Andrew Bailey Adam Smith £20 B405 Crisp Unc

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.