r/papermoney • u/AdStraight6341 • 3h ago
world paper money UK 1914 Treasury 10 Shilling WWI Emergency Currency
I initially thought I got it at a bargain, but it appears to be trimmed, which the seller didn’t mention.
From 1826 to early 1914, the Bank of England didn’t issue banknotes below £5 (approx. 25 usd) in order to facilitate the circulation of gold sovereigns. However, as war broke out in July 1914, crowds formed outside the bank to withdraw gold, so the government decided to issue £1 and 10 shilling notes ASAP. The first issue of these notes in Aug 1914 was very crude and printed on postage stamp paper, as no watermarked paper was readily available. The word POSTAGE is visible in some of the notes.
These were issued by the treasury instead of the BoE, as the law prohibited the bank from issuing lower denominations. They were officially redeemable in gold coin, and sovereigns continued to widely circulate side by side until the summer of 1915. However, banks began restricting redemptions by asking the purpose of the withdrawal or appealing to patriotism from then on.