On March 13, 2007, the new version of the £ 20 pound note issued by the Bank of England went into circulation.
Due to “contribution to people’s understanding of society and social progress”, Adam Smith, a famous British political economist and the originator of modern Western economics in the 18th century, replaced the English composer Edward Elgar as the new £20 note. Head portrait on the back (the front still shows Queen Elizabeth II). This is the first time a Scotsman has appeared on an English banknote, although Adam Smith’s profiled sketch has been featured on Scottish £50 notes for some time.
On the new version of £20, next to Adam Smith’s head, a typical textile factory in the era of the Industrial Revolution is drawn, and a brief description of his labor division theory – “The division of labor is an inevitable product of manufacturing”. “Adam Smith’s insight into human nature and his deep understanding of social composition, labor division and social division of labor is a great pioneer in the minds of economists.” Mervyn King, Governor of the Bank of England, said.
The £20 note is the largest circulating banknote in the UK. With the portrait of Adam Smith printed on the new banknotes, it can be said that Britain has carried out a baptism and review of the free market economy and the moral concept of wealth.