£50 note withdrawal


M

Major Scott

My bank just brought this to my attention:
http://www.bbc.co.uk/news/business-15539934

Apparently very shortly banks will not accept the old £50 notes.
I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?

The link above on the BBC says "But that remains as legal tender until awithdrawal date is set by the Bank."
Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/banknotes/Pages/about/faqs.aspx

I guess if you don't live near a Bank of England.....
 
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A

Anthony R. Gold

My bank just brought this to my attention:
http://www.bbc.co.uk/news/business-15539934

Apparently very shortly banks will not accept the old £50 notes.
What makes it apparent to you that the older note will be withdrawn very
shortly?
I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?

The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England: http://www.bankofengland.co.uk/banknotes/Pages/about/faqs.aspx
It does not say they will always be "legal tender", only that they will
always be exchanged.
I guess if you don't live near a Bank of England.....
Near "a" Bank of England? The Bank of England is in Threadneedle Street,
London EC2 and it has no branches.
 
M

Major Scott

What makes it apparent to you that the older note will be withdrawn very
shortly?
The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be accepting them shortly. She looked at me as though I should have known, and showed the "obvious" differences between the two that were oldand the one which was not.
It does not say they will always be "legal tender", only that they will
always be exchanged.
Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.
Near "a" Bank of England? The Bank of England is in Threadneedle Street,
London EC2 and it has no branches.
Oh. I assumed it would be like "Bank of Scotland" and act like a normalbank aswell as it's extra functions.

So presumably it has one building the public can walk into, if only to exchange the old £50s.

Can you have an account with them? What about if you're a big company?
 
J

Janitor of Lunacy

What makes it apparent to you that the older note will be withdrawn very
shortly?
The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be
accepting them shortly. She looked at me as though I should have known, and
showed the "obvious" differences between the two that were old and the one
which was not.
It does not say they will always be "legal tender", only that they will
always be exchanged.
Which I would call legal tender. As in, if you were to give me one in 10
years time, I could always change it for a new one and have my £50. Mind
you not living near the Bank of England may be a nuisance.
Near "a" Bank of England? The Bank of England is in Threadneedle Street,
London EC2 and it has no branches.
Oh. I assumed it would be like "Bank of Scotland" and act like a normal
bank aswell as it's extra functions.

So presumably it has one building the public can walk into, if only to
exchange the old £50s.

Can you have an account with them? What about if you're a big company?
 
C

Chris Blunt

Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.
That is not what legal tender is. The term legal tender refers to the
acceptability of certain notes and coins as settlement of a debt. It
is often misunderstood, and has actually has little relevance for most
practical purposes.

http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

Chris
 
J

Jeff

Oh. I assumed it would be like "Bank of Scotland" and act like a normal
bank aswell as it's extra functions.
You obviously do not realise that none of the notes issued by Scottish
banks are actually 'legal tender', even in Scotland.

Jeff
 
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®i©ardo

You obviously do not realise that none of the notes issued by Scottish
banks are actually 'legal tender', even in Scotland.

Jeff
In fact, the only bank note to have (had) legal tender status in
Scotland was the Bank of England £1 note.
 
T

tim.....

Major Scott said:
My bank just brought this to my attention:
http://www.bbc.co.uk/news/business-15539934

Apparently very shortly banks will not accept the old £50 notes.
I just paid an old one in and the woman stared at it and said they stopped
being made years ago, how on earth did I have one?
Are you referring to the "first" series which was withdrawn in 1996

or the second series which they stopped issuing 18 months ago?

If the first they she shouldn't have taken in at all.

and if the second then 18 months old is hardly a surprise for such a high
value note, is it?

tim
 
A

Anthony R. Gold

Are you referring to the "first" series which was withdrawn in 1996

or the second series which they stopped issuing 18 months ago?

If the first they she shouldn't have taken in at all.

and if the second then 18 months old is hardly a surprise for such a high
value note, is it?
The "Sir John Houblon" £50 note of 1994 is still listed by the Bank of
England as current, along with the newer one issued around one year ago.
 
