20 Pounds Sterling 2011, Kingdom of Great Britain
| in Banknotes Book | Number: BE226 |
| Years of issue: | 02.11.2011 - 2014 |
| Edition: | -- |
| Signatures: | Chief Cashier: Mr. Chris Salmon (2011 - 2014) |
| Serie: | England |
| Specimen of: | 2006 |
| Material: | Cotton fiber |
| Size (mm): | 149 х 80 |
| Printer: | Bank of England print works, Loughton (Debden), Essex, UK |
* All pictures marked 
are increased partially by magnifying glass, the remaining open in full size by clicking on the image.
** The word "Specimen" is present only on some of electronic pictures, in accordance with banknote images publication rules of appropriate banks.
Description
Watermark:
HM The Queen Elizabeth II at a young age.
Denomination £20.
Avers:
HM The Queen Elizabeth II.
In preparation for the "E Series" of notes, issued by the Bank of England, photographs of The Queen were especially commissioned by the Bank. The photographs were taken by Don Ford in 1985-1986, one of the Bank’s technical photographers, under the direction of Roger Withington. Mr. Withington designed the notes of the "E Series" and prepared the engraving of the Queen, which appeared on this series of notes, from one of the photographs taken by Mr. Ford. The portrait shows Queen Elizabeth wearing Queen Mary’s "Girls of Great Britain and Ireland" Tiara, Queen Alexandra’s cluster earrings and, although difficult to identify, Queen Victoria’s Golden Jubilee necklace.
The engraving on banknote is, probably, made after this photo by Don Ford, 1985-1986.
Queen Mary received this tiara as a wedding gift in 1893, from a committee representing "the girls of Great Britain and Ireland". The funds for the purchase of the tiara were raised by a committee, formed by Lady Eve Greville. The tiara was purchased from Garrard, the London jeweler.
It featured pearls on top and a detachable base; Mary removed the pearls. She gave it to her granddaughter, Princess Elizabeth, as a wedding present in 1947. The Queen originally wore it without the base before reuniting the pieces in 1969.
Said to be light and easy to wear, the Girls of Great Britain and Ireland Tiara seems to be the Queen's favorite - she's said to call it "Granny's tiara", and it is her most frequently worn diadem.
The "Girls of Great Britain and Ireland" Tiara can be worn with or without a bandeau base and, in this portrait, the tiara is set into its base. (Portrait of Dorothy Wilding, 1952, shows the Tiara being worn without the base). (From her Majesty's jewel vault)
To mark Queen Victoria’s Golden Jubilee in 1887, a committee of ladies was formed to raise money for a commemorative statue of Victoria’s late husband Prince Albert. The committee’s fundraising was quite successful, and they ended up raising far more than was required for the statue. An agreement was formed with the Queen that the excess should go to the St. Katherine’s Fund for Nurses. At the same time, some members of the committee decided that a portion of the funds should be used to purchase a necklace for the Queen - and this was also approved by Her Majesty.
The trouble was, the committee did not agree on the necklace. Some felt it would be wrong to spend the funds which had been previously devoted to charity on something else. Much discussion and debate ensued, as is described in depth in Hugh Roberts’ book The Queen’s Diamonds. (My favorite tidbit: Queen Victoria, angry that she wouldn’t get her promised necklace, shot down the prospect of a diamond badge commemorating the nursing fund by declaring she would “at once exchange it for another jewel”.
In the end, a compromise was reached and this necklace, made for £5000 (far less than the necklace originally proposed) from gold, diamonds, and pearls by Carrington & Co. was presented to Queen Victoria in 1888. It features a central quatrefoil diamond motif with a large pearl in the middle, topped by a crown and underlined with a drop pearl. The next four links in either direction are graduated trefoil motifs; the central piece and the six largest trefoils can also be worn as brooches.
She is also wearing Queen Alexandra’s Cluster Earrings. The wedding gift from the future King Edward VII to his bride, Alexandra of Denmark. Also known as Queen Alexandra's Cluster Earrings, these two button earrings have large pearls surrounded by diamonds - 10 larger stones each plus smaller filler stones to create a full diamond ring. Like the brooch, these passed to the Queen via Queen Mary. They're now worn primarily at evening functions.
On patterned background is a building of Bank of England.
The history of the Bank is naturally one of interest, but also of continuing relevance to the Bank today. Events and circumstances over the past three hundred or so years have shaped and influenced the role and responsibilities of the Bank. They have moulded the culture and traditions, as well as the expertise, of the Bank which are relevant to its reputation and effectiveness as a central bank in the early years of the XXI century. At the same time, much of the history of the Bank runs parallel to the economic and financial history, and often the political history, of the United Kingdom more generally.
For the first forty years of its life the Bank rented premises to carry on its business, firstly, in the hall of the Mercers' Company in Cheapside and moving in January 1695 to the larger premises of the Grocers' Company in Princes Street. In 1734 it moved to purpose-built premises in Threadneedle Street which were approximately 80 feet wide (25m.) and 300 feet (90m.) long. Over the next one hundred years the site was gradually extended until by 1828 the current outline was achieved.
