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 that 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.
Chris Salmon £20 Mauve Queen Eliz/ Adam Smith B409 Unc. Chris Salmon’s term as Chief Cashier was one of the shortest in Bank of England history. He succeeded Andrew Bailey on 1st April 2011 and just three years later on the 1st June 2014. He was then succeeded by Victoria Cleland. The first £20 notes with his signature appeared on 12th September 2012. They followed the Adam Smith design first introduced under Bailey (B409) A mature portrait of Queen Elizabeth II appears on the front. A profile portrait of Adam Smith, father of modern economics is on the back alongside a vignette of pin manufacturing, a reference from his most famous work The Wealth of Nations. Crisp Uncirculated.