Money Matters: The Bank of England

As one who likes to spend money, I didn’t know much more than I work to earn money so I can siphon it away on pretty and practical things (you have to eat right?). A trip to the Bank of England taught me there is so much more going on.

It is all about trust: trust you can trade a note for somethings you want, and trust that when you put your money into a bank you can collect that money at anytime. If people don’t trust their bank like this they remove their money in an attempt to keep it safe, leading to a collapse of the bank and a downward trend in the economy. This is where the Bank of England steps in.

It is all a balancing act of spending, to keep a constant inflation rate…

Who knew there was so much behind money?! I’m very glad others understand this more than me!! Think  I’ll stick to fixing broken bones and diseases 🙂 But I definitely enjoyed the Bank of England Museum and the history behind it all!

      

Fun Facts:

• William Shakespeare was the first historical figure to appear on the bank note (1970)
• If you look closely at all notes there are the words: ‘Promise to pay’
• 1694 Bank of England notes were first issued
• 1960 Was the first use of a monarch’s portrait (Elizabeth II)
• Elizabeth Fry (5 pound note) will be replaced by Winston Churchill (around 2016)
• Charles Darwin  (10 pound note) [I am sad to see this one change! ]will be replaced by Jane Austin (around 2017)
• You can vote for who will appear next on the 20 pound note!!!!
• When you place the notes under a black-light security features appear ( I especially like the 20 pound note, as it looks like bacteria!)
• A gold brick is currently worth ~300,000 pounds (and it is heavy!!!)

        

Yes this is my attempts at trying to pick up a gold brick!!!

Till next time…