25^th July 2025

Next club meeting 1^st September – A talk by Ross Farmer

Meetings are held at the Abbey Baptist Church, Abbey Square, commencing at 7.00 p.m.

A Note from the Treasurer

The club subscription has been held at £20 for the coming year and subscriptions are due now! Please remit as soon as possible.

Club membership cards can be collected at the meeting.

Coinex 2025

A reminder to any club members who wish to visit the fair:

COINEX 2025 will be held at The Ballroom, The Biltmore Hotel, London Mayfair, Grosvenor Square, London W1K 2HP on Friday 26th and Saturday 27th September 2025. Opening times are: Friday 26 September 11.00 -17.30 (last entry 17.00). Saturday 27 September 10.00 - 15.00 (last entry 14.30).

BNTA (British Numismatic Trade Association) have again extended a kind offer to BANS affiliate societies for complimentary tickets to attend on the days noted. Each affiliate society has the following tickets available:

1 free ticket for Friday 27th September 2025 (value £40) per society,

10 free tickets for Saturday 28th September 2025 (value £5) per society.

If any member is interested in putting their name forward for a chance of a free ticket, please let the Club Secretary know by Friday 5^th September

August 2025 Social Trip

Five intrepid club members set out on 13^th August to London on a visit to the Bank of England. Meeting at 11 am the group spent a happy hour and half browsing the museum’s exhibits tracing the bank’s activities from its inception in 1694 through to the present day.

We saw the original charter of the bank, and examples of early banknotes. These banknotes promised to pay the designated sums in specie when presented by the holder, and often in gold. However, during the period of the Napoleonic Wars the bank was restricted from making payments in gold, and instead paid out in printed £1 and £5 notes. Unsurprisingly this stimulated much forging of the notes – despite the severe penalties in place for those convicted of forgery.

The bank was sited on Threadneedle Street in 1734, and that building was extended in 1788. The whole site was re-developed in the 1930’s with the current building completed in 1939.

Apart from the restricted period mentioned, and during the First World War banknotes could be redeemed in gold. However, because of a lack of confidence in sterling during the depression and runs on the bank depleting gold stocks, the bank came off the gold standard in 1931.

Promissory bank notes have always been a feature of the bank’s service. The early notes had been of various amounts, determined by the investments made. In 1725 the first denominated value notes were issued in amounts from £20 to £100. Later, lesser values were issued. During our visit to the museum, we were able to view the development of modern banknotes and their printing plates, security strips and designs through to the current polymer notes.

An example of a white £5 note was placed alongside one that was forged by the Nazis to destabilise the currency. One couldn’t tell the difference!

There was also display boards to illustrate the development of digital currencies.

Although the bank was established to act for the (then English) government, it was privately owned by stockholders until 1946 when it was nationalised by the Labour government. Fifty-two years later in 1998 the bank became an independent organisation owned by the Treasury on behalf of the government. Its remit is that it is responsible for maintaining national monetary and financial stability … and also is the custodian of the UK’s gold reserves.

There was also an opportunity to test your strength by lifting a 14Kg gold bullion bar one handed!