Pricing Supplement - F-104 Black


Basket Component	Weight	C_(i) Initial (as defined below)
USDBRL, as described under “Description of the Reference Asset” in this pricing supplement.	1/4	1.9000
USDRUB, as described under “Reference Assets—Currency Exchange Rates” in the prospectus supplement.	1/4	30.9780
USDINR, as described under “Reference Assets—Currency Exchange Rates” in the prospectus supplement.	1/4	48.4250
USDCNY, as described under “Reference Assets—Currency Exchange Rates” in the prospectus supplement.	1/4	6.8307

Investing in the Notes involves a number of risks. See “Risk Factors” beginning on page S-5 of the prospectus supplement and “Selected Risk Considerations” beginning on page PS-4 of this pricing supplement.

We may use this pricing supplement in the initial sale of Notes. In addition, Barclays Capital Inc. or another of our affiliates may use this pricing supplement in market resale transactions in any Notes after their initial sale. Unless we or our agent informs you otherwise in the confirmation of sale, this pricing supplement is being used in a market resale transaction.

The Notes will not be listed on any U.S. securities exchange or quotation system. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The Notes constitute our direct, unconditional, unsecured and unsubordinated obligations and are not deposit liabilities of Barclays Bank PLC and are not insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency of the United States, the United Kingdom or any other jurisdiction.

You should read this pricing supplement together with the prospectus dated February 10, 2009, as supplemented by the prospectus supplement dated February 10, 2009 relating to our Medium-Term Notes, Series A, of which these Notes are a part. This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in “Risk Factors” in the prospectus supplement, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

Our SEC file number is 1-10257. As used in this pricing supplement, the “Company,” “we,” “us,” or “our” refers to Barclays Bank PLC.

The Notes are issued under the Medium-Term Notes Program, Series A (the “Program”). The Notes are expected to carry the rating of the Program, which is rated AA- by Standard & Poor’s, a division of the McGraw-Hill Companies, Inc (“S&P”), and will be rated Aa3 by Moody’s Investor Services, Inc. (“Moody’s”). An AA- rating from S&P generally indicates that the issuer’s capacity to meet its financial commitment on the obligations arising from the Program is very strong. An Aa3 rating by Moody’s indicates that the Program is currently judged by Moody’s to be an obligation of high quality and is subject to very low credit risk. The credit rating is a statement of opinion and not a statement of fact and is subject to downward revisions, suspension or withdrawal at any time by the assigning rating agency. The rating (1) does not take into account market risk or the performance-related risks of the investment (including, without limitation, the risks associated with the potential negative performance of any reference asset to which the Notes are linked), and (2) is not a recommendation to buy, sell or hold securities.

The examples set forth below are provided for illustration purposes only. Assumptions in each of the examples are purely fictional and do not relate to any actual reference level or basket performance. The hypothetical terms do not represent the terms of an actual Note. The examples are hypothetical, and do not purport to be representative of every possible scenario concerning increases or decreases in the reference levels of the basket components on the basket final valuation date relative to their reference levels on the basket initial valuation date. We cannot predict the basket performance.

The following examples illustrate the payment at maturity assuming an initial investment of $1,000 and that the reference levels of the basket components are as indicated.

Example 1: In this case, all reference currencies strengthen against the U.S. dollar. (This occurs when C₍_i)Final decreases from C_{(i) Initial}, reflecting a fewer number of reference currency per U.S. dollar.)

Because the basket performance of 12.00% is greater than 0% as of the basket final valuation date, the payment at maturity is equal to (a) the principal amount of the Notes plus (b) the principal amount multiplied by the product of (i) participation rate and (ii) the basket performance, calculated as follows:

$1,000 + [$1,000 x (participation rate x basket performance)] = $1,000 + [$1,000 x (185% x 12%)] = $1,226.63

Therefore, the payment at maturity is $1,226.63 per $1,000 principal amount Note, representing a 22.663% return on investment over the term of the Notes.

Example 2: In this case, two reference currency strengthens against the U.S. dollar while two weakens.

