The Bank of England has been central to the Country's financial health since 1694. In that year King William III found himself running short of funds to finance his war against France. William Paterson and Michael Godfrey, two city merchants, proposed a public loan. The scheme was to found a national bank which would lend its share capital to the government. Investors would receive a guaranteed return – with money being raised through a levy on shipping and alcohol.
In addition to maintaining financial and monetary stability the Bank also issues most of the country’s banknotes. These have special security features to make them hard to copy so that fake notes don’t undermine confidence in the real thing - Counterfeit notes are worthless.
The proposal was brought to the notice of the Government by Charles Montagu and the plan was approved. In just 11 days £1.2 million was raised by 1268 people and on 27 July 1694 the bank was incorporated by Royal Charter.
Bank of England Museum
The Bank of England has its very own Museum - and it's free!
Open weekdays from 10am - 5pm but Closed weekends (& Bank Holidays of course) the museum relates the history of the Bank, and you can see the original Royal Charter.
Interactive displays provide the visitor with a 'hands-on' experience; and there's a virtual tour that allows you to see inside the Bank's vaults.
The Bank of England has been issuing banknotes for over 300 years.
You can even get your hands on a real Gold Bar as well as examine those security features in bank notes.
From Monday 23rd March 2015 there will be a temporary exhibition at the museum entitled "Flora & Fauna" which charts the numerous plants and animals associated with the Bank through the centuries.
With the promise that "The display will provide an opportunity to see aspects of the Bank's architecture not generally accessible to the public, located as they are within private areas of the building, as well as artworks and artefacts not usually on display" this is an opportunity not to be missed.
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