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(ECONOMICS) A bank that is empowered to issue currency. In the USA, between 1863 (National Bank Act) and 1935, any bank with a federally issued charter (i.e., a national bank) was allowed to issue currency. After 1914, few did. The US Treasury issued a small number of banknotes until 1971. In the UK, banknotes of the Bank of England are legal tender; but the Royal Bank of Scotland is also a bank of issue. Today, in almost every country of the world, the sole bank of issue is the central bank of that country.
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