On 26 February, following various financial crises, the UK government, passed The Bank Restriction Act, preventing paper money holders from demanding specie in exchange and thus making the Bank of England, effectively, insolvent. On the same day, the first one pound note was issued to ease the growing need for currency; previously notes had been only larger denominations.
The Bank of England, founded by William Paterson, a 17th-century Scottish merchant, is located on Threadneedle Street and the derivation of that name is not as straightforward as might first appear. Thread and needle certainly make contextual sense, but – it’s a London street name, after all – it’s not that simple.
“Then have you one other street called three needle street,” according to our favourite source for London history and street names, John Stow. This was, for a long time, the name by which the street was known. The needles are probably from the arms of the Needle Makers Company; the Merchant Taylors also had their hall here from the 14th century and signs with needles would indicate proximity to the hall.
The Merchant Taylors Company was granted its first charter in 1327, and was sixth – or seventh, depending an the year – in the priority list of the City livery companies. The reason for the shifting priority was due to the feud between that company and the Skinners. These two were no exception to the fighting between guilds in the Middle Ages; when it reached the stage of bloodshed the companies took their grievances to the Mayor.
The Mayor decreed that the respective Masters should be entertained to dinner by each other’s company annually and that each company should alternate the ranks of sixth and seventh from year to year. This is often said to have originated the expression ‘at sixes and sevens’, (though it is more likely to have come from dicing).
But back to the Bank of England, which is familiarly known as the ‘Old Lady of Threadneedle Street’. The nickname originated with a sad young 19th-century woman whose brother was a bank clerk. The lad was executed for trying to forge cheques and, unfortunately, no one thought to let his sister, Sarah, know. When she arrived at the bank enquiring after him the news shocked her so much that she lost her mind.
Refusing to accept her brother’s ignominious death Sarah continued to visit the bank every day for over twenty-five years asking for him. The bank staff became used to her and would tactfully give her reasons every day for his absence; Sarah eventually became known as the Old Lady of Threadneedle Street.
Sir Thomas Hariot, who introduced the potato to England, died in Threadneedle Street.