The Chief Cashier is the person responsible for issuing banknotes at the Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 and is the director of the divisions which provide the Bank of England's banking infrastructure. This person is known to the general public because since 1870 the Chief Cashier's signature is printed on all bank notes issued by the Bank of England

Bank of England

The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

. In 2004 a new post was created, Executive Director of Banking & Chief Cashier, incorporating the title.

The post is currently held by Chris Salmon who was appointed on 1 April, 2011. He is the 31st Chief Cashier since the Bank was founded in 1694.

Responsibilities

- The security and effective operation of real time gross settlement in the UK’s high value payment systems (CHAPS and CREST).

- Along with the Bank’s Sterling Markets Division he is also responsible for the provision of liquidity to the market and settlement banks.

- The issuing and effective distribution of banknotes and their security against counterfeiting.

- The provision of banking services, focusing on high-value government banking.

The Executive Director Banking & Chief Cashier is a member of the Governor’s Executive Team which is the Bank’s senior management group.

History

In 1694 the Bank of England was established, almost immediately the Bank started to issue notes in return for deposits. The crucial feature that made Bank of England notes a means of exchange was the promise to pay the bearer the sum of the note on demand. This meant that the note could be redeemed at the Bank for gold or coinage by anyone presenting it for payment; if it was not redeemed in full, it was endorsed with the amount withdrawn. These notes were initially handwritten on Bank paper and signed by one of the Bank’s cashiers.

During the 18th century there was a gradual move toward fixed denomination notes. In 1725 the Bank started issuing partly printed notes for completion in manuscript. The £ sign and the first digit were printed but the cashier’s signature along with the name of the payee and other numerals were added by hand.

The first fully printed notes appeared in 1855 relieving the cashiers of the task of filling in the name of the payee and signing each note individually. The practice of writing the name of the Chief Cashier as the payee on notes was halted in favour of the anonymous “I promise to pay the bearer on demand the sum of …”, a feature that has remained unchanged on notes to this day. The printed signature on the note continued to be that of one of three cashiers until 1870, since then it has always been that of the Chief Cashier.

Chief Cashiers of The Bank of England

Listed below are the names of people who have held the post of Chief Cashier at the Bank of England:

1694 John Kendrick

John Kendrick

John Kendrick may refer to:* John Kendrick , English cloth merchant* John Kendrick , American sea captain* John Allen Kendrick , American criminal and bank robber* John B...

1694 - 1699 Thomas Speed

1699 - 1739 Thomas Madockes

1739 - 1751 James Collier and Daniel Race (jointly)

1751 - 1759 Daniel Race and Elias Simes (jointly)

1759 - 1775 Daniel Race

1775 - 1777 Charles Jewson

1778 - 1807 Abraham Newland

Abraham Newland

Abraham Newland was the chief cashier at the Bank of England from 1782 to 1807. The expression "an Abraham Newland" came to mean a bank note, because without his signature no Bank of England note was genuine....

1807 - 1829 Henry Hase

Henry Hase

Henry Hase was an American politician.Hase served as acting mayor of Milwaukee, Wisconsin from June 5, 1893 until July 1, 1893, when Peter Somers resigned in order to served in the United States House of Representatives. Born in Port Washington, Wisconsin, Hase worked for Pabst Brewing Company...

1829 - 1835 Thomas Rippon

1835 - 1864 Matthew Marshall

1864 - 1866 William Miller

1866 - 1873 George Forbes

1873 - 1893 Frank May

1893 - 1902 Horace Bowen

1902 - 1918 Gordon Nairne

1918 - 1925 Ernest Harvey

1925 - 1929 Cyril Patrick Mahon

1929 - 1934 Basil Catterns

1934 - 1949 Kenneth Peppiatt

1949 - 1955 Percival Beale 

1955 - 1962 Leslie O'Brien

1962 - 1966 Jasper Hollom

1966 - 1970 John Fforde

1970 - 1980 John Page

1980 - 1988 David Somerset

1988 - 1991 Malcolm Gill

1991 - 1998 Graham Kentfield

1999 - 2003 Merlyn Lowther

2004 - 2011 Andrew Bailey

Andrew Bailey

Andrew John Bailey is a British banker, who was the Executive Director Banking and Chief Cashier at the Bank of England from January 2004 until April 2011. He is a member of the Governor's Executive Team, which is the bank's senior management group...

 

2011 - Present Chris Salmon