Here’s a treat for a Bank Holiday Monday – a £100 million note. And it is genuine.
That’s the good news. The bad news is that you’re very unlikely to see it as it is kept permanently within the vaults of the Bank of England.
Cash of the Titan
The note is a Titan. Its role is to underpin the value of standard bank notes issued by commercial banks in Scotland and Northern Ireland. These banks deposit an equivalent amount in sterling with the Bank of England for each of their own notes that they prints. As a result, were any of the banks to collapse, the value of their banknotes would be retained, guaranteed by the Bank of England.
To maintain security Titans and their £1 million cousin Giants are printed internally, rather than being printed by an external company.
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