1797
Bank Restriction
The Bank of England stops paying gold for its notes. The pound keeps its name.
In February 1797 an Order in Council told the Bank of England to stop paying gold for its notes. The Bank Restriction Act made that suspension statute. Notes stayed in London’s tills. Holders could no longer test the pound in coin at Threadneedle Street.
Gold went to a premium against paper. Full gold payout resumed in 1821, after Peel’s Act of 1819. This is not the assignats, and it is not 1914.