The Bank has been served by a distinguished line of architects:
1732-1734 George Sampson's Bank of England
Scant details of George Sampson have survived. Even his dates are not known for certain. He appears to have held the post of Clerk of Works at the Tower of London and Somerset House before becoming Surveyor to the Bank. His only major work is the 1734 Bank, arguably the first purpose-built bank in the British Isles. He is thought to have died in 1764.
1765-1788 Sir Robert Taylor's Bank of England.
A sculptor who turned to architecture later in life, he extended the Threadneedle street façade of the Bank firstly eastwards and, after the demolition of the church of St Christopher-le-Stocks in 1781, westwards. In order to avoid piercing the outer walls with openings for light he introduced top-lighting to his new banking halls which were dominated by his centrally-placed Rotunda.
1788-1833 Sir John Soane's Bank of England.
Sir John Soane was one of England's greatest architects. His appointment in October 1788 as "Architect and Surveyor" to the Bank was the most important of his distinguished career. The Bank was his main pre-occupation for the ensuing 45 years until his retirement in 1833 when he described it as "...a situation which has long been the pride and boast of my life". He extended the Bank's site and eventually enclosed it in 1828 with a windowless wall.'
The structure of "Soane's Bank of England" remained more or less untouched until it was demolished and a new building erected by the architect Herbert Baker between 1925-1939.
1833-1855 Professor C R Cockerell.
1855-1883 P C Hardwick.
1883-1899 Sir Arthur Blomfield.
1899-1919 A C Blomfield.
1925-1939 Sir Herbert Baker's Bank of EnglandBetween 1925 and 1939 he demolished what had become known as 'The Old Bank' or "Soane's Bank" (then regarded as one of London's architectural gems) and built a new headquarters for the Bank on the same 3 ½ acre Theadneedle Street site. The "Old Bank" had been in the main no more than three storeys high; Baker's new building rose seven storeys above ground and dropped three below to accommodate the extra staff required to tackle the Bank's rapidly increasing volume of work and responsibilities. (Bank of England)
The Bank Nun.
On November 2nd 1811, Philip Whitehead, "a man of genteel appearance" who had been employed in the Cashier’s Office at the Bank of England, was brought to the dock of the Old Bailey, charged with forgery. Found guilty, he was sentenced to death and was duly hanged in early 1812.
News of his crime and execution was, however, kept from his devoted sister, Sarah Whitehead, who was removed by Philip’s friends to a house in Wine Office Court, off Fleet Street. But one day, Sarah turned up at the Bank of England to enquire of her brother’s whereabouts, and an unthinking clerk promptly blurted out the story of Philip’s crime and ignominious death.
The shock of the discovery turned the poor woman’s mind and thereafter she took to turning up at the Bank everyday asking after her brother in the belief that he still worked there. She became known as the “Bank Nun” on account of her peculiar attire that consisted of a long black dress and a black crepe veil worn over her face and head. The city merchants took pity on her and never let her pass “without extending their assistance,” whilst the Directors and clerks of the Bank of England saw to it that she was frequently provided with “sums of money in compliment of her misfortune.”
But she became convinced that the Bank governors were keeping an immense fortune from her and this led to her frequently hurling insults at them during business hours. On one occasion Baron Rothschild was going about his business at the Stock Exchange when she suddenly appeared and called him a “villain and a robber” telling him that he had defrauded her of her fortune and demanding the £2,000 he owed her. He responded by taking half a crown from his waistcoat pocket, handing it to her and telling her as he did so “There, then, take that and don’t bother me now; I’ll give you the other half tomorrow.” Accepting the money, she thanked him and went away.
By 1818 the Bank governors had grown tired of her daily disturbances and so gave her a sum of money on condition she agreed never to return to the bank again. In life she kept that contract, but in death her wraith has broken it many times. More than one late night wanderer, wending their weary way home along Threadneedle Street has been surprised by her ghostly figure appearing before them and, with downcast eyes enquiring sadly, though politely, “have you seen my brother?” (Haunted historic buildings)
In lower left corner is a Bank seal with sitting Britannia (as logo of Bank of England).
Denominations in numerals are in top corners. In center in words. Many denominations in numerals are in lower right corner.
Revers:
The engraving on banknote is made after this "paste medallion" portrait of Adam Smith created by Scottish gem engraver and modeller James Tassie in 1787. It is entitled "Adam Smith in his 64th year, 1787. Tassie F.". White enamel on a background of tinted glass. Date of the photograph is unknown.
Adam Smith (16 June 1723 NS (5 June 1723 OS) - 17 July 1790) was a Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure.
Smith is best known for two classic works: The Theory of Moral Sentiments (1759), and An Inquiry into the Nature and Causes of the Wealth of Nations (1776). The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics. Smith is cited as the "father of modern economics" and is still among the most influential thinkers in the field of economics today.
