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i promise to pay the bearer on demand the sum of...
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so why bother having the promise on there then?
surely the coins are just another form of promissory rather than actual value?
it dates from the time when paper notes were a representation of money, and coins were the actual metal, to the value of whatever it was. So a groat contained 4d's worth of silver, and to make change from a penny you cut it in half or quarters....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Radiantsoul wrote: »We left the Gold Standard in 1931 so it is not really modern history, things seem to have moved along ok without it!
In the event of a collapse in confidence convertability could have been suspended and you are free to buy gold at any time.
That's modern history!
Early modern history is Tudors and Stuarts....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
sort of peeters out after 1921;)
http://www.bankofengland.co.uk/banknotes/about/history.htm
Incidentally, the pound is the oldest currency still used.
Bank notes used to be huge, grand affairs, too, much bigger than notes now....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Fiddlestick wrote: »
The value in land is what you can do with it and any mineral or fishing rights that come with it.
Providing, that is, that other people recognise your value in the land.
Owning land in, say, Russia in 1916 is a good example. Roll forward a few months, and your ownership of land had no value at all....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »Providing, that is, that other people recognise your value in the land.
Owning land in, say, Russia in 1916 is a good example. Roll forward a few months, and your ownership of land had no value at all.
Or Chernobyl in 1986.
Any asset is worth what someone else will pay for it and what you will sell it for. Money is no different.
'Intrinsic value' is a myth.0 -
not that we ever had it. from the invention of promissory notes goldsmiths were lending out more notes than they had in gold. the legality of such practices has never been tested....
Simply not true. The legality of such practices was tested in British courts in the 19th century.“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0 -
I have sent the following email to the Bank of England:
I will let you know their response.
The response:Hello
The words 'I promise to pay the bearer on demand the sum of....' which continue to appear on our banknotes, date from the days when our banknotes were backed by gold, and meant that the Bank of England undertook to exchange any banknotes paid in by the public with gold to the same value (banknotes originated as receipts for gold deposited with goldsmiths). This is no longer the case, however, and these days our banknotes are backed by securities. 'I promise to pay the bearer..' holds true today, however, in respect of
1) any out of date (ie withdrawn) Bank of England notes, and
2) current defaced, torn or in any other sense 'mutilated' Bank of England notes
When we pay out against such notes, we nowadays simply exchange them for new (ie replacement) notes. You may wish to be aware that the legislation governing the above is the Currency and Banknotes Act 1954, Chapter 12.
Should you be interested, there is more about our banknotes at:
www.bankofengland.co.uk and then click on 'Banknotes'
Kind regards0 -
"banknotes are backed by securities".....do they mean loans??!!Those who will not reason, are bigots, those who cannot, are fools, and those who dare not, are slaves. - Lord Byron0
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Thanks for posting this Gen, very interesting....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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