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Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report Silver coins were legal tender by tale for amounts under �25; but above that sum they were only legal tender by weight, at the coinage rate Of 55. 2d. An ounce, and there was no possible inducement to anyone to tender them at that rate, as they were commonly very much worn, and consequently any one p Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report Silver coins were legal tender by tale for amounts under �25; but above that sum they were only legal tender by weight, at the coinage rate Of 55. 2d. An ounce, and there was no possible inducement to anyone to tender them at that rate, as they were commonly very much worn, and consequently any one paying them away at 53. 2d. To the ounce would have lost heavily as compared with passing them in small amounts at their nominal value. There was no legal-tender paper. Bank Of Eng land notes, promising to pay the bearer on demand �10, �20, and a few larger sums, circulated freely in London and the immediate neighbourhood. Out side that area there were in circulation similar notes for sums Of �5 and upwards, issued by over two hundred banks with less than six partners, called the country banks because the London private banks had long ago abandoned the business of issuing notes. The country banks did not go below �5, because the law had forbidden smaller notes since 1777 the Bank of England's abstention from issuing �5 notes (maintained by it till soon after the beginning Of the war) seems to have been due to mere conservatism - it had only begun to issue �10 notes in 1759. The whole amount of Bank Of England notes in circulation was about 12 millions: the amount of country notes is unknown, but later statistics suggest that it may have been not far Off the same figure. The amount Of gold coin in the country is supposed to have been from 20 to 30 millions, but it must be remembered that a far larger proportion than in modern times would be locked away in hoards only coming into circulation at long intervals. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.


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Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report Silver coins were legal tender by tale for amounts under �25; but above that sum they were only legal tender by weight, at the coinage rate Of 55. 2d. An ounce, and there was no possible inducement to anyone to tender them at that rate, as they were commonly very much worn, and consequently any one p Excerpt from The Paper Pound of 1797-1821: A Reprint of the Bullion Report Silver coins were legal tender by tale for amounts under �25; but above that sum they were only legal tender by weight, at the coinage rate Of 55. 2d. An ounce, and there was no possible inducement to anyone to tender them at that rate, as they were commonly very much worn, and consequently any one paying them away at 53. 2d. To the ounce would have lost heavily as compared with passing them in small amounts at their nominal value. There was no legal-tender paper. Bank Of Eng land notes, promising to pay the bearer on demand �10, �20, and a few larger sums, circulated freely in London and the immediate neighbourhood. Out side that area there were in circulation similar notes for sums Of �5 and upwards, issued by over two hundred banks with less than six partners, called the country banks because the London private banks had long ago abandoned the business of issuing notes. The country banks did not go below �5, because the law had forbidden smaller notes since 1777 the Bank of England's abstention from issuing �5 notes (maintained by it till soon after the beginning Of the war) seems to have been due to mere conservatism - it had only begun to issue �10 notes in 1759. The whole amount of Bank Of England notes in circulation was about 12 millions: the amount of country notes is unknown, but later statistics suggest that it may have been not far Off the same figure. The amount Of gold coin in the country is supposed to have been from 20 to 30 millions, but it must be remembered that a far larger proportion than in modern times would be locked away in hoards only coming into circulation at long intervals. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

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