SempreMare Posted August 7, 2022 #1 Share Posted August 7, 2022 (edited) Quick FYI "The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022." https://www.bankofengland.co.uk/news/2022/june/100-days-left-to-use-your-paper-20-and-50-banknotes Checked my currency drawer. I definitely have some of these (20£ notes with Adam Smith, Queen Elizabeth, and a fancy hologram.) These bills certainly don't look like money on the verge of expiration! Just set 2 different reminders (Alexa and iOS Reminders) to deposit this soon-to-be-worthless currency with my London hotel on check-in day 1 in September before British Isles Explorer. Edited August 7, 2022 by SempreMare 1 Link to comment Share on other sites More sharing options...
Karry66 Posted August 7, 2022 #2 Share Posted August 7, 2022 Thanks for the reminder…We have one expired 5£ note that I’m going to try to exchange in Greenwich, but will probably end up at Bank of England 1 Link to comment Share on other sites More sharing options...
Jammy Bun Posted August 7, 2022 #3 Share Posted August 7, 2022 Just to add to that, these are Paper notes, and the new banknotes are polymer, so it's very easy to tell the difference. Plus - £50 notes are rarely used - certainly some smaller shops would be wary of accepting them. I've never had a £50 note in my whole life... and I'm over 70 ! 1 Link to comment Share on other sites More sharing options...
Rare FetaCheese Posted August 7, 2022 #4 Share Posted August 7, 2022 (edited) For comparison:. "From United States Treasury" : All United States Paper Currency issued from year 1861 to present are legal tender, and accepted at face value. Older currency may, and often has, a higher value as "collectible currency". Edited August 7, 2022 by FetaCheese Clarity 1 Link to comment Share on other sites More sharing options...
Heidi13 Posted August 7, 2022 #5 Share Posted August 7, 2022 3 hours ago, FetaCheese said: For comparison:. "From United States Treasury" : All United States Paper Currency issued from year 1861 to present are legal tender, and accepted at face value. Older currency may, and often has, a higher value as "collectible currency". Although the paper currency will no longer be legal tender for use in shops, they can still be exchanged by the BoE in perpetuity for the new polymer note. 1 1 Link to comment Share on other sites More sharing options...
SempreMare Posted August 7, 2022 Author #6 Share Posted August 7, 2022 50 minutes ago, Heidi13 said: Although the paper currency will no longer be legal tender for use in shops, they can still be exchanged by the BoE in perpetuity for the new polymer note. I missed that part, thank you Andy! Link to comment Share on other sites More sharing options...
Heidi13 Posted August 7, 2022 #7 Share Posted August 7, 2022 45 minutes ago, SempreMare said: I missed that part, thank you Andy! Here is a link. I had to check it out, as I have a number of paper 50's in the safety deposit box and we won't be in UK before the deadline. https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes 1 3 Link to comment Share on other sites More sharing options...
CurlerRob Posted August 8, 2022 #8 Share Posted August 8, 2022 7 hours ago, Heidi13 said: Here is a link. I had to check it out, as I have a number of paper 50's in the safety deposit box and we won't be in UK before the deadline. https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes We just finished cashing in £300 at our local TD for this reason. I would much preferred to have done it in person at the BoE main branch! I'm also pretty sure that my prospects for success as a full-time Forex trader are limited 👿. 🍺🥌 2 Link to comment Share on other sites More sharing options...
Heidi13 Posted August 8, 2022 #9 Share Posted August 8, 2022 13 hours ago, CurlerRob said: We just finished cashing in £300 at our local TD for this reason. I would much preferred to have done it in person at the BoE main branch! I'm also pretty sure that my prospects for success as a full-time Forex trader are limited 👿. 🍺🥌 Rob - the other reason I would prefer not to exchange the sterling at this time is the exchange rate has tanked over the past few months. Since I also sold a house in UK a couple of months ago, my currency trading timing isn't the best. I'll probably get the 50's deposited at RBC this week. Link to comment Share on other sites More sharing options...
