<Tr> <Th> Design </Th> <Td> Isaac Newton </Td> </Tr> <Tr> <Th> Design date </Th> <Td> 9 February 1978 </Td> </Tr> <P> The Bank of England £ 1 note was a banknote of the pound sterling . After the ten shilling note was withdrawn in 1970 it became the smallest denomination note issued by the Bank of England . The one pound note was issued by the Bank of England for the first time in 1797 and continued to be printed until 1984 . The note was withdrawn in 1988 in favour of the one pound coin . </P> <P> One pound notes were introduced by the Bank of England for the first time in 1797, following gold shortages caused by the French Revolutionary Wars . The earliest notes were handwritten, and were issued as needed to individuals . These notes were written on one side only and bore the name of the payee, the date, and the signature of the issuing cashier . Between 1797 and 1821 the lack of bullion meant that banks would not exchange banknotes for gold, but after the end of the Napoleonic Wars the shortage was alleviated such that notes could be exchanged for an equivalent amount of gold when presented at the bank . One pound notes ceased to be issued in 1821 and were replaced by gold sovereigns . </P>

When did the old £1 note go out of circulation