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.
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?
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)
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,
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.
Paper on the left, polymer on the right.
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.