Bank of England £50 note
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The Bank of England £50 note is a sterling banknote. It is the highest denomination of banknote currently issued for public circulation by the Bank of England. The current note, the first of this denomination to be printed in polymer, entered circulation on 23 June 2021. It bears the image of Queen Elizabeth II on the obverse and computer scientist and World War II codebreaker
Alan Turing Alan Mathison Turing (; 23 June 1912 – 7 June 1954) was an English mathematician, computer scientist, logician, cryptanalyst, philosopher, and theoretical biologist. Turing was highly influential in the development of theoretical co ...
on the reverse, with his birth date reflecting the release date. Cotton £50 notes from the previous series remained in circulation alongside the new polymer notes until 30 September 2022, when the last 'paper' banknote issue finally ceased to be legal tender.


History

£50 notes were introduced by the Bank of England for the first time in 1725. The earliest notes were handwritten and were issued as needed to individuals. These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier. With the exception of the Restriction Period between 1797 and 1821, when the
French Revolutionary Wars The French Revolutionary Wars (french: Guerres de la Révolution française) were a series of sweeping military conflicts lasting from 1792 until 1802 and resulting from the French Revolution. They pitted France against Britain, Austria, Prussia ...
and the
Napoleonic Wars The Napoleonic Wars (1803–1815) were a series of major global conflicts pitting the French Empire and its allies, led by Napoleon I, against a fluctuating array of European states formed into various coalitions. It produced a period of Fren ...
caused a bullion shortage, these notes could be exchanged in full, or in part, for an equivalent amount of gold when presented at the bank. If redeemed in part, the banknote would be signed to indicate the amount that had been redeemed. From 1853 printed notes replaced handwritten notes, with the declaration "I promise to pay the bearer on demand the sum of fifty pounds" replacing the name of the payee. This declaration remains on Bank of England banknotes to this day. A printed signature of one of three cashiers appeared on the printed notes, although this was replaced by the signature of the Chief Cashier from 1870 onwards. The ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the
gold standard A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the l ...
. The £50 note ceased to be produced by the Bank of England in 1943 and did not reappear until it was reintroduced in 1981. These D series notes were predominantly olive green on both sides, with an image of Queen Elizabeth II on the front (as with all subsequent £50 notes) and an image of architect Christopher Wren on the back. As a security feature, this note had a metallic thread running through it, which was upgraded to a "windowed" thread from July 1988 onward. The thread is woven into the paper such that it forms a dashed line, yet appears as a single line when held up to the light. The series D note was gradually replaced by the series E, beginning in 1994. This reddish note replaced Christopher Wren with John Houblon, the first governor of the Bank of England, on the reverse. As an additional security feature, these notes had a foil patch on the front. The E revision series did not have a £50 note. The 2011 £50 note features two portraits on the reverse: engineer and scientist James Watt and industrialist and entrepreneur
Matthew Boulton Matthew Boulton (; 3 September 172817 August 1809) was an English manufacturer and business partner of Scottish engineer James Watt. In the final quarter of the 18th century, the partnership installed hundreds of Boulton & Watt steam engin ...
, along with the
Whitbread Engine The Whitbread Engine preserved in the Powerhouse Museum in Sydney, Australia, built in 1785, is one of the first rotative steam engines ever built, and is the oldest surviving. A rotative engine is a type of beam engine where the reciprocating mo ...
and the Soho Manufactory. The note has a number of security features in addition to the metallic thread, including motion thread, raised print, a watermark, microlettering, a see-through registration device, and a colourful pattern that only appears under
ultraviolet Ultraviolet (UV) is a form of electromagnetic radiation with wavelength from 10 nm (with a corresponding frequency around 30  PHz) to 400 nm (750  THz), shorter than that of visible light, but longer than X-rays. UV radiation ...
light. It is the first Bank of England banknote to feature two people on the reverse, and the first Bank of England note to feature the motion thread security feature. This is an image in a broken green thread that moves as the note is viewed from different angles. The new Series G £50 note was brought into circulation in June 2021; it is the last of the Bank of England's notes to switch from paper to polymer. The reverse of the note features a portrait of mathematician and codebreaker
Alan Turing Alan Mathison Turing (; 23 June 1912 – 7 June 1954) was an English mathematician, computer scientist, logician, cryptanalyst, philosopher, and theoretical biologist. Turing was highly influential in the development of theoretical co ...
. Suggestions were sought by the Bank for eligible scientists prior to Turing's selection. Some 227,299 nominations covering 989 scientists were received, and the shortlist eventually consisted of (in individuals and pairs)
Mary Anning Mary Anning (21 May 1799 – 9 March 1847) was an English fossil collector, dealer, and palaeontologist who became known around the world for the discoveries she made in Jurassic marine fossil beds in the cliffs along the English Channel ...
,
Paul Dirac Paul Adrien Maurice Dirac (; 8 August 1902 – 20 October 1984) was an English theoretical physicist who is regarded as one of the most significant physicists of the 20th century. He was the Lucasian Professor of Mathematics at the Univer ...
, Rosalind Franklin,
William Herschel Frederick William Herschel (; german: Friedrich Wilhelm Herschel; 15 November 1738 – 25 August 1822) was a German-born British astronomer and composer. He frequently collaborated with his younger sister and fellow astronomer Caroline ...
and
Caroline Herschel Caroline Lucretia Herschel (; 16 March 1750 – 9 January 1848) was a German born British astronomer, whose most significant contributions to astronomy were the discoveries of several comets, including the periodic comet 35P/Herschel–Rigolle ...
, Dorothy Hodgkin, Ada Lovelace and Charles Babbage, Stephen Hawking,
James Clerk Maxwell James Clerk Maxwell (13 June 1831 – 5 November 1879) was a Scottish mathematician and scientist responsible for the classical theory of electromagnetic radiation, which was the first theory to describe electricity, magnetism and li ...
, Srinivasa Ramanujan,
Ernest Rutherford Ernest Rutherford, 1st Baron Rutherford of Nelson, (30 August 1871 – 19 October 1937) was a New Zealand physicist who came to be known as the father of nuclear physics. ''Encyclopædia Britannica'' considers him to be the greatest ...
, Frederick Sanger, Alan MacMasters and Turing.


Future

Peter Sands, an advisor to the British Government and former Chief Executive of Standard Chartered, has raised concern with the Bank of England over high denomination notes and their role in
tax evasion Tax evasion is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to reduce the tax ...
. He claimed that scrapping the £50, and other high denomination notes such as the CHF 1000, 500€ and
$100 There are many $100 banknotes, bills or coins, including: * Australian one-hundred-dollar note * Canadian one-hundred-dollar note * Nicaraguan one-hundred-cordoba note * United States one-hundred-dollar bill * One of the banknotes of the Hong Kong ...
, would reduce financial crime.


Designs

Information taken from Bank of England website.


See also

*
Bank of England note issues The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of bankno ...


Notes


References


External links


Bank of England website
{{DEFAULTSORT:Bank of England 50 note 1725 establishments in England Banknotes of England Fifty-base-unit banknotes Cultural depictions of Alan Turing