Jump to content
  • The above Banner is a Sponsored Banner.

    Upgrade to Premium Membership to remove this Banner & All Google Ads. For full list of Premium Member benefits Click HERE.

  • Join The Silver Forum

    The Silver Forum is one of the largest and best loved silver and gold precious metals forums in the world, established since 2014. Join today for FREE! Browse the sponsor's topics (hidden to guests) for special deals and offers, check out the bargains in the members trade section and join in with our community reacting and commenting on topic posts. If you have any questions whatsoever about precious metals collecting and investing please join and start a topic and we will be here to help with our knowledge :) happy stacking/collecting. 21,000+ forum members and 1 million+ forum posts. For the latest up to date stats please see the stats in the right sidebar when browsing from desktop. Sign up for FREE to view the forum with reduced ads. 

I promise to pay the bearer on demand

Recommended Posts

Up until 1914 i suspect. The sovereign was withdrawn from circulation, so clearly banks would not be handing out a coin that was not in circulation.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

Link to comment
Share on other sites

Between 4th and 7th Aug 1914 - UK entered war on 4th, emergency treasury notes entered circulation on 7th. Government suspended gold payments sometime in this window.

Gold remained in circulation for a while but when each coin got paid into the banks it didn't come back out. So by summer 1915, gold was more or less gone.


The wording has remained on banknotes even though the redemption ended with WWI. It's true that silver coins remained in circulation much longer, but silver coins were only 'token' coinage, as they were not struck at full face value weight and hadn't been since 1816. So silver shouldn't really be considered in the same light.

Link to comment
Share on other sites

In reality the saying is probably about as worthless as the term legal tender.

In some ways I'd probably miss all these little idiosyncrasies we have with our money if we went over to a digital currency, someone slipping in a foreign coin in to your change or seeing the queen's portrait every day 😀

Link to comment
Share on other sites

  • 2 weeks later...

I read about this a number of years ago, "I Promise to Pay The Bearer ..." on really old bank notes was written in proper case text which is the correct legal way to write the legal document.

Today, those words on our notes are all in uppercase letters, which means it can't be formed as part of the legal document because it doesn't mean anything.

The notes have margins on the left and right sides of the notes and anything in the left or right sides of the margins are not deemed to be part of the document... if you look at a £20 note today, the "£20" is in the left margin and a "20" without the "£" sign is on the document.  So, what we PROMISE to pay is meaningless and to pay "20" of something - it doesn't stipulate what it is, all we know is that it's 20 of something.

On a positive note, I like the artwork on the notes... now then, where's my monopoly board and money! 😄 

Edited by GoldenGriffin
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...

Cookies & terms of service

We have placed cookies on your device to help make this website better. By continuing to use this site you consent to the use of cookies and to our Privacy Policy & Terms of Use