United Kingdom Currency & Banknote Values

The union of the crowns of England (which had already annexed Wales) and Scotland in 1603, followed by a merger of their two parliaments in 1707, created the United Kingdom of Great Britain (the name of the largest island in the British Isles). With the annexation of Ireland in 1801, this became the United Kingdom of Great Britain and Ireland, then with the secession of the bulk of the island of Ireland in 1921, the United Kingdom of Great Britain and Northern Ireland. Eight banks are currently authorized to issue banknotes in the United Kingdom, although formerly many more regional banks were also authorized issuers. However, only the Bank of England is authorized to issue banknotes in England and Wales and, by extension, for the United Kingdom as a whole. For Scottish issuers, see Scotland; for Northern Irish issuers, see Northern Ireland; and for Irish issuers prior to the secession from the United Kingdom in 1921 of what became the Republic of Ireland, see Ireland. Wales has never issued banknotes, although the question was debated, and rejected, in the UK parliament in 2016. The Pick cross-references in this chapter are from the Great Britain chapter of the SCWPM.