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1702

Bank of England already chartered

In 1702 the 1694 charter is in force: a war loan and notes. The six-partner limit on other note-issuing banks is 1708.

Print of the Bank of England in London.
Print of the Bank of England. The charter is 1694. The print is not a picture of the year of this page.CC0.

The Bank of England was chartered in 1694, during the Nine Years’ War, to lend to the Crown and to issue notes. Those notes are already a different machine from Amsterdam’s giro.

From 1708 no other English bank with more than six partners may issue notes. That rule is not yet in force. John Law’s Banque Générale is 1716. The stop on gold payout is 1797.

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