Page "Gold standard" Paragraph 13

The 1819 Act for the Resumption of Cash Payments set 1823 as the date for resumption of convertibility, reached instead by 1821.

Throughout the 1820s, small notes were issued by regional banks, which were finally restricted in 1826, while the Bank of England was allowed to set up regional branches.

In 1833, however, Bank of England notes were made legal tender, and redemption by other banks was discouraged.

In 1844 the Bank Charter Act established that Bank of England notes, fully backed by gold, were the legal standard.

According to the strict interpretation of the gold standard, this 1844 act marks the establishment of a full gold standard for British money.