100 Pound White Note 1938 Peppiatt obverse

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

banknotes A banknote or bank notealso called a bill (North American English) or simply a noteis a type of paper money that is made and distributed ("issued") by a bank of issue, payable to the bearer on demand. Banknotes were originally issued by commer ...

at the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...

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 to avoid settlement risk. Settlement ...

in the UK's high value payment systems (

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and

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). * 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 The Chief Cashier of the Bank of England is the person responsible for issuing Bank_of_England_note_issues, banknotes at the Bank of England and is the director of the divisions which provide the Bank of England's banking infrastructure. This ...

*1739–1751: James Collier and Daniel Race (jointly) *1751–1759: Daniel Race and Elias Simes (jointly) *1759–1775: Daniel Race *1775–1777: Charles Jewson *1778–1807: Abraham Newland *1807–1829: Henry Hase *1829–1835: Thomas Rippon *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 Sir Ernest Musgrave Harvey, 1st Baronet, Order of the British Empire, KBE, (1867–1955) was the Chief Cashier of the Bank of England from 1918 to 1925. Harvey was replaced as Chief Cashier by Cyril Patrick Mahon. He was Deputy Governor of the Ban ...

*1925–1929: Cyril Patrick Mahon *1929–1934: Basil G. Catterns *1934–1949: Kenneth Peppiatt *1949–1955:

Percival Beale Percival Spencer Beale (14 September 19064 February 1981) was the 21st Chief Cashier of the Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. E ...

*1955–1962:

Leslie O'Brien Leslie Kenneth O'Brien, Baron O'Brien of Lothbury (8 February 1908 – 24 November 1995) was Governor of the Bank of England. After attending Wandsworth Grammar School in London, he joined the Bank of England in 1927 and rose through the ...

*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 Marlb ...

*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 *2014–2018: Victoria Cleland *2018–2025: Sarah John *2025–: Victoria Cleland

References

{{Reflist Bank of England

Responsibilities

History

Chief Cashiers of the Bank of England

See also

References