§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will give the reasons for the introduction of the smaller £1 note; why the serial number is only printed once instead of twice left and right of the note which enabled those with a torn note to replace it provided 356W they had a half with the serial number; what will happen now if they have the half of the note without the serial number; and whether he will make a statement.
§ Mr. Denzil DaviesThe new £1 note, which measures 66.69 mm × 134.5 mm, forms part of the series of notes first announced in 1968. The other notes of the series are the £5, first issued in 1971, the £10—1975—and the £20—1970.
The serial number appears only once on the new note, in black, near the bottom right-hand corner on the front of the note. This leaves the customary left-hand position clear for encoding marks which may be applied in the future for the use of the Bank of England note sorting machinery.
The serial number is not a major factor in the replacement of new notes. Provided there is satisfactory evidence of destruction, claims for replacement notes will be met.
A Bank of England Press notice concerning the new note was released on 23rd August 1977.