New notes and coins and death dates for old ones
#1
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New notes and coins and death dates for old ones
There is a new one pound coin being introduced. The current one will be only accepted in shops until 15 October this year. After that you will only be able to exchange them for new ones in banks.
Other new coins will also be introduced this year, with the old ones gradually being withdrawn from circulation.
Paper 5 pound notes cease to be legal tender on 5th May. You should still be able to exchange them at a bank, and will always be able to exchange them at the Bank of England in person.
New ten pound notes are due out later this year, and old ones will slowly be withdrawn.
https://www.theguardian.com/money/20...-12-sided-coin
Other new coins will also be introduced this year, with the old ones gradually being withdrawn from circulation.
Paper 5 pound notes cease to be legal tender on 5th May. You should still be able to exchange them at a bank, and will always be able to exchange them at the Bank of England in person.
New ten pound notes are due out later this year, and old ones will slowly be withdrawn.
https://www.theguardian.com/money/20...-12-sided-coin
#3
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The two cases differ in one crucial respect. The "old" notes will remain a promise to pay for ever. At some point, the coin will be stripped of value.
They share an important feature. Once they're withdrawn from circulation, commercial banks have no obligation to exchange them for non-customers. They MIGHT do, as a courtesy - but it's hard to see why they would.
True, the Bank of England has to swap the £5 note after May 5. But for many people getting to a branch is simply unrealistic.
They share an important feature. Once they're withdrawn from circulation, commercial banks have no obligation to exchange them for non-customers. They MIGHT do, as a courtesy - but it's hard to see why they would.
True, the Bank of England has to swap the £5 note after May 5. But for many people getting to a branch is simply unrealistic.
#5
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A couple of years ago I pulled out some British pounds from about 2004 and tried to pay the bus driver at Heathrow with them. I was told they were out of date and no longer accepted--I had to take them to a bank to redeem them. I was truly shocked--in the US we change designs on bills every few years but old bills never lose their value. Found it very odd.
#6
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happytourist, notes don't lose their value, just their acceptance by businesses and eventually high street banks. The Bank of England will always exchange them, but it is a pain.
Coins do lose their value.
Coins do lose their value.
#7
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I find it very odd, also, unless there is a major change in currency or something like that. For example, when they switched to the euro in many countries, there was a deadline on when you could exchange coins. I think the notes deadline was longer. But just making new money with new designs, I don't know why they make the old one worthless if it is the same denomination as currently used.
Now if they are retiring an entire value, I guess I can see that more (ie, if there are not going to be any 5 pound notes any more at all, but I thought they just had a new design and material), but the pound is still worth the same, so that's kind of strange, also. That notice is confusing to people who don't understand what is going on with the 5 pound note. It's not that a 5 pound note won't exist any more, they start started a new design and material (polymer), so only the old ones made of paper are not legal tender, apparently.
I don't get at all the reasoning for the coins, as to why the old ones won't have value, for the notes it was going from paper to polymer.
In the US, they don't print $2 bills any more, but if you have any, no matter how old, they are still legal tender. As for coins, same for the US $1 coin, they aren't making those right now but if you have one, it is still legal currency.
Now if they are retiring an entire value, I guess I can see that more (ie, if there are not going to be any 5 pound notes any more at all, but I thought they just had a new design and material), but the pound is still worth the same, so that's kind of strange, also. That notice is confusing to people who don't understand what is going on with the 5 pound note. It's not that a 5 pound note won't exist any more, they start started a new design and material (polymer), so only the old ones made of paper are not legal tender, apparently.
I don't get at all the reasoning for the coins, as to why the old ones won't have value, for the notes it was going from paper to polymer.
In the US, they don't print $2 bills any more, but if you have any, no matter how old, they are still legal tender. As for coins, same for the US $1 coin, they aren't making those right now but if you have one, it is still legal currency.
#8
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The new £1 coin is being introduced because there are so many counterfeit coins in circulation.
http://www.thenewpoundcoin.com
http://www.thenewpoundcoin.com
#9
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I'm topping this because it could make a difference to anyone with a stash of leftover £.
Or their friends - I've already promised to do some money laundering next month.
Thanks again to Hetismij2.
Or their friends - I've already promised to do some money laundering next month.
Thanks again to Hetismij2.
#10
I just looked into my bag of leftovers and fortunately have only one fiver, the rest are 10's and 20's and we are not going to be in the UK until August.
No ones. fortunately; just "Standing on the Shoulders of Giants" 2's.
Thanks for this reminder.
No ones. fortunately; just "Standing on the Shoulders of Giants" 2's.
Thanks for this reminder.
#11
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First, that's some p-sspoor anticounterfeiting by the Brits if the existing coin is subject to so many fakes considering it is not only milled on the edges but also contains engraving. This means that coin acceptors are incapable of distinguishing blanks. Not good.
Second, the neutering of value of money and requiring exchange is just poor monetary management. Somewhat shocking - expected better from the Brits.
Second, the neutering of value of money and requiring exchange is just poor monetary management. Somewhat shocking - expected better from the Brits.
#13
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<i>"The new £1 coin is being introduced because there are so many counterfeit coins in circulation."</i>
Exactly, and they are very good. According to jamikins' link, 1 in 30 one pound coins currently in circulation are counterfeit. With that ratio, surely in all the years the £1 coin has been in circulation, some counterfeits must have passed through my hands, but if so, I have never noticed or been challenged. How many people look that closely at coins?
http://img.thisismoney.co.uk/i/pix/2...ud_468x238.jpg
Exactly, and they are very good. According to jamikins' link, 1 in 30 one pound coins currently in circulation are counterfeit. With that ratio, surely in all the years the £1 coin has been in circulation, some counterfeits must have passed through my hands, but if so, I have never noticed or been challenged. How many people look that closely at coins?
http://img.thisismoney.co.uk/i/pix/2...ud_468x238.jpg
#16
well you have to remember that US currency paper starts pretty small at $1 so while USA has 1/10000 note conterfeiting it tends to be in the high notes, like the superdollar ($100) held mainly in the Far East that you'll not see often on the American continent.
Uk has coins up to roughly the $2 mark so more opportunity.
Uk has coins up to roughly the $2 mark so more opportunity.