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1 000 000 Pound

Issuer Bank of England
Year 1993
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Value 1 000 000 Pounds 1 000 000 GBP = USD 1 363 399
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Obverse lettering Bank of England
Promise to pay the Bearer on Demand
the sum of
Pounds One Million Pounds
1903 June 20 London 20 June 1903
£1,000,000
For the Gov.re and Comp.a of the
BANK OF ENGLAND
S. K. Howard
Chief Cashier
Reverse description Reverse is blank cream paper, showing only the faint bleed-through impression of the obverse lettering and vignettes visible in ghost form through the thin paper stock.
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Comments

These are internal "giants" — non-negotiable instruments used by the Bank of England to back Scottish and Northern Irish banknote issues. Commercial banks in those regions are legally permitted to issue their own notes only when they hold an equivalent face value of Bank of England paper in reserve. The giants, along with the 100-million-pound "titans," fulfill that backing requirement.

They never entered public circulation and were never intended to. A handful have been sold at auction after being officially withdrawn, which is the only route by which one reaches private hands.

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