21st Century money
Take a closer look at how currency is produced and
controlled. What is it about 21st century money that means we
can trust it?
What's so special about 21st century money?
We have found some clever ways of solving all the
problems of the past. Take a look at some modern coins and notes.
They are easy to identify, fit easily in your pocket and last
a long time. The wide range of coins and notes – from
the 1p coin to the £50 note – means that we can
make up any number of different amounts.
How can we trust 21st century money?
Our modern banknotes developed from the use of paper receipts
given by a special bank called the Bank of England. Set up in
1694 to help King William III raise money to fight a war against
the French, people used the Bank as a safe place to store their
gold.
Money today
Banknotes today are for round amounts of value –
£5, £10, £20 and £50. If you take a
banknote to the Bank of England now, you will not be given any
gold. Banknotes today no longer stand for an amount of gold.
Other forms of 21st century money
Today, cash is not the only way to pay for things.
You can write a cheque or use a debit or smart card. Tokens
and vouchers are also accepted as a way of paying for things.
They work because people trust them.
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