SG Talk

On the 5 pound note it says
"I promise to pay the bearer on demand a sum 5 pounds"



So the government promise to give you back the 5 pounds that you are holding?

(25-06-2024, 08:28 PM)sgbuffett Wrote: [ -> ]On the 5 pound note it says
"I promise to pay the bearer on demand a sum 5 pounds"



So the government promise to give you back the 5 pounds that you are holding?

no

long long time ago
far far far away

banknotes represented deposits of gold



get it

bozo

This was a legacy phrase from long ago.

From bank of England:
"The words 'I promise to pay the bearer on demand the sum of five/ten/twenty/fifty pounds' appear on all of our notes. This phrase dates from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold of the same value."

(25-06-2024, 09:02 PM)starbugs Wrote: [ -> ]This was a legacy phrase from long ago.

From bank of England:
"The words 'I promise to pay the bearer on demand the sum of five/ten/twenty/fifty pounds' appear on all of our notes. This phrase dates from long ago when our notes represented deposits of gold. At that time, a member of the public could exchange one of our banknotes for gold of the same value."

Now there is no gold to exchange for....so the phrase is redundant or false