In recent years, we have moved our banknotes from paper to polymer because these models are more difficult to counterfeit and at the same time more durable. Many of these paper notes have now been returned to us and replaced by the £20 polymer with artist J.M.W. Turner and the £50 polymer with scientist Alan Turing. However, if the public still has one of these paper notes in their possession, they should deposit or issue it for as long as they can. “What is classified as legal tender varies across the UK. In England and Wales, these are coins from the Royal Mint and banknotes from the Bank of England. In Scotland and Northern Ireland, these are only Royal Mint coins and not banknotes. The quick answer is yes, they may refuse to accept the notes. And not that they are not legal tender, but the definition of the term can be interpreted differently. There`s confusion as to if and where you can spend the old round pound from next week, when the new £12 pages takes over.
For the same reason, they can say no to £50 notes because they think it is too risky to accept them and to Scottish notes because they feel a little uncomfortable. Many places will accept them – but some will hesitate. This can be the fear of counterfeiting (less common in the 50s than in lower-value banknotes) – or simply that they don`t have enough change when it comes to a small purchase. Lee Boyce, consumer affairs editor at This is Money, replies: “I worked in a store during my sixth year of school and was asked to carefully review the grades, even the five, to make sure they weren`t unexploded ordnance. Do you know what legal tender is? Most UK banknotes are not really legal tender throughout the country, which could be the reason why there is such confusion about them. Cent coins and 50-pound notes could be scrapped because they are not used enough. The introduction of polymer banknotes allows for a new generation of security features that make them even more difficult to counterfeit. It follows similar banknotes for £5 and £10 a few years ago. The Fiver was released in 2016 with Sir Winston Churchill. The fact is that Scottish banknotes are real money. They are legal tender and therefore count as cash throughout the UK. But most of us faced confused looks and rejection at some point when we offered a Royal Bank of Scotland Fiver or a Clydesbank Tenner.
Yes, they can be a bit painful, we rarely use them here, but forex exchanges distribute them. I have the same problem crossing the Atlantic, my forex company regularly tries to give me $100 bills even though I only pre-order $20 notes. As Poolounger says, you`ll only get worried looks from some employees, but they`re legal tender, so stick to bigger deals and you shouldn`t have any problems. There have been those who not only scrap £50 bills because they are used in the criminal world to move large sums of money, but also in a cashless society in general. A bank of England spokesman said: “The bank will make a timely decision on when a new £50 note will be issued and whether it should be printed on polymer.” “Whether you pay with banknotes, coins, debit cards or anything other than payment is a decision between you and the other person involved in the transaction.” If your expenses are more than £20, they are unlikely to reject a £50 bill if you arrive with a bag full of coins, for example, they may refuse simply because they don`t want to bother to count them all. The use of £50 bills in routine purchases is rare, I find it frustrating that other companies seem to think they can reduce the value of money in this way by treating it as if it doesn`t deserve to exist. As an antique dealer, I get a lot of £50 bills and we rely heavily on money. I`ve never had a problem with 50 notes. Each place graciously accepted them. But as many have said, not for small purchases, as this can erase all their change.
Sometimes they hold them against the light or use some kind of pen to make a mark to make sure they are real. Our tickets are no longer legal tender when we withdraw them. We usually give several months in advance the date on which we withdraw a note. In England and Wales, these are only coins issued by the Royal Mint and bank notes of the Bank of England. Recently, the Bank of England put into circulation five plastic notes last year and plans to issue 10-pound plastic notes soon, with the idea of having 20-pound plastic notes in circulation by 2020. It`s completely legal for a company to reject them – they have the choice to serve you or not. A store operator can choose the payment they accept. If you want to pay for a pack of chewing gum with a £50 bill, it`s perfectly legal to refuse it.
It is also a matter of discretion for all other tickets. If your local family store decides to only accept payments with Pokémon cards, this would also be within their rights. But they would probably lose customers. The warning comes as the old £20 and £50 notes have been officially replaced by then, although the Bank of England will allow Britons to exchange their old £20 and £50 paper notes after the September deadline. Chief Cashier Sarah John said: “We would like to remind the public that from today they only have six months to issue or deposit their £20 and £50 paper notes. In the rare cases where I received £50 grades, I checked them out and had to call a supervisor as part of the company`s policy to give them a second of time. That`s why I sympathize with the saleswoman. “In England and Wales, Coins of the Royal Mint and bank notes of the Bank of England are legal tender.” Next month, the bank will launch new £10 Jane Austen polymer notes with increased security features, while last year winston Churchill fives with the same features went into circulation. Refusal? On a recent trip to a store, he refused my £50 ticket – can he do this even if it is legal tender? Traders often reject Scottish banknotes due to confusion, while many shops reject £50 notes for security reasons – they simply don`t want to risk dealing with such a high denomination because it could be fake. Exhaust? The Bank of England banknote production table above shows the absence of new £50 banknotes, and it is believed that one of the reasons for abolishing the fifty-pound note is to try to use it for nefarious purposes. As a consumer, I have never been in a procession of one, but I have issued €50 notes without any problems, 🙂 But if the payment is used to settle a debt (and not just a debt – even a restaurant or a taxi ride), it is illegal to refuse legal tender.
It`s not just old money that`s a problem, many people have had problems with Scottish banknotes or even the good old British £50 note. It is also a difficult task for the manager. If they are not the owner and have been told that they do not accept £50 bills, they are just following the directions, even if they have no reason to believe that the ticket is fake. You may be asked to fill out a form and present two pieces of original identification. The BoE can also replace accidentally torn, damaged or mutilated banknotes, provided they are genuine and not fake. If the “transaction” is instantaneous, anyone selling something can refuse. Last June, at the launch of the new Fiver, Bank of England Governor Mark Carney said: “There are no immediate plans for the £50 note. The feedback is that the notes should be smaller, of different size, but smaller. A decision will be taken in due course. By September, the £20 and £50 paper notes will be replaced by new polymer notes The old paper banknote – which was issued on September 13. September 2016 has been replaced by a new polymer version – will no longer be legal tender on May 5, 2017.
As for the old 10-pound note, a new polymer version of which was published on September 14, 2017, the deadline to use it was March 1, 2018. “In addition, stores are not obliged to accept legal tender. If you give a £50 ticket to pay for a banana at your local grocery store, employees have the right not to accept it. “I have a similar problem when I try to spend a €50 bill in Europe when I try to buy a coffee. Anyone with supplies of old £20 and £50 paper banknotes has been warned to exchange them for the new plastic banknotes as they will no longer be legal tender from September.
Comments are closed.