Pitt called George III to a cabinet meeting on Sunday 26 February where it was agreed that payments in specie would be suspended as, owing to the fear of invasion, there had been a severe run on the Bank of England. The Times explained: ‘It is probable that this very wise and salutary measure was adopted on account of the heavy demand for Guineas which has been lately made on the Bank of England, in consequence of the Newcastle Banks having suspended their payments and the effects of false or exaggerated alarms respecting an invasion, which have produced, a danger that there might not remain sufficient cash for the exigencies of the public service, even though the restrictions on discounts should be carried to an extent highly inconvenient.’ The paper pound remained until 1821.

See The Times, 27 February 1797.