Crypto, Bitcoin, Blockchain . . . today’s hi tech currency is a mystery to most of us, and rumors abound about the possibilities of financial skullduggery. But worries about the money supply are nothing new—as I discovered when I began researching my latest Wrexford & Sloane historical mystery, Murder on Threadneedle Street, which releases tomorrow! (You can read an excerpt and order a copy here.)
It’s often said that money is the root of all evil—and counterfeiting has been around so long that it’s often called the world’s second-oldest profession. Regency England (historians broadly define the Regency as the years 1800-1837, when Queen Victoria came to the throne) was particularly susceptible to forgers in the early1800s, and many of the reasons mirror the same issues we’re facing in our own fraught times.
I love history and diving down the research rabbit holes that lead to the more obscure—and interesting—aspects of an era is because those elements often reveal more about society’s hopes and fears than the standard narratives. And so, what really fascinates me about Regency England is that technology and scientific discoveries were happening with dizzying speed—and the changes that these innovations created were disrupting society in so many ways. The Industrial Revolution was kicking into high gear. Steam engines were mechanizing mining, weaving, and manufacturing. Inventors were patenting marvelous new inventions like precision lathes and other mechanical wonders that did things faster and better than humans. (Sound familiar?) Workers, craftsmen and cottage industries were losing their jobs to these new innovations and like many of us, they were terrified and confused by this brave new world.
With all these new sources of production humming, the economy was booming, wealth was growing, and the result was that money was changing hands faster and faster . . . and that was a real problem!
That’s because in 1797, fears of a French invasion had created a run on gold, and to remain solvent, the British government had no choice but to suspend the Bank of England’s obligation to convert notes into gold. And so to keep the everyday economy running smoothly, the Bank of England began to issue £1 and £2 banknotes, something that had never been necessary before as only wealthy people used banknotes, which were only available in high denominations. The trouble was, most of the working class in England were illiterate and had never dealt with paper currency. Being unable to read the lettering made it very difficult for them to spot a fake note. So forgeries became more and more rampant—in 1818, over 28,000 counterfeit banknotes were turned in to the authorities, and the Bank of England was growing desperate to solve the problem. So they announced a contest to create The Inimitable Banknote, a design that could not be duplicated by even the most skilled forger. And the prize for winning it was £20,000—an extraordinary amount of money in those days.
Not surprisingly, the Bank of England turned to the cutting edge new technology of the era for a solution, and invited the leading inventors to tackle the challenge and submit sample banknotes. Advances in precision engineering had led to the creation of a number of sophisticated machines for making complex geometric patterns that simply couldn’t be duplicated by the human hand. Known as rose engines or geometric lathes, this type of engraving machine had actually existed in more primitive forms since the Renaissance, but Regency engineers had the scientific skills to take them to a whole new level of complex detail. Advances in printing presses and new types of metal printing plates, which were allowing precision multi-color designs, also gave the participants in the Inimitable Banknote Competition an added edge over counterfeiters.
Not surprisingly, the competition attracted some leading luminaries in the scientific world of engineering innovations. Sir William Congreve, who served as the comptroller of the Royal Laboratory, which was part of the Royal Arsenal at Woolwich, was considered a leading contender. He was famous for creating the Congreve rocket in 1804, a mobile artillery missile that could be launched on the battlefield or from navel vessels. (An esoteric but fun fact is that the “rockets’ red glare” mentioned so poetically in the United States of America’s national anthem was caused by the Congreve rockets fired from the British navy warships!) Another prominent entry was the team of Applegath & Cowper, two innovative thinkers who ran a well-respected printing firm in London, and were in the forefront of adding geometric designs to their typography.
And then there was Jacob Perkins, a brilliant American inventor and mechanical engineer who had pioneered innovations in a number of technical fields, including printing currency for the state of Massachusetts. He was the first to refine the process of siderography printing, which used steel printing plates instead of traditional copper, and also invented a special printing press to optimize its quality and efficiency. Seeing a whole new market for his genius, Perkins traveled to London to participate in the competition. However, he faced some challenges as Sir Joseph Banks, a legendary figure in the the world of British science and head of the committee tasked with choosing the winner, was adamantly opposed to the idea of an American designing and printing British currency.
