New £20.00 note to be released by the bank of england......how long before they take the old 20.00 o


T

TV MAGIC

Just wondering out of interest , how long is there between the introduction
of a new bank note and the old ones no longer accepted at shops etcs , i
know that any note of any age is still allowed to be changed at a bank
regardless of age.
 
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T

tim\(yet another new home\)

TV MAGIC said:
Just wondering out of interest , how long is there between the
introduction of a new bank note and the old ones no longer accepted at
shops etcs , i know that any note of any age is still allowed to be
changed at a bank regardless of age.
It's usually long enough for them to leave circulation
naturally. At least a year.

tim
 
J

John Boyle

TV MAGIC said:
Just wondering out of interest , how long is there between the introduction
of a new bank note and the old ones no longer accepted at shops etcs ,
It depends on the note and the BoE takes account of the number of old
notes in circulation, their denomination, and their rate of use.
Whenever a new note is issued the fate of old notes is described on the
website :

http://www.bankofengland.co.uk/banknotes/index.htm
i
know that any note of any age is still allowed to be changed at a bank
regardless of age.
Not so. No bank is obliged to exchange a note which has been withdrawn,
i.e. lost the status of Legal Tender, although it may choose to do so
but with recourse to their client. The BoE will always exchange, subject
to checks, on presentation at their London office.

http://www.bankofengland.co.uk/banknotes/about/withdrawn_notes.htm
 
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