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floppysevenup2 karma

The following sentence is written on my 20 pounds banknote issued by the Bank of England: "I promise to pay the bearer on demand the sum of 20 pounds" Let's say I'm going to the Bank of England and ask them to give me 20 pounds in exchange from that note, what exactly would I get?

On a Euro denominated note however, there is no such thing. Why is that?