100 Pound White Note 1938 Peppiatt obverse

The Chief Cashier of the Bank of England is the person responsible for issuing

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

at 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 o ...

and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all bank notes issued by the Bank of England. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating the title. The post is currently held by

Sarah John Sarah (born Sarai) is a biblical matriarch and prophetess, a major figure in Abrahamic religions. While different Abrahamic faiths portray her differently, Judaism, Christianity, and Islam all depict her character similarly, as that of a pio ...

who was appointed in June 2018. She is the 33rd Chief Cashier since the Bank was founded in 1694.

Responsibilities

The position has the following responsibilities: * The security and effective operation of

real-time gross settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a paym ...

in the UK’s high value payment systems (

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and CREST). * Along with the Bank’s Sterling Markets Division they are also responsible for the provision of liquidity to the market and settlement banks. * The issuing and effective distribution of banknotes and their security against counterfeiting. * The provision of banking services, focusing on high-value government banking. The Executive Director Banking & Chief Cashier is a member of the Governor’s Executive Team which is the Bank’s senior management group.

History

In 1694 the Bank of England was established. Almost immediately, the Bank started to issue notes in return for deposits. The crucial feature that made Bank of England notes a means of exchange was the promise to pay the bearer the sum of the note on demand. This meant that the note could be redeemed at the Bank for gold or coinage by anyone presenting it for payment. If it was not redeemed in full, it was endorsed with the amount withdrawn. These notes were initially handwritten on Bank paper and signed by one of the Bank’s cashiers. During the 18th century there was a gradual move towards fixed denomination notes. In 1725 the Bank started issuing partly printed notes for completion in manuscript. The £ sign and the first digit were printed but the cashier’s signature along with the name of the payee and other numerals were added by hand. The first fully printed notes appeared in 1855 relieving the cashiers of the task of filling in the name of the payee and signing each note individually. The practice of writing the name of the Chief Cashier as the payee on notes was halted in favour of the anonymous "I promise to pay the bearer on demand the sum of …", a feature that has remained unchanged on notes to this day. The printed signature on the note continued to be that of one of three cashiers until 1870; since then it has always been that of the Chief Cashier. The Bank of England notes on its website that the promise holds "for all time", even after notes have been withdrawn from circulation. This means that every Bank of England note can be exchanged for its face value at any time.

Chief Cashiers of the Bank of England

Listed below are the names of people who have held the post of Chief Cashier at the Bank of England: *1694–1694: John Kendrick *1694–1699: Thomas Speed *1699–1739: Thomas Madockes *1739–1751:

James Collier James William Collier (September 28, 1872 – September 28, 1933) was a politician from the U.S. state of Mississippi. Born on the Glenwood Plantation near Vicksburg in 1872, he graduated from the University of Mississippi at Oxford in 1894 ...

and Daniel Race (jointly) *1751–1759: Daniel Race and Elias Simes (jointly) *1759–1775:

Daniel Race Daniel is a masculine given name and a surname of Hebrew origin. It means "God is my judge"Hanks, Hardcastle and Hodges, ''Oxford Dictionary of First Names'', Oxford University Press, 2nd edition, , p. 68. (cf. Gabriel—"God is my strength"), ...

*1775–1777: Charles Jewson *1778–1807:

Abraham Newland Abraham Newland (c. 1730 – 21 November 1807) was the chief cashier at the Bank of England from 1782 to 1807. The expression "an Abraham Newland" came to mean a bank note, because without his signature, a Bank of England note was not negoti ...

*1807–1829: Henry Hase *1829–1835: Thomas Rippon *1835–1864:

Matthew Marshall Matthew Marshall (1791–1873) was the Chief Cashier of the Bank of England from 1835 to 1864.William Miller *1866–1873: George Forbes *1873–1893: Frank May *1893–1902:

Horace Bowen Horace George Bowen (1841 – 6 May 1902) was the Chief Cashier of the Bank of England from 1893 to 1902. Biography Bowen entered the service of the Bank of England in 1860, where he stayed throughout his career. He was attached to the chief acc ...

*1902–1918: Sir John Gordon Nairne, 1st Baronet *1918–1925:

Ernest Musgrave Harvey Sir Ernest Musgrave Harvey, 1st Baronet, KBE, (1867–1955) was the Chief Cashier of the Bank of England from 1918 to 1925. Harvey was replaced as Chief Cashier by Cyril Patrick Mahon. He was Deputy Governor 1929 to 1936. Honours Harvey was app ...

*1925–1929:

Cyril Patrick Mahon Cyril Patrick Mahon (9 September 1882 – 14 July 1945) was a British banker who served as Chief Cashier of the Bank of England from 1925 to 1929 and comptroller of the Bank from 1929 to 1932. Mahon was succeeded as Chief Cashier by Basil G. Catt ...

*1929–1934:

Basil G. Catterns Basil Gage Catterns (20 June 1886 – 5 February 1969) was the Chief Cashier and Deputy Governor of the Bank of England. He was born in Oswaldtwistle, Lancashire, son of the Rev. T.E.S. Catterns and educated at Trent College, Nottinghamshire. He ...

*1934–1949:

Kenneth Peppiatt Major Sir Kenneth Oswald Peppiatt KBE, MC and Bar, (25 March 1893 – 12 May 1983) was the Chief Cashier of the Bank of England from 1934 to 1949. Peppiatt was replaced as Chief Cashier by Percival Beale. Kenneth Peppiatt attended Bancroft's Sch ...

*1949–1955:

Percival Beale Percival Spencer Beale (14 September 19064 February 1981) was the 21st Chief Cashier of the Bank of England from 1 March 1949 to 16 January 1955. Beale was born on 14 September 1906 and entered Bank service on 27 October 1924. He was succeeded ...

*1955–1962:

Leslie O'Brien Leslie Kenneth O'Brien, Baron O'Brien of Lothbury (8 February 1908 – 24 November 1995) was Governor of the Bank of England. After attending Wandsworth Grammar School in London, he joined the Bank of England in 1927 and rose through the ...

*1962–1966:

Jasper Hollom Sir Jasper Quintus Hollom (16 December 1917 – 29 August 2014) was Chief Cashier of the Bank of England 1962-66, Deputy Governor of the Bank of England 1970-80, and chair of the City Takeover Panel 1980-87. Hollom was educated at King's School ...

*1966–1970:

John Standish Fforde John Standish Fforde (16 November 1921 – 10 April 2000) was a British economist who was active in the Bank of England between 1957 and 1984. As Chief Cashier The Chief Cashier of the Bank of England is the person responsible for issuing b ...

*1970–1980: John Page *1980–1988:

David Somerset David Robert Somerset, 11th Duke of Beaufort GCC (23 February 1928 – 16 August 2017), known as David Somerset until 1984, was an English peer and major landowner. An important figure in the world of fox hunting, he was also chairman of Marlb ...

*1988–1991:

Malcolm Gill George Malcolm Gill (born 23 May 1934) was Chief Cashier of the Bank of England from 1988 to 1991. The signature of the Chief Cashier appears on British banknotes. Gill was replaced as Chief Cashier by Graham Kentfield.Graham Kentfield *1999–2003: Merlyn Lowther *2004–2011: Andrew Bailey *2011–2014: Chris Salmon *2014–2018: Victoria Cleland *2018–present:

References

{{Reflist Bank of England

Responsibilities

History

Chief Cashiers of the Bank of England

See also

References