Taxi Driver Online :: View topic - Looks like the end.

"Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year.

This means that shops no longer have to accept the notes, and it is up to banks whether they agree to swap notes after this date.

From July 1 only notes with the image of Adam Smith, the Scottish economist, will be legal tender. These notes first came into circulation in March 2007.

About ten per cent of all £20 notes in circulation equating to 150 million notes, worth £3 billion are the old versions featuring the English composer. They were first introduced in June 1999 along with a view of the west face of Worcester Cathedral, replacing the previous series of notes featuring Michael Faraday, the physicist, and before that William Shakespeare.

Old notes will eventually be sent to one of the official Government incinerators, where they will burned alongside damaged notes. A small amount of thermoelectric power is generated by these sites, which also burn illegal tobacco seized by HM Revenue and Customs at British ports.

After June 1 if a bank or building society refuses to swap a note, consumers have the right to swap the notes at the Bank of England itself. The Bank promises that it will honour the face value of any note issued, even notes from before World War II."

http://www.bankofengland.co.uk/banknote ... /index.htm

Author:	Nigel [ Wed Apr 07, 2010 7:37 am ]
Post subject:	Looks like the end.
"Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year. This means that shops no longer have to accept the notes, and it is up to banks whether they agree to swap notes after this date. From July 1 only notes with the image of Adam Smith, the Scottish economist, will be legal tender. These notes first came into circulation in March 2007. About ten per cent of all £20 notes in circulation equating to 150 million notes, worth £3 billion are the old versions featuring the English composer. They were first introduced in June 1999 along with a view of the west face of Worcester Cathedral, replacing the previous series of notes featuring Michael Faraday, the physicist, and before that William Shakespeare. Old notes will eventually be sent to one of the official Government incinerators, where they will burned alongside damaged notes. A small amount of thermoelectric power is generated by these sites, which also burn illegal tobacco seized by HM Revenue and Customs at British ports. After June 1 if a bank or building society refuses to swap a note, consumers have the right to swap the notes at the Bank of England itself. The Bank promises that it will honour the face value of any note issued, even notes from before World War II." http://www.bankofengland.co.uk/banknote ... /index.htm

Author:	bloodnock [ Wed Apr 07, 2010 10:57 am ]
Post subject:	Re: Looks like the end.
Nigel wrote: "Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year. This means that shops no longer have to accept the notes, and it is up to banks whether they agree to swap notes after this date. From July 1 only notes with the image of Adam Smith, the Scottish economist, will be legal tender. These notes first came into circulation in March 2007. About ten per cent of all £20 notes in circulation equating to 150 million notes, worth £3 billion are the old versions featuring the English composer. They were first introduced in June 1999 along with a view of the west face of Worcester Cathedral, replacing the previous series of notes featuring Michael Faraday, the physicist, and before that William Shakespeare. Old notes will eventually be sent to one of the official Government incinerators, where they will burned alongside damaged notes. A small amount of thermoelectric power is generated by these sites, which also burn illegal tobacco seized by HM Revenue and Customs at British ports. After June 1 if a bank or building society refuses to swap a note, consumers have the right to swap the notes at the Bank of England itself. The Bank promises that it will honour the face value of any note issued, even notes from before World War II." http://www.bankofengland.co.uk/banknote ... /index.htm Why isnt the Bank of England a high street bank like the rest of them...Where would I find a bank of England branch? And why withdraw a note when its perfectly serviceable??

Author:	cabbyman [ Wed Apr 07, 2010 12:42 pm ]
Post subject:
Threadneedle Street.

Author:	edders23 [ Wed Apr 07, 2010 4:49 pm ]
Post subject:
I've been making sure I bank all the older style notes for the last 18 months so haven't any around but have been taking plenty over the last 3 months the problem is that legally you CANNOT refuse to accept them untill after June 30th I'm sure all banks will let you pay them in for a few weeks after that date

Author:	gusmac [ Wed Apr 07, 2010 5:03 pm ]
Post subject:
Only coinage is legal tender. Notes are not.

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Author:	Sussex [ Wed Apr 07, 2010 6:01 pm ]
Post subject:	Re: Looks like the end.
Nigel wrote: "Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year. What's a £20 note?

