The public libraries I have been a member of during my book borrowing days (Curse you, “great deals at Amazon!”), have normally limited the maximum fine to the replacement price of the book.
If the book is badly overdue, it might be a better strategy, from a cost standpoint, to just simply inform the library that the book was lost/has gone missing/etc. and offer to pay for it.
Returning to the book in question, it was borrowed in 1964, the library system, at some later point (now long past), has written in the book off as a normal operating loss. In fact, if the library is publically supported, the borrower has already indirectly paid for the book through their local taxes.
I understand that there is an integrity issue involved in returning the book. From a practical standpoint, what exact point/lesson/example is demonstrated in returning a badly outdated 1964 (or earlier) book on English motor vehicle law and possibly subjecting oneself to massive fines?
Some public libraries have eliminated fines.
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