The Bank of England, also known affectionately as The Old Lady of Threadneedle Street, was founded in 1694 as a means to mobilise the nation’s resources at a time when the economy was weak and when money was needed to support its defences. It was the Government’s banker as well as acting as a commercial bank and note issuer.

With the various wars fought in the 18th century the Government has to borrow more and more. This became known as the National Debt, which was managed by the Bank. By 1797, gold reserves has been depleted to such an extent that the Bank was prohibited from issuing gold, which continued until 1821.

The 1844 Bank Charter Act tied the issue of notes to the gold reserves and gave it sole rights with regard to the issue of banknotes. Existing Private banks could still issue their own notes under certain conditions. English Banks continued to issue notes until 1931 and the Scottish and Northern Irish private banks still do so. The early 20th century saw the Bank move away from commercial banking and become a central bank. The post was Labour Government nationalised it in 1946.

Ironically it was another Labour Government that granted the Bank of England operational independence over monetary policy in 1997.

The notes in this section are sorted by the individual Chief Cashiers. A short biography is also provided of each.

Each banknote has a reference that elates to its classification in 3 different publications. The first, with prefix P relates to the Standard Catalog of World Paper Money edited by George S Cuhaj. The second, with prefix B, relates to English Paper Money written by Vincent Duggleby and the third, with prefix BE relates to the Banknote Yearbook edited by John Mussell.

John Kendrick (1694)
Thomas Speed (1694-1699)
Thomas Madockes (1699-1739)
James Collier and Daniel Race (1639-1751)
Daniel Race and Elias Simes (1751-1759)
Daniel Race (1759-1775)
Charles Jewson (1775-1777)
Abraham Newland(1778-1807)

Henry Hase (1807–1829)

Henry Hase was known as the reluctant Chief Cashier. He entered service in 1793 and was appointed Chief Cashier in September 1807 following the disgrace of the second cashier, Robert Aslett, who was found guilty of embezzling money. Hase died in 1829 aged 65.

John Gordon Nairne (1902–1918)

Gordon Nairne was born 4th January 1861 and entered the banking service in 1980, appointed the Chief Cashier 1902 then became Comptroller in 1918. He was knighted in 1914 and was created a Baronet in 1917. He became a Director of the Bank in 1925 to 1931 and died in Feb 1945.

Ernest Musgrave Harvey (1918–1925)

Ernest Harvey was born on 1867. In 1885 he got his first job in the Bank service. Then became Deputy Chief Cashier in 1902 and was Chief Cashier from 1918 to 1925. He was the appointed Comptroller, he was a Director from 1928 – 1929 and Deputy Governor from 1929 – 1936. He died in 1955.

Cyril Patrick Mahon (1925–1929)

Cyril Patrick Mahon was born in 1882. His first job was in the Lincoln Bank at Grimsby before being elected to the Bank of England on 14th March 1901. In 1916 he was appointed assistant principal of the Discount Office. He became assistant chief cashier in 1918, deputy chief cashier in 1923 and held the post of Chief Cashier from 1st April 1925 to 26th March 1929. He died in 1945.

Basil Gage Catterns (1929–1934)

Chief Cashier of the Bank of England between 1929 and 1934, Basil Gage Catterns was born on 20 June 1886. He entered banking in 1908 and fought in the 1st World War, sustaining severe leg injuries.

He entered the office of the Chief Cashier in 1920, became Assistant in 1923 and Deputy in 1925, before becoming Chief Cashier. In 1934 he was appointed an Executive Director, then rose to the position of Deputy Governor before retiring in 1945 and acting as a non-Executive until 1947.

BG Catterns died on 5 February 1969.

Kenneth Oswald Peppiatt (1934–1945)

Kenneth Oswald Peppiatt was the 20th Chief Cashier holding the post between 1934 and 1945. Born in 1893, educated at Bancroft’s School, he joined the bank in 1911. He fought in the 1st World War, was wounded twice and won the Military Cross for his efforts. He was knighted in 1941, became Executive Director in 1949 and retired from the Bank of England in 1957, after which he became a non-executive director at Coutts Bank.

Kenneth Oswald Peppiatt died on 12 May 1983, aged 90.

Percival Spencer Beale (1949–1955)

Percival Spencer Beale was the 21st Chief Cashier, holding the post between 1949 and 1955. Born in 1906, he joined the Bank of England in 1924 and was Chief Cashier when Queen Elizabeth II ascended to the throne.

Percival Beale died in 1981 aged 75.

