Today, we visited the venerable Bank of England, nicknamed the Old Lady of Threadneedle Street. In continuous operation since it was founded in 1694, the Bank serves as the central bank for the United Kingdom, performing functions akin to the Federal Reserve in the United States. As with most of the major tourist attractions in London, admission to the museum is free. We learned about the relationship between gold supplies and paper money, and we all got to feel a real gold bar weighing 28 lbs. (It felt like a ton.) We got to spin the dial on a combination safe and learn how to open it after finding the combination by chasing down clues about the bank's operations. Once it was open there were prizes inside. We got to see printing plates for engraving new banknotes and to learn about inflation and how increasing the money supply creates rising prices. We got to take a shot at managing the economy to try and keep inflation at an "ideal" 2 percent over a prolonged period. We saw an actual letter from George and Martha Washington to the bank in 1759 requesting a dividend check. We wondered if the Bank continued to pay after 1776. We also learned about the Duke of Wellington, whose statutue is right outside The Bank. The Bank helpfully provided us with some activity worksheets that made our trip fun, one of which directed Olivia to make a copy of the Queen's portrait on British banknotes. We have reproduced it above. The best thing about today, however, was that it provided us with our first opportunity to wear our new raincoats, it being a wet, drippy day that was not too cold. You can see us in our finery posing here with Mom in front of The Bank's main entrance.
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