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Bradbury Pound Bypassed the Rothschilds in Wartime

Friday, March 27, 2026 20:22

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The Bradbury Pound, issued at the start of WW1,

proved that governments can issue their own

currency without pretending to “borrow” it

from the Rothschilds at interest.

As society loses confidence in fiat currencies

based on “debt,” this precedent may serve us in WW3.

“In modern discussions (often in alternative economics, monetary reform, or “sound money” circles), it is sometimes cited as an example of debt-free or interest-free public credit issued by the state rather than through private banks or the central bank. Some argue it bypassed the banking system’s fractional reserve practices and could serve as a model today.”

by GROK 4

(henrymakow.com)

The Bradbury Pound (also called Bradbury Treasury notes or simply “Bradburys”) refers to the emergency £1 and 10-shilling paper currency notes issued directly by the British Treasury (not the Bank of England) at the start of the First World War in 1914. They were nicknamed after Sir John Bradbury, the Permanent Secretary to the Treasury, whose prominent signature appeared on them.

In early August 1914, as Britain declared war on Germany, a major financial panic erupted. People rushed to convert banknotes and deposits into gold sovereigns and half-sovereigns (the everyday gold coinage), threatening to drain the nation’s gold reserves rapidly.

The government needed to preserve gold stocks for war financing, international payments, and maintaining confidence in the currency. Banks faced a potential collapse under the pressure of mass withdrawals. The Bank of England could not print enough small-denomination notes quickly enough for widespread use (previously, Bank of England notes were mostly high-value £5+ and not everyday currency for ordinary people).

To address this, the government: Suspended the convertibility of Bank of England notes into gold (effectively going off the full gold standard temporarily). Authorized the Treasury to issue its own low-denomination notes (£1 and 10 shillings) as legal tender. These notes were initially convertible for gold through the Bank of England but served primarily to replace gold coins in circulation and stabilize the banking system.

The first £1 notes were rushed into production and issued on 7 August 1914 (10-shilling notes followed about a week later). Early versions were printed hastily on postage stamp paper due to shortages of proper banknote paper, with simple black-on-white designs. Later series had more refined designs.

This move was an emergency measure to keep the economy functioning during wartime mobilization. Paper notes became normal for everyday transactions in England and Wales for the first time on a broad scale.

The Bradbury notes circulated widely during and after World War I. They were produced in several series (with evolving designs and security features) and remained in use until 1928.In 1928, the Bank of England took over responsibility for issuing £1 and 10-shilling notes, replacing the Treasury issues.

The Bradbury notes were gradually withdrawn and phased out as the Bank of England series took over. Britain partially returned to the gold standard in the 1920s (though it was later abandoned again in 1931 during the Great Depression).

Some notes were overprinted for use by British forces abroad (e.g., in the Mediterranean during the Gallipoli campaign).

The Bradbury Pound is historically viewed as a pragmatic wartime response that prevented a deeper banking crisis. It demonstrated that the government could directly issue currency in a crisis.

John_Swanwick_Bradbury,_1st_Baron_Bradbury.jpg

(Sir John Bradbury)

In modern discussions (often in alternative economics, monetary reform, or “sound money” circles), it is sometimes cited as an example of debt-free or interest-free public credit issued by the state rather than through private banks or the central bank. Some argue it bypassed the banking system’s fractional reserve practices and could serve as a model today. However, officially, it was a temporary expedient tied to the gold standard era and not a permanent shift to fiat money.

Physically, surviving Bradbury notes are collectible today, with early “first issue” examples being particularly rare and valuable to numismatists.In short: It was a short-term emergency paper currency born of wartime necessity to protect gold reserves and avert financial collapse. It succeeded in its purpose, remained in circulation for about 14 years, and was then absorbed into the regular Bank of England note series.

Source: https://henrymakow.com/2026/03/bradbury-pound-bypassed-the-ro.html

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