1803

Bank not paying gold

In 1803 the Bank of England is still not paying gold for its notes. The stop began in February 1797. The Bullion Report is 1810.

Gold guinea of George III.
Guinea of George III, struck in 1777. A gold coin of the reign in which the Bank stopped paying gold. Not struck in the year of this page.CC0.

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 circulation. Holders could not test the pound in coin at the Bank.

That is still the regime in 1803. The Bullion Report, which argues from the gold premium that the paper pound had depreciated, is 1810. Full gold payout is 1821.

Bank of England