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1 000 000 Pounds - Treasury Bill
| Issuer | HM Treasury |
|---|---|
| Year | 2003 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Log in to see details |
| Composition | Log in to see details |
| Size | Log in to see details |
| Shape | Log in to see details |
| Printer | Log in to see details |
| Designer(s) | Log in to see details |
| Engraver(s) | Log in to see details |
| In circulation to | Log in to see details |
| Reference(s) | P#361B |
| Obverse description | Crowned royal arms vignette at upper centre, with the denomination in sterling numerals to the left. The bill text, arranged in letterpress across the face, details the instrument date, payee line, maturity date, governing regulations, and an authorising signature, with the denomination repeated at lower left. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Log in to see details |
| Reverse lettering | CANCELLED |
| Signature(s) | Log in to see details |
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| Comments |
HM Treasury's "giant" and "titan" denomination notes — £1,000,000 and £100,000,000 respectively — are not currency in any practical sense. They exist solely as internal accounting instruments used by the Bank of England to back the value of Scottish and Northern Irish banknotes in circulation. Commercial banks operating in those regions must hold equivalent assets at the Bank of England, and these oversized Treasury Bills fulfill that legal requirement under the Banking Act.
They are never released to the public and never circulate. Surviving examples outside institutional hands are genuinely exceptional.