It was while Andrew Bailey was Chief Cashier at the Bank of England that the new style
Adam Smith £20 note was introduced.
It was different from previous issues because for the first time the serial numbers were on
the back rather than the front. The front featured a very large holographic thread alongside the
portrait of the Queen. The back featured a portrait of Adam Smith, author of the seminal work
The Wealth of Nations. He had the distinction of appearing on two different banknotes issued
in the British Isles (P405).
The very first notes with this new design all had the prefix AA01 It’s now 11 years since
they were issued. We offer Crisp Uncirculated examples of the very first Adam Smith £20
notes with the signature of Andrew Bailey and the important first prefix AA01.