Because the basket performance of 2% is greater than 0% as of the basket final valuation date, the payment at maturity is equal to (a) the principal amount of the Notes plus (b) the principal amount multiplied by the product of (i) participation rate and (ii) the basket performance, calculated as follows:

$1,000 + [$1,000 x (participation rate x basket performance)] = $1,000 + [$1,000 x (185% x 2%)] = $1,037.00

Therefore, the payment at maturity is $1,037.00 per $1,000 principal amount Note, representing a 3.700% return on investment over the term of the Notes.

Example 3: In this case, all reference currencies weaken against the U.S. dollar. (This occurs when C₍_i)Final increases from C_{(i) Initial}, reflecting a greater number of reference currency per U.S. dollar.)

Because the basket performance of -6.25% is less than 0%, you will receive a payment at maturity of $1,000. The return on your investment is 0.000%.

The following section is the opinion of our special tax counsel, Sullivan & Cromwell LLP, and it assumes that the description of the terms of the Notes in this pricing supplement is materially correct. The Notes will be treated for U.S. federal income tax purposes as contingent payment debt instruments. Under applicable U.S. Treasury Regulations governing debt obligations with payments denominated in, or determined by reference to, more than one currency, for persons whose functional currency is the U.S. dollar, the Notes will not be foreign currency denominated debt obligations because the “predominant” currency of the Notes is the U.S. dollar. Accordingly, we will treat the Notes as being denominated in U.S. dollars, and payments on the Notes determined by reference to currencies other than the U.S. dollar as contingent payments under the special federal income tax rules applicable to contingent payment debt obligations. Under these rules, if you are a U.S. individual or taxable entity, you generally will be required to accrue interest on a current basis in respect of the Notes over their term based on the comparable yield for the Notes and pay tax accordingly, even though you will not receive any payments from us until maturity. This comparable yield is determined solely to calculate the amount on which you will be taxed prior to maturity and is neither a prediction nor a guarantee of what the actual yield will be. In addition, any gain you may recognize on the sale or maturity of the Notes will be taxed as ordinary interest income and any loss you may realize on the sale or maturity of the Notes would generally be ordinary loss to the extent of the interest you previously included as income in respect of the Notes and thereafter would be capital loss.

For a further discussion of the tax treatment of your Notes, including information regarding obtaining the comparable yield for your Notes, please see the discussion under the heading “Certain U.S. Federal Income Tax Considerations—U.S. Federal Income Tax Treatment of the Notes as Indebtedness for U.S. Federal Income Tax Purposes—Contingent Payment Debt Instruments” in the accompanying prospectus supplement.

An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the basket components. These risks are explained in more detail in the “Risk Factors” section of the prospectus supplement, including the risk factors discussed under the following headings:

The currency exchange rates for each reference currency, on any given day, including the basket initial valuation date and basket final valuation date, will be determined by the calculation agent as the reference or spot rate, which is determined by the calculation agent in accordance with the following:

If any of the Bloomberg pages described above, or the successor page thereto, is not available on the basket final valuation date, the applicable exchange rate will be calculated by the calculation agent as the arithmetic mean of the applicable offer-side spot quotations received by the calculation agent from two leading commercial banks (selected in the sole discretion of the calculation agent), for the relevant currencies. If these spot quotations are available from fewer than two banks, then the calculation agent shall determine whether such quotation is available and reasonable to be used. If no such spot quotation is available, the calculation agent shall determine the applicable currency exchange rate for such date.

The reference levels of the USDBRL, USDRUB, USDINR and USDCNY currency exchange rates on July 21, 2009 were 1.9000, 30.9780, 48.4250 and 6.8307 respectively.

The following graphs set forth the historical performance of the Brazilian real, the Chinese yuan, the Russian ruble and the Indian rupee based on the daily, closing currency exchange rates from January 2, 2001 through July 21, 2009. We obtained the information regarding these closing currency exchange rates of the USDBRL, USDRUB, USDINR and USDCNY below from Bloomberg L.P.

We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg L.P. The historical performance closing currency exchange rates of the USDBRL, USDRUB, USDINR and USDCNY should not be taken as an indication of future performance of the fixing rates, and no assurance can be given as to the reference levels on the basket final valuation date. We cannot give you assurance that the performance of the USDBRL, USDRUB, USDINR and USDCNY currency exchange rates will result in any return in addition to your initial investment.

