Chief Cashier of the Bank of England

I Promise to pay the Bearer on demand the Sum of …” those iconic words have been printed on British promissory notes and banknotes issued by the Bank of England since 1695. Established in 1694 by Royal Charter of King William III and Queen Mary II, these words are still taken seriously and the signature of the Chief Cashier which appears on every Bank of England banknote backs up this promise. That signature along with the text “For the Governor and Company of the Bank of England” also guarantees the validity and worth of these notes. To this day, all Bank of England banknotes issued by their authority are redeemable at their offices on Threadneedle Street. 


On the 2^nd November 2011, the latest of those notes, the £50 denomination in the “F” series was placed into circulation with much media attention. It was the first time that two prominent persons would appear on the reverse as part of the overall design and only the third modern issue of this value since its withdrawal after the Second World War. On the occasion of the official release, I had the opportunity to discuss the new note with the Bank of England’s Chief Cashier, Chris Salmon who was appointed as Chief Cashier in April 2011 (actual title since 2004, Executive Director of Banking & 
Chief Cashier). He is the 31^st person to hold this position in the Bank’s 318 year history. The new £50 is the first to carry his signature (the other denominations will eventually follow) and since the introduction of the £20 denomination in the “F” series in 2007, the £50 note is the second note in what will eventually become a four note set.

I also had the chance during our conversation to touch on polymer notes and the option of a £100 note. It’s not likely that you will encounter one of these colorful notes in your daily lives outside of the UK, but if you do plan a visit  it would be to your benefit to familiarize yourself with the new look and state of the art security features of the £50 note including the clever motion thread application. The Bank’s latest issue continues to reassure the British public that their currency continues to be some of the safest banknotes in circulation world-wide.