Author:	captain cab [ Wed Apr 07, 2010 6:39 pm ]
Post subject:
gusmac wrote: Only coinage is legal tender. Notes are not. Just like Scottish money south of the border CC

Author:	gusmac [ Wed Apr 07, 2010 6:41 pm ]
Post subject:
captain cab wrote: gusmac wrote: Only coinage is legal tender. Notes are not. Just like Scottish money south of the border CC Just like any notes anywhere

Author:	captain cab [ Wed Apr 07, 2010 7:20 pm ]
Post subject:
gusmac wrote: Just like any notes anywhere I think your getting English and Scots laws mixed up Gusmac; 3. The question of legal tender The concept of "legal tender" is a narrow technical definition that refers to the settlement of debt, and it has little practical meaning in everyday transactions such as buying goods in shops (but does apply, for example, to the settling of a restaurant bill, where the food has been eaten prior to demand for payment and so a debt exists). Essentially, any two parties can agree to any item of value as a medium for exchange when making a purchase (in that sense, all money is ultimately an extended form of barter). If a debt exists that is legally enforceable and the debtor party offers to pay with some item that is not "legal tender," the creditor may refuse such payment and declare that the debtor is in default of payment; if the debtor offers payment in legal tender, the creditor is required to accept it or else the creditor is in breach of contract. Thus, if in England party A owes party B 1,000 pounds sterling and offers to pay in Northern Ireland banknotes, party B may refuse and sue party A for nonpayments; if party A provides Bank of England notes, party B must acknowledge the debt as legally paid even if party B would prefer some other form of payment. Banknotes do not have to be classed as legal tender to be acceptable for trade; millions of retail transactions are carried out in the UK using cheques, or debit or credit cards, none of which is a payment using legal tender. Equally, traders may choose to accept payment in foreign currency, such as euro or US dollar. Acceptability as a means of payment is essentially a matter for agreement between the parties involved. [14] [18] Millions of pounds' worth of sterling banknotes in circulation are not legal tender, but that does not mean that they are illegal or of lesser value; their status is of "legal currency" (that is to say that their issue is approved by the parliament of the UK) and they are backed up by Bank of England securities. [19] Bank of England notes are the only banknotes that are legal tender in England and Wales. Scottish and Northern Ireland banknotes are not legal tender anywhere, and Jersey, Guernsey and Manx banknotes are only legal tender in their respective jurisdictions. The fact that these banknotes are not legal tender in the UK does not however mean that they are illegal under English law, and creditors and traders may accept them if they so choose. Traders may, on the other hand, choose not to accept banknotes as payment as contract law across the United Kingdom allows parties not to engage in a transaction at the point of payment if they choose not to. [15] In Scotland and Northern Ireland no banknotes, not even ones issued in those countries, are legal tender. [9] Scottish and Northern Irish notes are 'promissory notes' (defined as legal currency), essentially cheques made out from the bank to 'the bearer', as the wording on each note says. They have a similar legal standing to cheques or debit cards, in that their acceptability as a means of payment is essentially a matter for agreement between the parties involved, although Scots law requires any reasonable offer for settlement of a debt to be accepted. Until 1988, the Bank of England issued one pound notes, and these notes did have legal tender status in Scotland and Northern Ireland while they existed. The Currency and Bank Notes Act 1954 defined Bank of England notes of less than £5 in value as legal tender in Scotland. [20] Since the English £1 note was removed from circulation in 1988, this leaves a legal curiosity in Scots law whereby there is no paper legal tender in Scotland. The UK Treasury has proposed extending legal tender status to Scottish banknotes. [21] The proposal has been opposed by Scottish nationalists who claim it would reduce the independence of the Scottish banking sector. [22] Most of the notes issued by the note-issuing banks in Scotland and Northern Ireland have to be backed by Bank of England notes held by the issuing bank. The combined size of these banknote issues is well over a billion pounds. To make it possible for the note-issuing banks to hold equivalent values in Bank of England notes, the Bank of England issues special notes with denominations of one million pounds ("Giants") and one hundred million pounds ("Titans") for internal use by the other banks. [11] Bank notes are no longer redeemable in gold and the Bank of England will only redeem sterling banknotes for more sterling banknotes or coins. The contemporary sterling is a fiat currency which is backed only by securities; in essence IOUs from the Treasury that represent future income from the taxation of the population. Some economists term this 'currency by trust' as sterling relies on the faith of the user rather than any physical specie. http://wapedia.mobi/en/Banknotes_of_the_pound_sterling#The_question_of_legal_tender

Author:	gusmac [ Wed Apr 07, 2010 10:42 pm ]
Post subject:
Touche Bank of England notes are legal tender in England and Wales only. No bank note is legal tender here. That said, I accept Scottish notes, Euros, US Dollars and even the English stuff

Author:	captain cab [ Thu Apr 08, 2010 12:30 am ]
Post subject:
gusmac wrote: Touche Bank of England notes are legal tender in England and Wales only. No bank note is legal tender here. That said, I accept Scottish notes, Euros, US Dollars and even the English stuff hehe CC

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