Jim Avery Posted August 8, 2022 #10 Share Posted August 8, 2022 Andy, I first learned of "obsoleting' notes quite a while ago. I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip. With relatives there another trip is inevitable. So anyway it had been around four years when next I arrived in the UK. To celebrate I found myself in a nice old pub. Paid for my first round with a 5 pound note from the RB of Scotland. After a bit of inspection the publican said you know this is no good. I, of course, had no idea. He did decide it was interesting enough that he traded me the out of date bill for a pint. Not sure how that fits with the currency trader matrix but probably a poor rate of exchange. 🍺 2 2 Link to comment Share on other sites More sharing options...
CurlerRob Posted August 8, 2022 #11 Share Posted August 8, 2022 42 minutes ago, Heidi13 said: Rob - the other reason I would prefer not to exchange the sterling at this time is the exchange rate has tanked over the past few months. Since I also sold a house in UK a couple of months ago, my currency trading timing isn't the best. I'll probably get the 50's deposited at RBC this week. Andy, I'm gratified to know that I'm not alone in finding the wrong side of the foreign exchange world - but my few hundred pales in comparison to a house sale! 🤬 Apparently Jim found the right approach (post #10) - I'll have to try that next time. 🍺🥌 2 Link to comment Share on other sites More sharing options...
Heidi13 Posted August 8, 2022 #12 Share Posted August 8, 2022 25 minutes ago, Jim Avery said: Andy, I first learned of "obsoleting' notes quite a while ago. I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip. With relatives there another trip is inevitable. So anyway it had been around four years when next I arrived in the UK. To celebrate I found myself in a nice old pub. Paid for my first round with a 5 pound note from the RB of Scotland. After a bit of inspection the publican said you know this is no good. I, of course, had no idea. He did decide it was interesting enough that he traded me the out of date bill for a pint. Not sure how that fits with the currency trader matrix but probably a poor rate of exchange. 🍺 Jim, We used the same rationale for keeping the sterling after the last World Cruise. No point in exchanging them to only purchase them back a year or so later. Who would have thought 2+ years later we still haven't returned. Over the years, I've had some strange looks when using any of the Scottish bank notes down in England. 1 Link to comment Share on other sites More sharing options...
Hobson1754 Posted August 11, 2022 #13 Share Posted August 11, 2022 On 8/8/2022 at 4:04 PM, Jim Avery said: Andy, I first learned of "obsoleting' notes quite a while ago. I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip. With relatives there another trip is inevitable. So anyway it had been around four years when next I arrived in the UK. To celebrate I found myself in a nice old pub. Paid for my first round with a 5 pound note from the RB of Scotland. After a bit of inspection the publican said you know this is no good. I, of course, had no idea. He did decide it was interesting enough that he traded me the out of date bill for a pint. Not sure how that fits with the currency trader matrix but probably a poor rate of exchange. 🍺 Link to comment Share on other sites More sharing options...
Hobson1754 Posted August 11, 2022 #14 Share Posted August 11, 2022 Hi Jim - not sure if the pub landlord has scammed you or was just ignorant of the fact but Scottish currency is legal in England, granted he may not see a lot but it’s still legal tender. Actually thinking about it, if you were in London you may have got a good deal as the pint down there may have cost more than a fiver 😂😂 We live in the North of England so probably see more of it as we’re only 60 or so miles for Scottish Border. Link to comment Share on other sites More sharing options...
Jim Avery Posted August 11, 2022 #15 Share Posted August 11, 2022 I knew Scottish currency was legal but these were considerably older notes and they had started the program of obsoleting notes. Love the North country as my mother is from Staffordshire and we have made numerous visits to York and other places north. 🍺 1 Link to comment Share on other sites More sharing options...
Hobson1754 Posted August 12, 2022 #16 Share Posted August 12, 2022 You probably got a good deal then - yes, York is a lovely city, as is Durham on a smaller scale 👍 Link to comment Share on other sites More sharing options...
Heidi13 Posted August 12, 2022 #17 Share Posted August 12, 2022 23 hours ago, Jim Avery said: I knew Scottish currency was legal but these were considerably older notes and they had started the program of obsoleting notes. Love the North country as my mother is from Staffordshire and we have made numerous visits to York and other places north. 🍺 I spent 6 months in South Shields for 2nd Mates F.G. back in 76 and 78. Not as nice as York, but we still had a great time. Since I drove back up to St Andrews many weekends, I often used Scottish notes at the local pubs. Never had any issues, but down in London, different story. Link to comment Share on other sites More sharing options...
