The Bank Restriction Act removed the requirement for the Bank of England to convert banknotes into gold. It was prompted by an increase in the number of people seeking to convert banknotes into gold, which created concern about the Bank of England's gold reserve. The Restriction Act was in place until 1821; the period between 1797-1821 is referred to as the "restriction period." In 1821, the formal gold specie standard was established in Great Britain and it lasted until the onset of WW1.https://www.branchcollective.org/?ps_articles=mark-crosby-the-bank-restriction-act-1797-and-banknote-forgery