So who won The Inimitable Banknote Competition? Well that’s a really interesting story, but I’m not going to give any spoilers! Suffice it to say it has all the twists and turns of a gripping mystery novel!
So what about you? Do you actually still use banknotes? I find it a little scary, but I admit that I’ve gotten used to “tap-and-go” for even the smallest purchases. In fact, I’ve encountered places that won’t accept cash anymore! (And let’s not even get into the craziness of pennies.)
Very interesting, Andrea! I can understand why Sir Joseph Banks wasn’t keen on having Americans involved with British currency.
I still have some paper bills in my wallet, but I admit that I don’t used them very often!
Yes, it’s totally understandable—but he was the most innovative of all the printers. (And an amazing inventor in a number of other fields.)
I carry some cash, but rarely use it. It’s so much simpler to tap . . .until AI devours us and all our posessions! ACCKKK!
Thank you for a fascinating post, Andrea. And, yes, there are definitely similarities between those days and ours.
You can call me a luddite as I continue to use banknotes. I routinely get two dollar bills at my bank and enjoy spending them as they almost always generate comment. I also use coins (including pennies though I’ve encountered stores that no longer accept them), checks (I wrote one today at Trader Joe’s, and my (non-Smart) flip phone. I also … gasp … write letters!
Kareni-
I also have two dollar bills. I venture to say that yours are the kind that are currently printed. Mine are silver certificates, which are still legal tender , but haven’t been printed for years. My late father used to give them to me when I was in college. I hoarded them, only using them once: to buy a ticket to a concert featuring the great pianist, Vladimir Horiwitz, at DAR Constitution Hall in Washington, DC. There were four encores, including Robert Schumann’s “Traumerei.” Definitely woth two silver certificate two dollar bills. BTW-I write letters as well-with a Cross pen on Italian stationery.
Ooh, Binnie, that sounds like a wonderful concert and well worth those two silver certificate two dollar bills! (I actually have a few of those, too. I also have a five dollar silver certificate bill which I got about fifty years ago when I changed currency at Schiphol airport in the Netherlands.)
Binnie, what a wonderful story! The concert definitely sounds well worth it. I wonder what a bank would do if you presented it for redemption? (It’s probably worth a lot as a collector’s item!)
I love your pen and stationery choices. When I do write letters, I use Crane’s stationery and a fountain pen. (And I really should do it more often!)
Wow….four dollars to hear Horowitz? That’s amazing!
I had some silver certificates when i was a teenager in the sixties but the govt recalled them in 1968,if you wanted to redeem them for actual silver. I remember going to the local bank and getting silver dollar coins for my dollar bill silver certificates. I still have the coins in a box in a drawer.
That was very smart of you, Jane! How fun to have a box of silver dollars.
The silver certificates are probably worth something as collector’s items.
I never knew silver certificates were legal currency anywhere! love your anecdote about the Horowitz concert.
So glad you enjoyed the post, Kareni. I laughed aloud at your getting two-dollar bills from the bank! I can imagine the astounded looks you get from people.
I’ve noticed in a grocery store line the people get fidgety when a customer in front of them pays in cash, which forces the check-out person to take an extra few moments to make change.
And good for you for writing letters. I need to do that more often, as I get such pleasure in receiving a handwritten letter.
The reactions really are fun, Andrea. I often get “ooh, I haven’t seen one of these in a long time!” Or “I collect these.” But I’ve also had young cashiers showing a bill to a coworker and asking if it is real money. Many are surprised to learn that two dollar bills are still being printed.
That is VERY cool, Kareni.
I have to admit, I didn’t know two dollar bills were still being printed.
I love your story about the $2 bills. My stepmom used to hand them out to the grandkids as a reward for good report cards, and after she passed away I found a stash of them in her dresser. I haven’t been able to bring myself to use them, so I still have them somewhere! I also have a $5 silver certificate bill. Only last year, I cashed in several rolls of silver dimes and other coins containing silver.
