Unit One, Topic 1 Flashcards
Define money.
Money can be defined as anything that is generally acceptable as a means of exchange, which at the same time acts as a measure and a store of value
What did the 50 pence coin replace?
The 10 shilling note.
What is the precedent for the direction of rulers on coins?
They alternate directions, with the death of one monarch necessitating that the successor faces in the opposite direction.
Which British public figures are shown on each separate note?
£5 - Winston Churchill
£10 - Jane Austen (Charles Darwin until 2018).
£20 - J.M.W Turner
£50 - Matthew Bolton and James Watt (Polymer is to include Alan Turing instead).
Why did we change our currency to polymer notes?
Because they are cleaner, more secure, and more durable.
What is the phrase included on every bank note?
“I promise to pay the bearer on demand the sum of…”
What are the characteristics of money?
- Easily recognisable.
- Accepted by people in shops.
- Easy to carry around.
- Available in different amounts.
- Retains a constant value.
- Hardwearing.
What are the characteristics of a £5 note?
It is green / blue, plastic, and shows the head of Churchill (also Lizzie).
What are the characteristics of a £10 note?
salmony, plasticy, shows Jane Austen (previously Turner).
What are the characteristics of a £20 note?
Rather purple, plastic, shows Turner.
What is the average life of a coin?
40 years.
Define denomination.
The face value of a banknote, coin, or postage stamp.
What is legal tender?
Coins or banknotes that must be accepted if offered in payment of a debt.
What image always appears on a coin if you arrange them together?
The royal shield.
When was the first £5 coin introduced?
1990.
Which bank notes do the Scottish use?
The “bridges notes,” depicting a series of iconic Scottish bridges.
Who issues bank notes?
The royal mint.
Are Scottish and Irish notes legal tender in the rest of the UK?
Not necessarily: they’re not legal tender, but they are often accepted when accompanied by an explanation of their existence.
What happens to old and damaged notes?
They are replaced by the Royal Mint.
What happens when a new note or coin is made?
The old note is slowly withdrawn.
What will be the expected lifespan of polymer notes?
5 years.
