Episode 2 of 3
Establishment of Issue Department
- When
- 1844
- Where
- England
The Act created a separate Issue Department at the Bank of England, setting aside £14 million in securities and bullion as backing for notes in circulation.
The Act established a separate Issue Department at the Bank of England. It initially set aside £14 million in securities, gold coin, and gold and silver bullion as backing for notes. Silver bullion could not exceed one-quarter of the department's gold coin and bullion.
Sources
- Bank Charter Act 1844 Wikipedia, revision of 2026-09-28
Machine-drafted from the cited Wikipedia passages and checked by a reviewing model, not by a human editor. Every passage cites the revision it was written from; dates and places follow those passages.