Smith studied social philosophy at the University of Glasgow and at Balliol College, Oxford, where he was one of the first students to benefit from scholarships set up by fellow Scot, John Snell. After graduating, he delivered a successful series of public lectures at the University of Edinburgh, leading him to collaborate with David Hume during the Scottish Enlightenment. Smith obtained a professorship at Glasgow teaching moral philosophy, and during this time he wrote and published The Theory of Moral Sentiments. In his later life, he took a tutoring position that allowed him to travel throughout Europe, where he met other intellectual leaders of his day.
Smith laid the foundations of classical free market economic theory. The Wealth of Nations was a precursor to the modern academic discipline of economics. In this and other works, he expounded upon how rational self-interest and competition can lead to economic prosperity. Smith was controversial in his own day and his general approach and writing style were often satirized by Tory writers in the moralizing tradition of William Hogarth and Jonathan Swift. In 2005, The Wealth of Nations was named among the 100 Best Scottish Books of all time. It is said former UK Prime Minister Margaret Thatcher carried a copy of the book in her handbag. 
Centered is The division of labour in pin manufacturing.
The division of labour is the specialization of cooperating individuals who perform specific tasks and roles. Because of the large amount of labour saved by giving workers specialized tasks in Industrial Revolution-era factories, some classical economists as well as some mechanical engineers such as Charles Babbage were proponents of division of labour. Also, having workers perform single or limited tasks eliminated the long training period required to train craftsmen, who were replaced with lesser paid but more productive unskilled workers. Historically, an increasingly complex division of labour is associated with the growth of total output and trade, the rise of capitalism, and of the complexity of industrialised processes. The concept and implementation of division of labour has been observed in ancient Sumerian (Mesopotamian) culture, where assignment of jobs in some cities coincided with an increase in trade and economic interdependence. In addition to trade and economic interdependence, division of labour generally increases both producer and individual worker productivity.
In contrast to division of labour, division of work refers to the division of a large task, contract, or project into smaller tasks, each with a separate schedule within the overall project schedule. Division of labour, instead, refers to the allocation of tasks to individuals or organisations according to the skills and/or equipment those people or organisations possess. Often division of labour and division of work are both part of the economic activity within an industrial nation or organisation.
In the first sentence of An Inquiry into the Nature and Causes of the Wealth of Nations (1776), Adam Smith foresaw the essence of industrialism by determining that division of labour represents a qualitative increase in productivity. His example was the making of pins. Unlike Plato, Smith famously argued that the difference between a street porter and a philosopher was as much a consequence of the division of labour as its cause. Therefore, while for Plato the level of specialization determined by the division of labour was externally determined, for Smith it was the dynamic engine of economic progress. However, in a further chapter of the same book Smith criticizes the division of labour saying it can lead to "the almost entire corruption and degeneracy of the great body of the people. unless government takes some pains to prevent it." The contradiction has led to some debate over Smith's opinion of the division of labour. Alexis de Tocqueville agreed with Smith: "Nothing tends to materialize man, and to deprive his work of the faintest trace of mind, more than extreme division of labour." Adam Ferguson shared similar views to Smith, though was generally more negative.
The specialization and concentration of the workers on their single subtasks often leads to greater skill and greater productivity on their particular subtasks than would be achieved by the same number of workers each carrying out the original broad task.
Smith saw the importance of matching skills with equipment - usually in the context of an organization. For example, pin makers were organized with one making the head, another the body, each using different equipment. Similarly he emphasized a large number of skills, used in cooperation and with suitable equipment, were required to build a ship.
In modern economic discussion, the term human capital would be used. Smith's insight suggests that the huge increases in productivity obtainable from technology or technological progress are possible because human and physical capital are matched, usually in an organization. See also a short discussion of Adam Smith's theory in the context of business processes.
Denomination in numerals are in top right corner. Top, centered, in words.
Comments:
Designer: Roger Withington.
Security:
Feel of the paper - banknotes are printed on special paper that gives them their unique feel.
Raised print - by running your finger across the front of the £50 note you can feel raised print in areas such as the words "Bank of England" and in the bottom right corner, around the number 20.
Metallic thread - the thread is embedded in the paper in every banknote. If you hold the note up to the light, the metallic thread appears as a continuous dark line.
Print Quality - the printed lines and colours on the £20 note are sharp, clear and free from smudges or blurred edges.
Microlettering - using a magnifying glass, look closely at the lettering beneath the Queen's portrait on the £20 note - you will see the value of the note written in small letter and numbers.
Ultra-violet feature - if you look at the front of the £20 note under a good quality ultra-violet light the number 50 appears in bright red and green. The five windows of the motion thread also appear in bright green. Randomly spread bright red and green flecks are also visible on both the front and back of the note. The remainder of the note appears.
Holographic strip - the strip on the £20 note has a number of foil patches along its length which contain alternating holographic images. The positioning of the patches varies along the strip. When the note is tilted, one hologram shows a multi-coloured image of Adam Smith, the other changes between a multi-coloured £ symbol and the number 20. The number 20 is also embossed on the strip and is positioned in the same place on every note - just to the right of the signature of the Chief Cashier.
See-through register - hold the £20 note up to the light and you will see coloured irregular shapes printed on the front and back that combine to form the £ symbol.
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