Economist in, composer out on British bill

March 13, 2007 at 6:23 PM

LONDON, March 13 (UPI) -- The visage of long-ago economist Adam Smith graces the 20-pound British note issued Tuesday -- the first time a Scot has appeared on a Bank of England note.

Smith, who lived from 1723-1790, is counted among the fathers of modern economics. He wrote "The Wealth of Nations," which touted the virtue of free markets.

Smith, who had already appeared on Scottish 50-pound notes, succeeds English composer Edward Elgar on the British 20-pound bill. There are still 1.3 billion of the notes in circulation bearing Elgar's likeness.

The new version is printed with a brighter purple ink, as well as improved security that includes color tags that show up under ultraviolet light and a larger silver hologram.

"We do not have a serious counterfeiting problem in this country, but because it is the most common note it is the one that has proved most attractive to counterfeiters," said Andrew Bailey, the Bank of England's chief cashier.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Joel Osteen heckled, 6 arrested during service at Houston megachurch
Ghost hunters discover woman's body at abandoned Mississippi hospital
Walmart sorry for making Islamic State cake after rejecting Confederate flag cake
Export-Import Bank ends operations as Congress failed to reauthorize
Obama signs fast-track trade, worker assistance bills into law