Wednesday, February 6, 2013

Can you change a million

i promise to pay a million pounds
Imagine buying something at a newsagent, pulling a note out of your pocket you say, "Can you change a million"?

Meticulously guarded inside the Bank of England vaults are a small number of very large banknotes.

Termed "giants" and also "titans", they aren't however in permanent circulation.

For the simple reason that each note is worth a sum of money most of us can only dream of.

So what are they for?

When people think of a £1million note, everybody perceives this as an incredible thing.

But, what most of the people don't know is that the 1 million pound note really does exist.

But a million pound note - known as a "giant" - is just not going to be in circulation; in fact it is inconceivable it would ever be offered from cash points.

How many people would risk carrying a million pound note around in their wallet, not to mention have adequate funds in their account to even have one?

But the monetary value of this giant can be relatively small compared to the "titan" (a banknote that promises to cover its bearer a staggering £100m).

Impractical though they're for daily use, both play an important role inside the British foreign currency system.

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They are used for backing the worth of the everyday bank note issued by commercial financial institutions or the banks from Scotland and Northern Ireland.

Many people recognize how a Scottish fiver can be looked at with mistrust by corporations in The United Kingdom.

So the purpose of these giant notes aim to maintain everyone's confidence in the perceived value the notes symbolize.

If called for these notes would be used by a struggling bank to replace the currency with ordinary Bank of England currency.

Consequently Scottish and also Northern Irish financial institutions supply their backing, which pays for the design of giants and titans.

The Bank of England only prints them in house, where as other notes are put out to commercial printers.

They are then stashed away very, very carefully.

can you change a million
Can you change a million (example above)

Occasionally, older £1m notes have escaped through the Bank of England's dark and dingy vaults.

A £1m note that was originally issued in association with the US's post-war assistance programme the Marshall Plan was presented to a retiring main bank cashier who offered it for sale.

This was a slight problem because other currencies are guaranteed by it.

Million pound notes just are not allowed out in the open.

So Can you change a million

The writer Mark Twain wrote a short story, The Million Pound Bank Note where a penniless sailor man is granted a million note, not knowing he was taking part in a bet between 2 brothers.

One brother believes this note will be useless. The other sibling believes that, although though no business will be able to offer change, they will have to offer him credit.

So everyone will assume he is rich because he possess the note.

Does a Million Pound note have any other purpose?

The museum of the Bank of England Museum displays a 20bn mark note issued in Germany in the early 1920s as a result of hyper inflation.

These Giants and Titans could one day be used but the problem of a financial melt down would also be looming on the horizon if they were issued.

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Can you change a million pound note?