27 July 2016
A royal charter was granted to the Bank of England on 27 July 1694
On this day in history, 1694: A royal charter was granted to the Bank of England. This is one of 980 royal charters issued by the British monarchy. Charters were issued to denote power to an organisation or body of people, or perhaps give a town the status of a Royal Burgh.
The bank was set up to manage the Government’s money and debt. The bank came about by a scheme by William Paterson who proposed that a loan of £1,200,000 be raised to finance the Government. Within a few weeks the money was got, and the plan came to fruition – the Bank of England was establised. The bank’s premises moved to Threadneedle Street in 1734 and remain on this street to this day.
You can visit the Bank’s museum and a new Banknote Gallery will be opening this autumn. Find out more at http://www.bankofengland.co.uk/education/pages/museum/visiting/default.aspx
Pictured: Money, money, money – learn about your ancestors’ coins at the Bank of England Museum.