Hairy security

August 1999, Volume 36 No. 8
THE annual report of the Bank of England is an 88-page document, crammed with weighty and portentous matter of primary interest to economists, bankers and financiers, but here and there we find little nuggets of numismatic appeal.
The year under review was particularly significant for the passage of the new Bank of England Act which came into force on June 1, 1998. This set out the major changes in the Bank's powers, responsibilities, governance and financial framework which had been forceast by the Chancellor in May 1997. It is interesting to note that the Bank is not only the government's chosen instrument for maintaining monetary and financial stability on a day-to-day basis, but also a not inconsiderable source of revenue to the state. The Act requires the Bank to make an annual payment in lieu of dividend to the Treasury of half its post-tax profits-"or such other sum as HM Treasury and the Bank may agree".

The Organisation Overview summarises the work of the Bank's sub-divisions and collectors of banknotes will be particularly interested to read the section dealing with the printing works, which manufactures its own inks and security threads as well as printing plates. The role of Debden Securities Printing Limited (DSP) in applying its expertise to commercial sales at home and abroad is also highlighted, and this is reflected in the more commercial approach to the sale of matched pairs and other products to collectors.

The retirement of Graham Kentfield, Chief Cashier since 1991, is recorded, together with the introduction of the new Chief Cashier, Ms Merlyn Lowther, from January 1, 1999. This of course has brought about a change in the signatures on the new issues of banknotes.

More important, however, is the introduction of a completely new £20 note honouring the Worcestershire composer Sir Edward Elgar. Although the report itself does not contain details of the design, this was the subject of a recent television news item which seemed to imply that Elgar was chosen not because of his musical renown so much as for his hirsute qualities. Hair, we were told, was impossible for the forger to duplicate accurately, and that was what had made the tousled locks of Michael Faraday so appealing in the first place.

Now it is the exceptionally bushy moustache of Sir Edward which has recommended him to the Bank. The hair adorning the upper lip of the composer of "Land of Hope and Glory" is, indeed, of the uncontrollably bristly variety rather than the well-trained and waxed or briskly clipped military types. On this basis may we therefore expect in the fulness of time to see Charles Darwin supplanting Charles Dickens on the tenner? According to the Bank Report there was a significant increase in £10 and £20 notes in circulation-5,966 million of the former and 11,414 million of the latter-by far and away the most popular notes and a soberinj reflection on inflation and the depreciation of our currency at the end of the 20th century. By contrast, only 1,111 million fivers are now in circulation.

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In This Issue

Spotlight23
The 'colts' of Corinth
Corinth's location enabled trade in all directions, allowing the famous starters to be distributed far and wide
Ancients25
'Judaea Navalis' coin
The destruction of Judaea by the Romans was documented on their coinage but not all the coins are what they seem.
Feature29
Elizabeth I
A look at the coins of Elizabethan England
Background33
Coins of an uncrowned king
A look at the coinage of Edward VIII that has attained almost mythical status in the numismatic world.
Insight36
Coinage of Russia - ii
The second part of this series charts the development of Russia's money in the bloody period of their middle ages.
Tokens39
No business like show business
The big top, the stage, the screen - it's like no business we know!
Collector's notebook41
Yet More Saints
The final article in the series introduces a few more of the religious medals that we often stumble across
Banknote Feature46
The paper money of Austria
Covering the period of the aftermath of the Seven Weeks War to the aftermath of the First World War.
Competition59
The New £20 note
Your chance to win a low number of the first new design issued under the new Chief Cashier in this simple word square.
The Back Page64
MONEY WEEK 1999
Announcing plans for this exciting new event in the calendar organised by the British Museum in conjuction with COIN NEWS

Regulars

Special subscription offer8
Coin News & Views12
New issues Update16
New issues Update18
Banknote News & Views43
Banknote New Issues45
Bookshelf51
Price Guide to Threepences52
Dealer's Lists55
What's On57
The Coin Clinic58
The Notice Board60
Classifieds - FREE to Subscribers62