In 1694 William Patterson, a wealthy businessman, subscribed considerable funds to help William III fight a war against France. In return for this help, Patterson was granted a Royal Charter to establish the Bank of England. The bank started at Mercer's Hall, Cheapside and later moved to Grocer's Hall, Princess Street. Finally, in 1734 the Bank of England established itself at Threadneedle Street. The building was enlarged by Sir John Soane in 1788.
The print represents the hall in which bank notes are issued and exchanged: it is a noble room, seventy-nine feet by forty, and contains a very fine marble statue of King William III. The Bank of England may be considered as the main spring by which the commercial payments of his country are transacted.