The New Designs Revealed The new designs have been chosen via an open competition which was widely publicised in the national media in August 2005 and.

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Presentation transcript:

The New Designs Revealed The new designs have been chosen via an open competition which was widely publicised in the national media in August 2005 and attracted 4,000 entries. The winning designer is 26-year-old Matthew Dent, originally from Bangor who now lives and works in London as a graphic designer.

Topic 1b – Forms of Money  Coins and banknotes are made with different values written on them. These values are called denominations.  One type of coin is made from gold. It is called Bullion coinage. Since 1987 bullion coins have been issued with values of £100, £50, £25 and £10. These coins are not for general circulation. They are made for special occasions and are bought and sold by collectors.  Coins show the monarchs head in profile and when the next king or queen is shown their profile will point in the opposite direction.

Topic 1b – Forms of Money  THE ROYAL MINT This is where British coins are made in Llantrisant, South Wales, since  Banknotes are made by the Bank of England.  Use this link to show the various banknotes in circulation today. ndex.htm ndex.htm  Make a list of all of the security features you can think of that bank notes have. Use you paper you drew the coins on.

Topic 1b – Forms of Money  Legal Tender means that by law people must accept certain coins and banknotes in payment of a debt. However, it does not mean that other forms of payment are illegal. If a form of money is generally accepted it can be used legally.  What do you think Suppose dale borrowed £5 from Jane and offered to pay it back in 1p coins. Does the law say that Jane has to accept the 500 1p coins? Answer on the next slide.

Topic 1b – Forms of Money No she does not if she does not want to take them she can refuse.  Scottish banknotes are not legal tender anywhere, including in Scotland! However, traders in Scotland accept the banknotes as payment so they are considered ‘money’. Because English banknotes are not legal tender in Scotland the only legal tender there are is English coins. Traders in England and Wales can choose to accept Scottish banknotes. Although they are not ‘legal tender’ they are not illegal as a form of payment. The value so a Scottish banknote is the same as its English equivalent. E.g. Scottish £5 is the same as an English £5.

Using your booklets to help you now individually answer the questions on your sheet.