Resolved Question
British pounds £££ promise to pay bearer on demand - I demand to be paid - what happens next?
on British banknotes the is a guarentee which says "promise to pay bearer on demand" does this mean that if I took a five pound note to the bank then they would have to give me five pounds worth of gold - after all thats what the promise means they promise to pay you the amount of gold that the note is worth
would I have to take it to head office to be paid
would I have to take it to head office to be paid
Best Answer - Chosen by Asker
My banknote doesn't mention gold - just 5 pounds.
The gold standard was suspended at the outbreak of the war in 1914 ... a variation on the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on 21 September 1931
http://en.wikipedia.org/wiki/Pounds_ster…
I think you might be about 70 years too late to claim gold instead. Anyway, with current high gold prices, five pounds' worth wouldn't weigh down your pockets too much.
The gold standard was suspended at the outbreak of the war in 1914 ... a variation on the gold standard was reintroduced in 1925, under which the currency was fixed to gold at its pre-war peg, although people were only able to exchange their currency for gold bullion, rather than for coins. This was abandoned on 21 September 1931
http://en.wikipedia.org/wiki/Pounds_ster…
I think you might be about 70 years too late to claim gold instead. Anyway, with current high gold prices, five pounds' worth wouldn't weigh down your pockets too much.
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Other Answers (1)
- Technically yes, although these days we tend use coins instead of gold.
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