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.”
no, they’re getting rid of the paper versions for the more durable polymer version
i’m sure there’s also more security features in the polymer version.
in the US, the federal reserve, a private non-govt agency, is considering crypto as a replacement for physical cash, which is currently printed by the treasury. this would be a replacement of decentralized currency in favor of a centralized, fully tracked, fully controlled, currency.
(this should never be allowed and would be unConstitutional)
Only until the end of September.
Some central banks demonetize bank notes after legal tender status has been removed, which means that they cease to honour their face value. In other words, demonetized bank notes lose their value.
I was referring to the older Canadian paper money.
Looks like you can still exchange them at the bank of Canada.
Some may be more valuable than face value to a collector.
Yes, we still honour paper money. For the time being, at least.
However, our banks are quite adept at sending out of date currency back to the Bank of Canada to be destroyed and get the old bills replaced.
The number of older bills circulating is very small, so they aren’t denoted.
Are you saying that their post offices don’t steal elections?
If people want to keep cash at home they can just exchange their existing paper notes for the new ones.
“Are you saying that their post offices don’t steal elections?”
Ha! There’s no way they are as good at it as ours are.
‘Are older paper dollars still good?’
Some are, some are not, and some are just very devalued.
We visited Canada a few years ago and so my dad gave us his left-over Canadian cash from fishing trips in the ‘80s. We didn’t know there had been a change and people took 2nd looks at our funny money.
One cashier said, “Got it from under the mattress, eh?”
No one refused it.
Side note ... DD’s college roommate was from Canada and told her the polymer notes were scratch and sniff and should smell like maple syrup. But they didn’t. DD told our cousins this and they almost fell out of their chairs laughing.
Good point.
is this a step towards replacing currency altogether?
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Probably not, I remember reading somewhere the America was the only country that has never canceled any of their currency.
When we make new bills, the old ones are still good. I guess that is why we are the reserve currency,
Tyranny comes in many disguises...
I’ve heard that older versions of American currency are still legal tender.
But some, such as old $1,000 bills, are worth far more than face value as collector’s items. So such bills in good condition, would virtually never be deposited into the bank. If someone wanted to cash them out, they would make much more selling to collectors.
kinda like changing the color of the MPCs...
In this country too. Years ago, a long time ago, there were even interest bearing Postal savings accounts. Rural areas were popular for this, I imagine. Lots of business was done at a Post Office, they were a lot more important to the community at one time. There has been some talk recently at reviving this sort of thing.
When I was stationed in South Korea we would hang out at a Pub in Seoul, run by an Australian ex-pat. We could spend our Dollars there, or Korean Won. Usually we exchanged our dollars for Won at a bank at the prevailing rate. The pub would exchange or make the conversion too, but at a less favorable rate of exchange. When somebody complained about this, arguing the banks had a better rate, the bartender smirked and said “Yes, that’s true - but the bank will not serve you a beer”.
OK, maybe ya had to be there. I thought it was funny.
Deposit too much paper and get a visit by tax agents wanting to know why you had so much paper, how you acquired it and declaring it to be inconsistent with your tax filings.
Never argue with the barkeep in your favorite watering hole.
It usually never ends well. 😏
I would imagine if the US did the same with $100 bills, there would be a lot of problems from around the globe.
You want to hurt the drug trade? Make their stashed currency worthless.
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