Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

The 1783 proposal for a readymade note at the Bank of England

The 1783 proposal for a readymade note at the Bank of England This article analyses the 1783 proposal to issue readymade notes to the Bank of England's private banking customers. Prior to 1783, I argue that there were two broad categories under which the Bank issued its notes into circulation: (1) notes which were issued to government in relation to the Bank's role as facilitator of the fiscal revenues of state, and (2) notes which were issued to its private banking customers. The readymade note was a form of paper money which the Bank had previously been issuing only to government and, unlike the notes which the Bank originally issued to its private banking customers, was made out in advance of its being issued into circulation. I argue that the transformation suggested in the 1783 proposal was made possible by the unique relationship which the Bank had always had with the government, and I will make three observations based on identifying how this transformation took place. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Financial History Review Cambridge University Press

The 1783 proposal for a readymade note at the Bank of England

Financial History Review , Volume 29 (1): 26 – Apr 1, 2022

The 1783 proposal for a readymade note at the Bank of England

Financial History Review , Volume 29 (1): 26 – Apr 1, 2022

Abstract

This article analyses the 1783 proposal to issue readymade notes to the Bank of England's private banking customers. Prior to 1783, I argue that there were two broad categories under which the Bank issued its notes into circulation: (1) notes which were issued to government in relation to the Bank's role as facilitator of the fiscal revenues of state, and (2) notes which were issued to its private banking customers. The readymade note was a form of paper money which the Bank had previously been issuing only to government and, unlike the notes which the Bank originally issued to its private banking customers, was made out in advance of its being issued into circulation. I argue that the transformation suggested in the 1783 proposal was made possible by the unique relationship which the Bank had always had with the government, and I will make three observations based on identifying how this transformation took place.

Loading next page...
 
/lp/cambridge-university-press/the-1783-proposal-for-a-readymade-note-at-the-bank-of-england-fW6QneoXVk
Publisher
Cambridge University Press
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History
ISSN
1474-0052
eISSN
0968-5650
DOI
10.1017/S0968565021000123
Publisher site
See Article on Publisher Site

Abstract

This article analyses the 1783 proposal to issue readymade notes to the Bank of England's private banking customers. Prior to 1783, I argue that there were two broad categories under which the Bank issued its notes into circulation: (1) notes which were issued to government in relation to the Bank's role as facilitator of the fiscal revenues of state, and (2) notes which were issued to its private banking customers. The readymade note was a form of paper money which the Bank had previously been issuing only to government and, unlike the notes which the Bank originally issued to its private banking customers, was made out in advance of its being issued into circulation. I argue that the transformation suggested in the 1783 proposal was made possible by the unique relationship which the Bank had always had with the government, and I will make three observations based on identifying how this transformation took place.

Journal

Financial History ReviewCambridge University Press

Published: Apr 1, 2022

Keywords: Bank of England; readymade note; paper credit; issuance; N23; N43; E42

References