveries of several comets, including the periodic comet 35P/Herschel–Rigolle ...

Dorothy Hodgkin Dorothy Mary Crowfoot Hodgkin (née Crowfoot; 12 May 1910 – 29 July 1994) was a Nobel Prize-winning British chemist who advanced the technique of X-ray crystallography to determine the structure of biomolecules, which became essential fo ...

Ada Lovelace Augusta Ada King, Countess of Lovelace (''née'' Byron; 10 December 1815 – 27 November 1852) was an English mathematician and writer, chiefly known for her work on Charles Babbage's proposed mechanical general-purpose computer, the A ...

and

Charles Babbage Charles Babbage (; 26 December 1791 – 18 October 1871) was an English polymath. A mathematician, philosopher, inventor and mechanical engineer, Babbage originated the concept of a digital programmable computer. Babbage is considered ...

, Stephen Hawking,

James Clerk Maxwell James Clerk Maxwell (13 June 1831 – 5 November 1879) was a Scottish mathematician and scientist responsible for the classical theory of electromagnetic radiation, which was the first theory to describe electricity, magnetism and ligh ...

Srinivasa Ramanujan Srinivasa Ramanujan (; born Srinivasa Ramanujan Aiyangar, ; 22 December 188726 April 1920) was an Indian mathematician. Though he had almost no formal training in pure mathematics, he made substantial contributions to mathematical analysis ...

Ernest Rutherford Ernest Rutherford, 1st Baron Rutherford of Nelson, (30 August 1871 – 19 October 1937) was a New Zealand physicist who came to be known as the father of nuclear physics. ''Encyclopædia Britannica'' considers him to be the greatest ...

Frederick Sanger Frederick Sanger (; 13 August 1918 – 19 November 2013) was an English biochemist who received the Nobel Prize in Chemistry twice. He won the 1958 Chemistry Prize for determining the amino acid sequence of insulin and numerous other p ...

, Alan MacMasters and Turing.

Future

Peter Sands, an advisor to the British Government and former Chief Executive of

Standard Chartered Standard Chartered plc is a multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite being headquartered in the United Kingdom, it does not conduct retail banking in the UK, and around 9 ...

, has raised concern with the Bank of England over high denomination notes and their role in

tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the taxp ...

. He claimed that scrapping the £50, and other high denomination notes such as the CHF 1000, 500€ and $100, would reduce financial crime.

Designs

Information taken from Bank of England website.

Notes

References

External links