Posted on 09/25/2022 8:42:43 AM PDT by EBH
Published on 23 June 2022 News release The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.
After this date, paper £20 and £50 banknotes will no longer be legal tender. So we are encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 100 days.
It is also exactly one year since we issued the polymer £50 banknote featuring the scientist Alan Turing, on what would have been his 109th birthday. The Turing £50 completed our family of polymer notes, with all denominations (£5, £10, £20 and £50) now printed on polymer.
While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £6 billion worth of paper £20 featuring the economist Adam Smith, and over £8 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.footnote[1]
Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”
is this a step towards replacing currency altogether?
If the old notes are no longer legal tender, that sure is a strong incentive to deposit into the bank, or spend it.
Let’s go, Brandon!
“deposit them at their bank or a Post Office”
Just a side note for anyone that may think depositing money at a post office is a little strange.......European post offices have a very different function than ours.
It is step towards flushing out the underground economy. Drug dealers, gangs, and the occasional "I don't trust the banks" hoarders will have to exchange their paper notes for the new polymer ones, which will then raise the issues of "where did you get £$100,000 in £50 notes?
They are going to a polymer note? Seems odd, but maybe a transition step to gain trust?
How many people will be robbed by the Bank’s action?
These types of actions are designed to punish people who don’t trust banks and governments so keep significant money at home.
“Polymers, known for their flexibility, are an important ingredient in many plastics. The Bank of England said polymer notes tend to be cleaner. They are also water resistant and harder to fake because the laborious manufacturing process is likely to put off counterfeiters”
https://www.washingtonpost.com/world/2022/06/24/uk-banknotes-paper-polymer/
Isn’t plastic made from fossil fuels?
Good points.
I don’t know about the UK, but in America, banks report to the government if someone deposits $10,000 or more in cash into the bank. I wouldn’t be surprised if people in the UK making large deposits, end up on someone’s radar due to this.
Excellent insight. They have to flush out the underground...
The polymer notes work quite well in Canada.
The only thing I don’t like about them is that our liberal government uses the images on the cash to propagandize and not teach Canadian history.
Do not be surprised if your cash transactions, of whatever size, are available to government entities whenever they develop a curiosity about your actions, without warrant.
Why in the world stop accepting the paper notes as legal tender? Why not just let them wear out and get incinerated by the central bank as they wear out? The Fed incinerates vast quantities of worn out paper money on an on-going basis.
Honestly I don’t see this as anything nefarious, although I do agree some will procrastinate and not turn the notes in on time and may lose out.
I remember one year the nfl team in my town offered rechargeable debit cards to be used in the stadium for “convenience”.
What they failed to warn people about was to use up any money left on the cards before the last game of the season because after that the cards would be canceled, would not be honored the next season and card holders had no way to get any money left on the cards refunded.
Boy there were some P.O.ed fans after that.....talk about a PR nightmare.
The older paper notes don’t have RFID chips in them.
Lmao!
Almost any time in history that a government has required that you turn in your “old money” in exchange for “new money” it’s usually a bad sign of things to come.
Mexico did this...not a fan of plastic bills.
Are older paper dollars still good?
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