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.
It was while Andrew Bailey was Chief Cashier that the Bank of England introduced the so called Adam
Smith £20. This was quite a departure from previous issues because for the first time the serial numbers
appeared on the back of the note (P405.) This note bristled with security features including a thick
holographic thread on the front with images which alternated from Adam Smith to the £ symbol. A portrait
of Queen Elizabeth II is on the front with a portrait of Adam Smith 18th century philosopher on the
back. He is regarded as the father of modern economics and alongside his portrait is a view of a pin factory.
In his magnum opus The Wealth of Nations he used the illustration of a pin factory to propose his
theory that the division of labour increased productivity.