Bank of England £100,000,000 note
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The Bank of England £100,000,000 note, also referred to as Titan, is a non-circulating
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 ...
sterling
banknote A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable instrument, negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes w ...
used to back the value of
Scottish Scottish usually refers to something of, from, or related to Scotland, including: *Scottish Gaelic, a Celtic Goidelic language of the Indo-European language family native to Scotland *Scottish English *Scottish national identity, the Scottish ide ...
and
Northern Irish Northern Irish people is a demonym for all people born in Northern Ireland or people who are entitled to reside in Northern Ireland without any restriction on their period of residence. Most Northern Irish people either identify as Northern ...
banknotes. It is the highest denomination of banknote printed by the Bank of England. As both of these regions have their own currency issued by particular local banks, the non-circulating notes provide the essential link between those currencies and that of England, and security if a local issuing bank were to fail.


Purpose

The £100,000,000 note (nicknamed "Titan" simply because of its titanic value) backs the value of common circulating notes (£1, £5, £10, £20, £50, and £100 notes) issued by the seven
commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with cor ...
s in
Scotland Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the ...
( Bank of Scotland,
Royal Bank of Scotland The Royal Bank of Scotland plc (RBS; gd, Banca Rìoghail na h-Alba) is a major retail and commercial bank in Scotland. It is one of the retail banking subsidiaries of NatWest Group, together with NatWest (in England and Wales) and Ulster Bank ...
, Clydesdale Bank) and
Northern Ireland Northern Ireland ( ga, Tuaisceart Éireann ; sco, label= Ulster-Scots, Norlin Airlann) is a part of the United Kingdom, situated in the north-east of the island of Ireland, that is variously described as a country, province or region. Nort ...
(
Bank of Ireland Bank of Ireland Group plc ( ga, Banc na hÉireann) is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Iris ...
,
Danske Bank Danske Bank A/S is a Danish multinational banking and financial services corporation. Headquartered in Copenhagen, it is the largest bank in Denmark and a major retail bank in the northern European region with over 5 million retail customers. ...
and Ulster Bank). The £1,000,000 note plays a similar vital role in the British currency system. Scottish and Northern Irish banknotes are often viewed with suspicion by businesses in
England England is a country that is part of the United Kingdom. It shares land borders with Wales to its west and Scotland to its north. The Irish Sea lies northwest and the Celtic Sea to the southwest. It is separated from continental Europe b ...
and
Wales Wales ( cy, Cymru ) is a Countries of the United Kingdom, country that is part of the United Kingdom. It is bordered by England to the Wales–England border, east, the Irish Sea to the north and west, the Celtic Sea to the south west and the ...
as businesses are not always overly familiar with all the different types of notes that are issued and may not be sure on how to check them for
counterfeit To counterfeit means to imitate something authentic, with the intent to steal, destroy, or replace the original, for use in illegal transactions, or otherwise to deceive individuals into believing that the fake is of equal or greater value tha ...
ing and, therefore, do not like to accept them. There is also the possibility of one of the commercial banks closing; all banknotes issued by a closed commercial bank would be considered worthless. The backing by the £100,000,000 notes and the £1,000,000 notes is intended to maintain public confidence in the value the notes represent. For every pound an authorised Scottish or Northern Irish commercial bank prints and issues in the form of its own notes, it must deposit the equivalent in pound sterling with the Bank of England. If necessary, notes from a struggling Scottish or Northern Irish commercial bank could be replaced with regular Bank of England issued cash. The Bank of England prints £100,000,000 notes internally, rather than at its normal commercial printers, for security reasons. The £100,000,000 notes are then locked away together with other backing assets either within the Bank of England vault, or in other authorised locations, to further ensure their security as physical assets. For even further security, £100,000,000 notes must be signed by the existing Chief Cashier in order to become legal tender and actually be used as a backing asset for commercial banks and their notes in Scotland and Northern Ireland.


See also

* Bank of England £1,000,000 note * Bank of England note issues *
Gold certificate Gold certificates were issued by the United States Treasury as a form of representative money from 1865 to 1933. While the United States observed a gold standard, the certificates offered a more convenient way to pay in gold than the use of coin ...


Notes


References


Citations


External links


Bank of England website

'Titan' note, held in the BoE vaults, worth £100 million
{{DEFAULTSORT:Bank of England 100000000 note Banknotes of England