Something does not add up at the Old Lady of Threadneedle Street!
As a collector of old bank notes from all around the world, I came upon some Bank of England £1 promissory notes tonight and at the same time, I realized that the gold sovereign coin is still legal tender for £1 which means one could pay for the Saturday edition of the Daily Mail with a gold sovereign. To do so, of course, would be very foolish as one can get over £200 Bank of England promissory notes for selling a gold sovereign to a bullion dealer.
The £1 Bank of England note has not been legal tender since 1984 but according to Wikipedia "The Bank of England will exchange old £1 notes for their face value in perpetuity." So if the Bank of England Chief Cashier Promises "to Pay the Bearer on Demand the Sum of One Pound" and that said pound has the same nominal value as a gold sovereign does it not follow that the bearer of that £1 note should be able to redeem it for a gold sovereign with the Chief Cashier of the Bank of England?
The Bank of England will exchange a promissory note in perpetuity!
The gold sovereign still has a nominal value of £1 pound.
The gold sovereign is still legal tender:
Why the £1 Bank of England note does not shows the picture of the queen of the old lady? I think because the bank note is the illusory itself.
This note is from 1978 so that’s why she looks younger.