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The Bank of England, which is now the central bank of the United Kingdom, British Crown Dependencies and British Overseas Territories, has issued banknotes since 1694. In 1921 the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act 1844, when the power of other banks to issue notes was restricted. Only the Bank of England can issue banknotes in England and Wales, where its notes are legal tender. They are not legal tender in Scotland and Northern Ireland, but are always accepted there by traders.
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