The Bank of England began issuing its first banknotes in 1694.
The bank was founded in London in 1694 to raise money for King William III’s government, particularly during wartime borrowing. Its early notes represented deposits or promises to pay and were handwritten before later becoming printed documents.
Bank of England notes gradually became an important part of Britain’s monetary system. Although the bank initially competed with private and provincial issuers, its government relationship and expanding role in public finance increased confidence in its notes.
The date is sometimes confused with the introduction of modern standardized banknotes. The bank existed from 1694, but its notes changed substantially over the following centuries, including the move from handwritten promises to printed designs and eventually polymer notes.