(Jul 9, 2017)
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local governments use Bank of England notes as backing for local issuance by allowing them to be exchanged 1:1 at face value
silver coins known as "sterlings" were issued in the Saxon kingdoms, 240 of them being minted from a pound of silver
In the 19th century, regulations limited the smallest note issued by Scottish banks to be the £1 denomination, a note not permitted in England
These notes included the unusual denominations of 30/- and £3. The highest denomination issued by the Irish banks was £100
Scottish and Northern Irish banks followed, with only the Royal Bank of Scotland continuing to issue this denomination
After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England
The reverse design incorporated the logo of the Bank of England
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