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There are other banks in the UK apart from the Bank of England (such as the Bank of Scotland), and they all issue their own notes. The government requires that all notes issued must be backed by the same amount in BoE issued notes.
I.e. if they issue £100 worth of Scottish notes, £100 of Bank of England notes must exist somewhere.

In order to make this easier, the Bank of England issues £1,000,000 notes so that the other banks don't have to store loads of smaller denominations.

The note is legal tender, but I have never seen one, so if someone could find a picture of it for me, that would be cool.

2007-06-22 01:00:20 · 1 answers · asked by saralk 1 in Business & Finance Other - Business & Finance

1 answers

I don't know where you get your information, but there has never been anything bigger than a 1000 pound note, and that was withdrawn in the 1940s.
The Bank of England hasn't issued anything larger than a 50 pound note since WW2. Yes, some of the Scotland and Northern Ireland banks do issue a 100 pound note.
Please ss the article below for details:

http://en.wikipedia.org/wiki/British_banknotes

2007-06-22 14:26:43 · answer #1 · answered by F. Frederick Skitty 7 · 0 0

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