One pound notes were introduced by the
Bank of England in 1797, following gold shortages caused by the
French Revolutionary Wars. The earliest notes were handwritten, and were issued as needed to individuals. These notes were written on one side only and included the name of the payee, the date, and the signature of the issuing cashier. Between 1797 and 1821 the lack of bullion meant that banks would not exchange banknotes for gold, but after the end of the
Napoleonic Wars the shortage was alleviated such that notes could be exchanged for an equivalent amount of gold when presented at the bank. One pound notes ceased to be issued in 1821 and were replaced by gold
sovereigns. During the
First World War the
British Government wanted to maintain its stocks of gold and so banks were ordered to again stop exchanging any and all denominations of banknotes for gold. Gold sovereigns were replaced by one pound notes issued by the
Treasury. These notes were nicknamed "Johns" because of the prominent signature of
Sir John Bradbury,
Permanent Secretary to the Treasury displayed on the notes. Britain returned to the
gold standard in 1925, although the Bank of England was only obliged to exchange notes for gold in multiples of (the typical size of a "
Good Delivery bar") or more. The responsibility for the printing of one pound notes was transferred to the Bank of England in 1928, and the ability to redeem banknotes for gold ceased in 1931 when Britain stopped using the gold standard. Bank of England one pound notes are still occasionally found in Scotland, alongside £1 notes from Scottish banks. The Bank of England will exchange old £1 notes for their face value in perpetuity. ==Designs==