We have agreed to sell to Barclays Capital Inc. (the “Agent”), and the Agent has agreed to purchase from us, the principal amount of the Notes, and at the price, specified on the cover of this pricing supplement. The Agent is committed to take and pay for all of the Notes, if any are taken.

Delivery of the Notes of a particular series may be made against payment for the Notes more than three business days following the pricing date for those Notes (that is, a particular series of Notes may have a settlement cycle that is longer than “T+3”). For considerations relating to an offering of Notes with a settlement cycle longer than T+3, see “Plan of Distribution” in the prospectus supplement.


*Title of Each Class of Securities Offered*	*Maximum Aggregate Offering Price*	*Amount of Registration Fee(1)*
Medium-Term Notes, Series A	$4,000,000	$223.20


Key Terms:		Terms used in this pricing supplement, but not defined herein, shall have the meanings ascribed to them in the prospectus supplement.

Issuer:		Barclays Bank PLC (Rated AA-/Aa3‡)

Basket Initial Valuation Date:		July 21, 2009

Issue Date:		July 24, 2009

Basket Final Valuation Date:		July 19, 2012*

Maturity Date:		July 24, 2012* (resulting in a term to maturity of approximately 3 years)

Denominations:		Minimum denomination of $1,000, and integral multiples of $1,000 in excess thereof.

Interest:		We will not pay you interest during the term of the Notes.

Reference Asset:		An equally-weighted basket consisting of the currency exchange rates between (i) the U.S. Dollar and the Brazilian Real (the “USDBRL” currency exchange rate), (ii) the U.S. Dollar and the Russian Ruble (the “USDRUB” currency exchange rate), (iii) the U.S. Dollar and the Indian Rupee (the “USDINR” currency exchange rate) and (iv) the U.S. Dollar and the Chinese Yuan (the “USDCNY currency exchange rate”) (each a “currency exchange rate” and a “basket component”). The currency exchange rates for each reference currency, on any given day, including the basket initial valuation date and basket final valuation date, will be determined by the calculation agent as the reference or spot rate, which will be determined by the calculation agent in accordance with the following:


Participation Rate:		185%

Payment at Maturity:		If you hold your Notes to maturity, you will receive a cash payment determined as follows: • if the basket performance is greater than 0%, you will receive (a) the principal amount of your Notes plus (b) the principal amount multiplied by the product of (i) the participation rate and (ii) the basket performance: $1,000 + [$1,000 x (participation rate x basket performance)] • if the basket performance is equal to or less than 0%, you will receive the principal amount of your Notes. *Your principal is only protected if you hold the Notes to maturity.*

Basket Performance:		The basket performance equals the weighted average of the percentage change (which may be positive or negative) in the value of each of the basket components from and including the basket initial valuation date to and including the basket final valuation date. The basket performance will be calculated as follows: C₍_i_{) Initial} = The reference level of each basket component on the basket initial valuation date; C_{(i) Final} = The reference level of each basket component on the basket final valuation date; and W₍_i) = Weighting of each basket component, which is 1/4 for each basket component.

Calculation Agent:		Barclays Bank PLC

Business Day:		New York

CUSIP/ISIN:		06739JKN2 and US06739JKN27


	Price to Public	Agent’s Commission‡‡	Proceeds to Barclays Bank PLC
Per Note	100.00%	3%	97%
Total	$4,000,000	$120,000	$3,880,000


Basket Component	C_(i) Initial	C_(i) Final	Performance of Basket Component		Weight	Weighted Performance
USDBRL currency exchange rate	1.9000	1.6150	15.00	%	0.25	3.75	%
USDRUB currency exchange rate	30.9780	27.8802	10.00	%	0.25	2.50	%
USDINR currency exchange rate	48.4250	44.5510	8.00	%	0.25	2.00	%
USDCNY currency exchange rate	6.8307	5.7378	16.00	%	0.25	4.00	%

Basket Performance						12.00	%