Your stepmom sounds like my kind of person, Karin. I’m also reminded that the tooth fairy at our house would leave less common money such as Eisenhower, Kennedy, or Sacagawea coins or the occasional two dollar bill.
Andrea, you always have the most interestingu historical posts on lesser known topics and thus time was no exception! I always learn something new, thanks to you!
Call me a luddite like Kareni, but I still use cash for small purchases, including eating out (unless the bill is an expensive dinner, which is rare) and still pay bills with checks. I use my debit card more than my credit card as it acts like a check coming right out of my bank account. It makes me more conscious of what i am spending and controls costs. I am not opposed to technology, i just don’t wanted to be controlled by it or locked in. I want to be able to choose how i do things, not have the choice made for me.
Thanks, Jane! I’m so glad you enjoy my quirky forays into history!
Your comment is perfect about not being controlled by technology. I still writing checks for monthly bills, though I’m slowly transitioning. All the tap-tap is convenient . . . but I do occasionally think about what chaos would ensure if something goes haywire.
Andres, while it is certainly convenient in many ways i have heard and read too many stories about things going haywire and the problems straightening it out.
Even something like parking meters should nit be so difficult to use, but many of them are. Technology was supposed to make things faster and easier and so far jt bas been a mixed bag, easier in some ways a real problem in others.
SO true!
I don’t often find technical topics discussed on book sites with such aplomb – fascinating as always.
I do carry a few notes and coins with me. Sometimes an unfamiliar car park meter baffles me and I stick coins in instead of using a card. Cash is also handy for leaving tips.
I remember back before the UK went metric, some foreign participants at a Scottish summer school were displaying their £sd currency (this was before decimalisation) and laughing uproariously. I had to explain that 4 farthings made a penny, 12 pennies made a shilling, 20 shillings made a pound and if they had a guinea it was worth a great deal to a collector …… they had a point! LOL.
Quantum, I’m so glad enjoyed my foray into the nooks and crannies of history. That’s a very good point about parking meters! I admit that I’m sometimes baffled by the parking app I have and having to figure out what zone I’m in , or why it won’t let me take the full hours to whuch I’m entitled!
And I love your story about pre-decimalization! I remember some very early trip to England and just holding out a palm full of coins to cashier s and asking them to tell me what I owed!
You’re very lucky if you find a parking meter that accepts coins nowadays! Some of them want you to put an app on your phone.
Thank you for the intriguing blog, Andrea. As I travel through Scandinavian countries, and now Iceland, many of them are cashless societies, which is so easy. I rather use a credit card.
Patricia, yes I’ve noticed that Europe in general seems far more advanced in being “cashless”. Tapping is definitely fast and easy. The last time I went to London, the first thing I did was get pinds form the cash machine . . . and never used the bills as everything credit card, even for a tiny expense.
I use banknotes and coins very rarely these days. Particularly now that I can pay my bus ticket with a bank card. I still have my ancient Nokia, so I can’t pay with a phone. As long as it is possible to live without one of these newer phones and my Nokia is in working order, I’ll stick with my new phone.
And speaking of money, I came across this short documentary:
https: // www .youtube .com / watch?v=xs2nBl43hhs&t=10s
And one more:
https: // www .youtube .com / watch?v=DHu10Ob4bNg
Minna, it is very nice that one doesn’t subway and bus passes these day, and instead can just tap a card. It does simplify things.
I don’t do any finances on phone. I worry about ever losing it and having bank info exposed.
Thanks for the links! Very interesting.
” my new phone”… I meant to say “ancient phone”.
Yes, I figured that!
It sounds like a fascinating topic and you have researched it very thoroughly. I am already tempted to read your novel !
Thanks for leaving a comment, Julia. If you do, I very much hope you enjoy it!
As to what I’m reading at the moment, it’s the biography of Lady Katherine Grey by Connor Byrne. There are so many marvellous stories in Tudor history and this is one of the less familiar ones. It has romance, royalty, danger and disaster.
I think you would really enjoy Nicola’s books, too. She writes wonderful novels rich with Tudor history.