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Of course Charles will replace his mum on any new money
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.”
C3PO...lol
The Brandon thing is over with.
The banks will also report you if you make closely spaced cash deposits, each under the $10k cash deposit reporting limit, in what seems to be an obvious effort to avoid the reporting requirement.
Say, six $8k cash deposits and a $2k cash deposit on successive days, instead of a single $50k cash deposit.
The practice is called “structured deposits” and that will also rate a visit from the FBI, DEA, or their state/county/city equivalents.
A lot of small, service type businesses run afoul of this rule if cash makes up a lot of their revenue flow. Due to the money grabbing incentives created by Civil Asset Forfeiture laws, law enforcement is quick to allege illicit activity as the source of the cash and very reluctant to return it when it isn’t.
Indeed. In Japan, they are a major part of people's savings.
I do kinda wish I'd bought about $1000 of stamps when they first starting issuing 'forever' stamps. They'd be worth a small fortune now.
Paper on the left, polymer on the right.
Oh Great. How long until 0’Biden does this?
And I bet that anyone who trades in more than a few of them will be investigated (or just confiscated without benefit of trial) assuming that having cash means you are a criminal.
The next step after polymer bills is silicon... not bills, but computer chip, embedded in your hand or forehead.
Won’t happen here too many politicians have cold cash in the freezer.
No, old obsolete notes have always had their legal tender status removed once sufficient new notes have been issued. This is nothing new.
Be a sad day for me when the final banknote featuring Queen Liz is removed from circulation a few years down the line.
What a misleading headline ! Geez.
There will will be 20 and 50 pound notes.
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