Paper Money

Paper Money, bank notes, bills of exchange, and promissory notes. On the outbreak of the war with Germany in August, 1914, the government issued currency notes for 1l. and 10s. respectively to a considerable amount. The first issued were soon called in, others of better design and less easy to imitate being substituted. Currency notes were commonly called 'Treasury notes,' and were legal tender for the payment of any amount. See (English) Currency and Bank Notes Act, 1914 (4 & 5 Geo. 5, c. 14), and (the Amendment Act), c. 72. These (English) Acts have been repealed (except penal and formal provisions) by the (English) Currency and Bank Notes Act, 1928 (18 & 19 Geo. 5, c. 13), which authorizes the Bank of England to issue Bank notes for 1l. and 10s., payable only at the head office in London but to be legal tender in Scotland and Northern Ireland for any amount, as the 1914 currency notes are to be deemed bank notes.