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Bank Charter Act

Bank Charter Act, 1844. The culmination of government efforts to create an effective legal framework to achieve a stable currency, the Act defined the roles of the Bank of England. One department had the exclusive duty of issuing notes having a minimum value of £5 as legal tender in England and Wales. It was to ensure that notes had an equivalent backing of bullion in its vaults, combined with a fiduciary issue defined by the Treasury. The other department undertook banking business, acting as the regulatory body for the banking system with powers which included fixing the minimum cost (interest) of borrowing money.

Ian John Ernest Keil

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