It is possible that any banknote may have a printing defect. It could be that a certain colour of ink ran out during printing or the rollers became dirty, that the note was smudged or blurred, that the paper was creased or folded or that the notes were not cut properly or at all.
Any banknote with a "genuine" printing error would have some value, above the usual, as a collectible.
Genuinely flawed notes are not necessarily known about or documented until somebody turns up with one, since they are an "accident" of the printing process, and have escaped detection during quality control therefore, a valuation cannot be anticipated.
A reputable coin dealer should be able to identify and confirm the note as genuine and make a valuation.
The Bank of England currently issues Five Pound, Ten Pound, Twenty Pound and Fifty Pound notes for Britain, plus a variety of banknotes for a number of other countries.
See the Bank of England link below.
The Bank of England One Pound was last issued in 1984 and was withdrawn in 1988 after the introduction of the One Pound coin in 1983.
The Bank of England don't currently have £100 notes, but the Bank of Scotland do and they are red. The English £50 notes are red as well.
Bank of England banknotes currently in circulation include the 5, 10, 20 and 50 Pound notes. See the link below for images of current Bank of England banknotes.
Therre are no "red indians" on Bank of England Five Pound notes.
The "Pound", as a circulating unit of currency, was first issued by the Bank of England in 1797. They did not last very long and were superceded by the gold Sovereign in 1817. The first regular issue of One Pound notes was by His Majesty's Treasury in 1914. The Bank of England resumed the minting of the One Pound note in 1928.
The Bank of England advises - All Bank of England notes from which legal tender status has been withdrawn remain payable at face value forever at the Bank of England in London. Any such notes may be presented for payment either in person during business hours, or sent to us by post.
In mid-2002, the Bank of England withdrew a batch of Five Pound notes due to the ink on the serial numbers smudging and being able to be rubbed off.
The Bank of England advises that the Sir Edward Elgar style Twenty Pound note was withdrawn on the 30th of June, 2010. After the 30th of June, most banks, building societies and Post Offices will accept the old notes for deposits and other transactions for a few months. Exchange of notes, other than for transactions and deposits is at the discretion of the institution concerned. There is no obligation on banks to accept the old notes. The Bank of England further advises that - Genuine Bank of England notes that have been withdrawn from circulation retain their face value for all time and can be exchanged at the Bank of England in London. There is no fee for this service. See the link below.
The Bank of England has never issued a One Million Pound note for general circulation. Since the various note issuing banks of Scotland and Northern Ireland are backed by the Bank of England, the Bank of England produces One Million and One Hundred Million Pound notes for the use of the note issuing banks, so that they can hold equivalent values of Bank of England notes. They are strictly for internal use and have probably never been seen outside of the vault.
The currency of the UK is the Pound Sterling (or more normally, just Pound). The Bank of England produces all of the banknotes for England and Wales, whilst several banks in Northern Ireland and Scotland produce notes to their own designs. Jersey, Guernsey and the Isle of Man also issue their own notes. The only notes in current issue in England are £5, £10, £20 and £50. Scotland, Jersey, Guernsey and the Isle of Man also have £1 notes. Scotland and Northern Ireland also issue £100 notes.