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The cashier smiled politely when I slapped my rather grubby fiver on the counter and demanded 420 quid's worth of sterling silver. He shrugged and counted out five one pound coins, saying "Best we can do, I'm afraid" "I KNOW MY RIGHTS!!!!" I hollered but the cashier simply switched on a mike and announced "Sid! We've got another one!" Just then, a security guard appeared, frogmarching a customer dressed as Ghengis Khan to the front door "With you in a minute, Tom" he said. Now I admit that I didn't really expect them to hand over five Troy Pounds of sterling silver without an argument but hurling me out the front door head first is hardly the way I'd expected the Old Lady of Threadneedle Street to behave! "You've not heard the last of this!" I shouted...... but, actually, I think they have.... well, from me, anyway.
What is the Bank’s “Promise to Pay”?
The words "I promise to pay the bearer on demand the sum of five [ten/twenty/fifty] pounds" date from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold to the same value. For example, a £5 note could be exchanged for five gold coins, called sovereigns. But the value of the pound has not been linked to gold for many years, so the meaning of the promise to pay has changed. Exchange into gold is no longer possible and Bank of England notes can only be exchanged for other Bank of England notes of the same face value. Public trust in the pound is now maintained by the operation of monetary policy, the objective of which is price stability
Originally posted by jumpingbeanz
I was thinking this the other day when looking at my notes and i thought the same thing and also i don't care who they out on the back of the notes they have blindly robbed us of our hard earned cash that has no real trade value except fire ember.