1810

Bullion Report

The Bullion Report argues from the gold premium that the paper pound had depreciated. Resumption is not this year.

Gold guinea of George III.
Guinea of George III, struck in 1777. The 1810 report measured notes against gold coin. This piece is not an 1810 striking.CC0.

The Bullion Report of 1810 measured Bank notes against gold coin. The premium of gold over paper was the report’s evidence that the pound had depreciated. It argued for a return to cash payments.

The Bank is still not paying gold. Peel’s Act, which sets the path back, is 1819. Full payout is 1821. This report is not that resumption.

Bank of England