1806-1809 ca. Unissued One Pound Banknote. Issued in Alton, Hampshire, UK. The type of currency used by Jane Austen and her brother when dealing with the family’s finances. Issuer Alton Bank. Unissued banknote. (obverse) Emblem with initials, floral design and crown on top at left. Text at centre. Design printed in black. via British Museum.

A pound was a lot of money for the majority of people during the Regency, so the general population didn’t trust flimsy paper banknotes. A metal coin held its value in gold or silver, whereas paper banknotes were easily lost or damaged and very easy to forge. The original banknotes were merely a piece of paper that promised payment for a set amount and were issued by individual banks. The Bank of England used these notes from its inception in 1694 and regional banks continued issuing them until the changes to the Act in 1844. By the mid 1700s, notes started to become standardized, with ten and five pound notes appearing, but as they were all hand-lettered and signed they were viewed with skepticism. Most transactions were therefore done with metal coins, with many shopkeepers routinely biting down on a coin to ensure it was legitimate.