100 Pound White Note 1938 Peppiatt obverse

The Chief Cashier of the Bank of England is the person responsible for issuing

banknotes A banknote—also called a bill (North American English), paper money, or simply a note—is a type of negotiable promissory note, made by a bank or other licensed authority, payable to the bearer on demand. Banknotes were originally issued ...

at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all bank notes issued by the Bank of England. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating the title. The post is currently held by Sarah John who was appointed in June 2018. She is the 33rd Chief Cashier since the Bank was founded in 1694.

Responsibilities

The position has the following responsibilities: * The security and effective operation of

real-time gross settlement Real-time gross settlement (RTGS) systems are specialist funds transfer systems where the transfer of money or securities takes place from one bank to any other bank on a "real-time" and on a " gross" basis. Settlement in "real time" means a payme ...

in the UK’s high value payment systems (

CHAPS Chaps ( or ) are sturdy coverings for the legs consisting of leggings and a belt. They are buckled on over trousers with the chaps' integrated belt, but unlike trousers, they have no seat (the term "assless chaps" is a Tautology (language), taut ...

and CREST). * Along with the Bank’s Sterling Markets Division they are also responsible for the provision of liquidity to the market and settlement banks. * The issuing and effective distribution of banknotes and their security against counterfeiting. * The provision of banking services, focusing on high-value government banking. The Executive Director Banking & Chief Cashier is a member of the Governor’s Executive Team which is the Bank’s senior management group.

History

In 1694 the Bank of England was established. Almost immediately, the Bank started to issue notes in return for deposits. The crucial feature that made Bank of England notes a means of exchange was the promise to pay the bearer the sum of the note on demand. This meant that the note could be redeemed at the Bank for gold or coinage by anyone presenting it for payment. If it was not redeemed in full, it was endorsed with the amount withdrawn. These notes were initially handwritten on Bank paper and signed by one of the Bank’s cashiers. During the 18th century there was a gradual move towards fixed denomination notes. In 1725 the Bank started issuing partly printed notes for completion in manuscript. The £ sign and the first digit were printed but the cashier’s signature along with the name of the payee and other numerals were added by hand. The first fully printed notes appeared in 1855 relieving the cashiers of the task of filling in the name of the payee and signing each note individually. The practice of writing the name of the Chief Cashier as the payee on notes was halted in favour of the anonymous "I promise to pay the bearer on demand the sum of …", a feature that has remained unchanged on notes to this day. The printed signature on the note continued to be that of one of three cashiers until 1870; since then it has always been that of the Chief Cashier. The Bank of England notes on its website that the promise holds "for all time", even after notes have been withdrawn from circulation. This means that every Bank of England note can be exchanged for its face value at any time.

Chief Cashiers of the Bank of England

Listed below are the names of people who have held the post of Chief Cashier at the Bank of England: *1694–1694: John Kendrick *1694–1699: Thomas Speed *1699–1739: Thomas Madockes *1739–1751:

James Collier James William Collier (September 28, 1872 – September 28, 1933) was a politician from the U.S. state of Mississippi. Born on the Glenwood Plantation near Vicksburg in 1872, he graduated from the University of Mississippi at Oxford in ...

and Daniel Race (jointly) *1751–1759: Daniel Race and

Elias Simes Elias is the Greek equivalent of Elijah ( he, אֵלִיָּהוּ‎ ''ʾĒlīyyāhū''; Syriac: ܐܠܝܐ ''Eliyā''; Arabic: الیاس Ilyās/Elyās), a prophet in the Northern Kingdom of Israel in the 9th century BC, mentioned in several holy ...

(jointly) *1759–1775: Daniel Race *1775–1777: Charles Jewson *1778–1807: Abraham Newland *1807–1829:

Henry Hase Henry Hase (September 26, 1847 – January 25, 1929) was an American politician. Hase served as acting mayor of Milwaukee, Wisconsin from June 5, 1893 until July 1, 1893, when Peter J. Somers resigned in order to serve in the United States ...

*1829–1835:

Thomas Rippon Thomas Rippon may refer to: * Pip Rippon (Thomas Rippon, 1888–1950), English footballer * Thomas Rippon (cashier) Thomas Rippon (1760–1835) was the Chief Cashier of the Bank of England from 1829 to 1835. Rippon was replaced as Chief Cashier ...

*1835–1864: Matthew Marshall *1864–1866: William Miller *1866–1873: George Forbes *1873–1893: Frank May *1893–1902: Horace Bowen *1902–1918: Sir John Gordon Nairne, 1st Baronet *1918–1925: Ernest Musgrave Harvey *1925–1929: Cyril Patrick Mahon *1929–1934:

Basil G. Catterns Basil Gage Catterns (20 June 1886 – 5 February 1969) was the Chief Cashier and Deputy Governor of the Bank of England. He was born in Oswaldtwistle, Lancashire, son of the Rev. T.E.S. Catterns and educated at Trent College Trent College i ...

*1934–1949: Kenneth Peppiatt *1949–1955: Percival Beale *1955–1962: Leslie O'Brien *1962–1966: Jasper Hollom *1966–1970: John Standish Fforde *1970–1980: John Page *1980–1988:

David Somerset David Robert Somerset, 11th Duke of Beaufort GCC (23 February 1928 – 16 August 2017), known as David Somerset until 1984, was an English peer and major landowner. An important figure in the world of fox hunting, he was also chairman of Marl ...

*1988–1991: Malcolm Gill *1991–1998: Graham Kentfield *1999–2003:

Merlyn Lowther Merlyn Vivienne Lowther (born March 1954) was Chief Cashier of the Bank of England from 1999 to 2003. She was the first woman to hold the post. The signature of the Chief Cashier appears on Bank of England banknotes. Lowther was succeeded by Andr ...

*2004–2011: Andrew Bailey *2011–2014:

Chris Salmon Chris Salmon was Executive Director, Markets at the Bank of England. Between 2011 and 2014 he was Chief Cashier of the Bank of England. The signature of the Chief Cashier appears on British banknotes. Salmon was succeeded as Chief Cashier by Vi ...

*2014–2018:

Victoria Cleland Victoria Mary Florence Cleland (born 26 February 1970) was the Director for Banknotes and Chief Cashier of the Bank of England, a position she held from March 2014 until 1 June 2018 when was replaced by Sarah John (the third woman to be named as ...

*2018–present: Sarah John

References

{{Reflist Bank of England

Responsibilities

History

Chief Cashiers of the Bank of England

See also

References