The promise on the bank note?

Question

Can you actually claim your ten pounds of Sterling silver as per the promise on the £10 note? Would a bank hand it over?

With inflation how much would you actually receive?

Answer 1

The Bank of England prints money so that people can use it as a medium of change. To exchange for goods and services, not for people to claim its worth of silver. During inflation you will still receive ten pounds there, but if you use it to purchase goods or services, you get less of them. Its value depreciate.  

Answer 2

Actually, the metal is gold, not silver. Sterling silver refers to the quality of the metal, not its value.

You cannot claim the amount in gold as stated on the bank note; it is just a promise that the note has a guaranteed value, supposedly that amount of is gold stored by the Bank of England.

After Gordon sold half our gold reserves when he was Chancellor of the Exchequer, a more accurate statement would be "I promise to owe the bearer. . . "