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M

Major Scott

That is not what legal tender is. The term legal tender refers to the
acceptability of certain notes and coins as settlement of a debt. It
is often misunderstood, and has actually has little relevance for most
practical purposes.

http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

Chris
Can I use the phrase "legal tender" when a Welshman refuses to accept myScottish fivers? How much trouble can he get into? Can he refuse to serve me?

--
http://petersparrots.com
http://petersphotos.com

"Hi, It's a great day and I'm out enjoying it right now. I hope you aretoo. The thought for the day is 'Share the love.'" BEEP.
"Um, yeah, hello? This is the VD clinic calling. Your test results areback and you're positive. Stop sharing the love."
 
M

Major Scott

Are you referring to the "first" series which was withdrawn in 1996

or the second series which they stopped issuing 18 months ago?

If the first they she shouldn't have taken in at all.

and if the second then 18 months old is hardly a surprise for such a high
value note, is it?

tim
I don't have the note in front of me anymore, but the teller said "stopped printing 3 years ago". It had a thin black magnetic strip, the new one I had with me that she compared it with to show me had a wide green one.

--
http://petersparrots.com
http://petersphotos.com

The wife said to me last night "If you turn the bedside lamp off I'll take it up the arse."
Maybe I should have waited for the bulb to cool down first.
 
G

griffin

Major Scott wrote :
The link above on the BBC says "But that remains as legal tender until a
withdrawal date is set by the Bank."
Yet the Bank of England says they will ALWAYS be legal tender accepted at the
Bank of England:
http://www.bankofengland.co.uk/banknotes/Pages/about/faqs.aspx
the usual thing is
your Bank takes them out of circulation as they get them
then they will exchange or send them in for you
then you send them to Bof E. they are correct. your money is safe just
have to ask B of E for it

High street banks act as BofE agents
 
A

Anthony R. Gold

Can I use the phrase "legal tender" when a Welshman refuses to accept my Scottish fivers? How much trouble can he get into? Can he refuse to serve me?
Scottish fivers are not legal tender anywhere.
 
M

Martin

Can I use the phrase "legal tender" when a Welshman refuses to accept my
Scottish fivers? How much trouble can he get into?
Are you in Chester? Do you have a long-bow handy?
 
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N

Nightjar

... Any major bank should accept £50 notes as long as they are
legal tender, and possibly during a transitional period- I'd expect an
announcement to have been made first, however.
There were prominent notices in the banks when the new note was first
issued. However, that was some while ago.

Colin Bignell
 
T

tim.....

Anthony R. Gold said:
The "Sir John Houblon" £50 note of 1994 is still listed by the Bank of
England as current,
well yes, but they weren't all printed in 94, were they?

tim
 
®

®i©ardo

Can I use the phrase "legal tender" when a Welshman refuses to accept my
Scottish fivers? How much trouble can he get into? Can he refuse to
serve me?
"Legal tender" applies ONLY to notes that ARE legal tender - and that
does NOT include Scottish notes anywhere in the world - INCLUDING SCOTLAND!
 
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®

®i©ardo

I do not believe those are bank branches, i.e. non head-office premises that
provide banking services. The Bank of England does employ some staff outside
of their head office for other purposes:

http://www.bankofengland.co.uk/monetarypolicy/Documents/agencypamphlet.pdf

But if bank branches are found at any of those addresses, please tell.
Well, you'd better get in touch with the bank of England then and tell
them that they are wrong on the matter. They are the B of E's
representative offices in the places shown, such offices generally being
described as "branches" except by the ultimate pedant.

As for their "banking services" they are so highly specialised I accept
that they cannot be called "bankers" in the domestic sense. Nonetheless
those "branches" do - or did have - a central banking function, being a
local store of funds which banks had access to in event of emergencies.
Many was the time when I observed the high speed and heavily armoured
convey arrive at the premises locally known as the Bristol Branch of the
Bank of England, with much flashing of blue and the blaring of horns. It
was also interesting to note the construction of premises which were
designed to withstand a siege with well placed firing points.
 

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