Leslie Kenneth O’Brien (1955–1962)

Leslie Kenneth O’Brien was the 22nd Chief Cashier, holding the post between 1955 and 1962. Born in 1908, he joined the Bank of England in 1927, becoming Deputy in 1951 before his appointment as Chief Cashier. Following this role he became an Executive Director in 1962, Deputy Governor in 1964 and eventually Governor, the first ordinary member of staff to do so, in 1966.

Leslie O’Brien died in 1995, aged 87.

Jasper Quintus Hollom (1962-1966)

Jasper Quintus Hollom was the 23rd Chief Cashier, holding the post between 1962 and 1966. He was born in 1917, joining the Bank of England in 1936. Hollom saw action in the 2nd World War before being captured in 1942 and being held as a prisoner of war until the end of the war.

After the war he became assistant to the then Chief Cashier, Leslie O’Brien. In 1956 he was appointed Deputy before becoming Chief Cashier. He left the post in 1966 when he became an Executive Director. He was Deputy Governor between 1970 and 1980 and retired in 1984. He acted as a non-executive director until 1988.

Jasper Hollom was knighted in 1975.

John Standish Fforde (1966-1970)

John Standish Fforde was the 24th Chief Cashier, holding the post between 1966 and 1970. He was born in 1923 and joined the Bank of England in 1948, after having served in the RAF during World War II and becoming a Fellow of Nuffield College, Oxford.

FForde joined the Bank of England in 1953, as Deputy Head of the Central Banking Information Department, becoming advisor to the Governor in 1964. Following his role as Chief Cashier he was appointed an Executive Director and subsequently, in 1982 returned to the position of advisor to the Governor.

John Fforde retired in 1984 and died in 2000, aged 78.

John Brangwyn Page (1970-1980)

John Brangwyn Page was the 25th Chief, holding the post between 1970 and 1980. He was born in 1923 and joined the Bank of England in 1948 having fought in the RAF during World War II.

Following a secondment to the IMF in 1953, he was appointed Assistant in 1966 and Deputy in 1968 before becoming Chief Cashier. After his 10 year tenure he became an Executive Director and retired in 1982.

David Henry Fitzroy Somerset (1980-1988)

David Henry Fitzroy ‘Boomer’ Somerset was the 26th Chief Cashier, holding the post between 1980 and 1988. He was born in 1930 and joined the Bank of England in 1952. Following a secondment to the IMF in 1959, he became private secretary to the Governor, Lord Cromer, in 1962.

In 1973 he became the Deputy before his appointment as Chief Cashier in 1980. He retired in 1988.

George Malcolm Gill (1988-1991)

George Malcolm Gill was the 27th Chief Cashier, holding the post between 1988 and 1991. Born in 1934, he joined the Bank of England in 1957 after National Service.

From 1966-’68 he was seconded to the UK delegation of the IMF in Washington and in 1972 was private secretary to the Governor, Lord O’Brien. In 1977 George Gill was seconded to HM Treasury and in 1982 he was appointed to head the Foreign Exchange Division.

In 1991 he joined the Bank for International Settlements, retiring in 1999. His 3 year tenure makes Malcolm Gill one of the shortest serving Chief Cashiers.

Graham Edward Alfred Kentfield (1991-1998)

Graham Edward Alfred Kentfield was the 28th Chief Cashier, holding the post between 1991 and 1998. He was born in 1940 and joined the Bank of England in 1963.

He worked in various departments of the Bank, including a period as Editor of the Bank’s Quarterly Bulletin, becoming Deputy in 1985 before being appointed Chief Cashier in 1991.
Graham Kentfield left the Bank in 1998. From 2000, he was the first Chairman of the Insolvency Practices Council, retiring in 2004.

Merlyn Vivienne Lowther (1999-2004)

Merlyn Vivienne Lowther was the 29th Chief Cashier, holding the post between 1999 and 2004. Born in 1954, she joined the Bank of England in 1975, holding various senior management positions within the Bank including personnel director from 1996 to 1998 and deputy chief cashier from 1991 to 1996. She was the first woman to become Chief Cashier.

After she left the Bank in 2004, she became a non-executive director of Schroders Plc. Merlyn Lowther is a trustee of Henry Smith’s Charity and of the Winston Churchill Memorial Trust and is a member of the advisory group to the chief executive of Frogmore Property Company Ltd.

Andrew John Bailey (2004-Present)

Andrew John Bailey is the 30th, and current, Chief Cashier, having been appointed in 2004. He was born in 1959 and joined the Bank of England in 1985, after having been a Research Officer at the London School of Economics.

He has held various positions within the Bank and apart from being the Chief Cashier, is an Executive Director of the Banking Department.