Canberra601 Posted August 13, 2022 #18 Share Posted August 13, 2022 I tried to deposit my paper GBP notes in my bank account here in Manila, and they rejected more than half due to small stains, ink marks etc. They also rejected my Scottish notes because they are not legal tender??? Money changers here are also no longer exchanging paper GBP notes. Unfortunately our next trip to Scotland is in mid October, so we will probably need to post them to the Bank of England when we get there. Does anyone know if I can simply deposit them in my Scottish bank account after 1 October when we get there? Link to comment Share on other sites More sharing options...
Heidi13 Posted August 13, 2022 #19 Share Posted August 13, 2022 8 hours ago, Canberra601 said: I tried to deposit my paper GBP notes in my bank account here in Manila, and they rejected more than half due to small stains, ink marks etc. They also rejected my Scottish notes because they are not legal tender??? Money changers here are also no longer exchanging paper GBP notes. Unfortunately our next trip to Scotland is in mid October, so we will probably need to post them to the Bank of England when we get there. Does anyone know if I can simply deposit them in my Scottish bank account after 1 October when we get there? I had a similar experience, as Royal Bank of Canada refused 16 of my 50's due to various marks. Took them to our local credit union and they accepted them without any issue. So how about trying a different bank. Similar experience with notes issued by one of the Scottish banks. RBC refuse to accept them. When you get to UK, your local bank may accept them for deposit, or else BoE will accept them by post and deposit the money into a UK account. 1 Link to comment Share on other sites More sharing options...
The Other Tom Posted August 13, 2022 #20 Share Posted August 13, 2022 On 8/7/2022 at 3:10 AM, SempreMare said: I definitely have some of these (20£ notes with Adam Smith, Queen Elizabeth, and a fancy hologram.) Can you tell a difference between the Adam Smith bills and the QE bills with a hologram? I'm thinking the QE bills with a hologram are the new polymer bills and are not subject to expiration. Link to comment Share on other sites More sharing options...
Heidi13 Posted August 14, 2022 #21 Share Posted August 14, 2022 2 hours ago, The Other Tom said: Can you tell a difference between the Adam Smith bills and the QE bills with a hologram? I'm thinking the QE bills with a hologram are the new polymer bills and are not subject to expiration. You can definitely tell the difference between a newer polymer and old paper note. The polymer ones feel like plastic. Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner. 2 Link to comment Share on other sites More sharing options...
SempreMare Posted August 14, 2022 Author #22 Share Posted August 14, 2022 (edited) 1 hour ago, Heidi13 said: Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner. All the 20's expiring have Adam Smith on it? SO ironic. That rascal is the economist with the invisible hand about to make my money disappear! ::sniff:: ! I know I know... Bank of England... Makes me think of MBA school day 1 Macroeconomics. Professor: ::Tears up a $1 bill into tiny shreds:: then asks, "What just happened to the US economy?" Edited August 14, 2022 by SempreMare 1 Link to comment Share on other sites More sharing options...
The Other Tom Posted August 14, 2022 #23 Share Posted August 14, 2022 8 hours ago, Heidi13 said: Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner. Thanks! Link to comment Share on other sites More sharing options...
SempreMare Posted September 9, 2022 Author #24 Share Posted September 9, 2022 Just arrived in London my hotel would not accept my old 20 and 50 bank notes as a deposit even though they’re not expired Link to comment Share on other sites More sharing options...
DGHOC Posted September 9, 2022 #25 Share Posted September 9, 2022 Well there is no reason why they wouldn't take them, perhaps they don't take cash as a deposit. Just pop into a bank and they'll exchange them for new notes just in case you don't have the opportunity to spend them elsewhere. You are here at a time of great emotion so the streets in Central London are very busy and will be considerably busier this weekend. People are travelling to London from everywhere around the UK to mourn the loss of our dear Queen together and to attempt to get a glimpse of our new King. 1 Link to comment Share on other sites More sharing options...
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