The financial history of British pound is the history of British dominance over half of the world. It also reflects as how the subjects of British colonies help the British crown to make the pound stronger and stronger by pouring the wealth of these colonies to Britain. As the Britain grew economically stronger and stronger so the British currency became healthier and healthier. You can have in-depth knowledge of British financial history from the libraries and museums.
History of British pound
It is very interesting to know the history of British pound as it also reflects the might of the British Empire, which was spread to more than 40 countries all over the world. The first British pound was published on the cotton paper and it was hand written by the cashier of the bank of England. The note was written on one side only and the other side was blank. The both side printed note came into existence only in the latter years of the 18th century. The colored notes with both sides print were introduces in the 19th century and the multicolored notes were introduced by the bank of England in the sixth decade of 19th century.
How the notes are printed?
The notes are printed by Bank of England and the process of printing the note is completed in three different stages which are as follows:
- The printing of the note in the first stage is done through the offset printing. It means that offset roller carries the paper to the various plates and the specific color of the plate is printed on the note. The lettering and the portrait of the queen, and numbering is printed differently.
- In second process, the letters which are raised in nature are printed. In this process, the ink is placed between the engravings done on the plate. The plate comes in contact with the note with very great pressure and the raised engraving and the portrait of the Queen on the note is printed.
- The ink is transferred to the raise letters and the serial number of the note is printed. Thus, the note is finally printed.
The distribution of the notes is done by the separate agency known as Note circulation scheme. This agency purchases the note from the bank of England and distributes the notes to different financial institutions and retailers. Thus, the financial story of the note ends when it reaches the common man who uses the money to fulfill his requirements.