£50 note withdrawal

My bank just brought this to my attention:
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Apparently very shortly banks will not accept the old £50 notes.
I just paid an old one in and the woman stared at it and said they stopped being made years ago, how on earth did I have one?
The link above on the BBC says "But that remains as legal tender until a withdrawal date is set by the Bank."
Yet the Bank of England says they will ALWAYS be legal tender accepted at the Bank of England:
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I guess if you don't live near a Bank of England.....
Reply to
Major Scott
What makes it apparent to you that the older note will be withdrawn very shortly?
being made years ago, how on earth did I have one?
withdrawal date is set by the Bank."
Bank of England:
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It does not say they will always be "legal tender", only that they will always be exchanged.
Near "a" Bank of England? The Bank of England is in Threadneedle Street, London EC2 and it has no branches.
Reply to
Anthony R. Gold

The teller in Lloyds TSB (where I paid two of them in) said they wouldn't be accepting them shortly. She looked at me as though I should have known, and showed the "obvious" differences between the two that were old and the one which was not.
Which I would call legal tender. As in, if you were to give me one in 10 years time, I could always change it for a new one and have my 50. Mind you not living near the Bank of England may be a nuisance.
Oh. I assumed it would be like "Bank of Scotland" and act like a normal bank aswell as it's extra functions.
So presumably it has one building the public can walk into, if only to exchange the old 50s.
Can you have an account with them? What about if you're a big company? --------------------------------------------------------------------------------- You can have an account with the BoE; a friend of mine did, but then he did work for them. Any major bank should accept 50 notes as long as they are legal tender, and possibly during a transitional period- I'd expect an announcement to have been made first, however.
Reply to
Janitor of Lunacy
time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.
That is not what legal tender is. The term legal tender refers to the acceptability of certain notes and coins as settlement of a debt. It is often misunderstood, and has actually has little relevance for most practical purposes.
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Chris
Reply to
Chris Blunt
That's interesting. I wonder if the Bank of England saw an increase in the number of people applying to open accounts with them since the banking crisis caused many people to lose confidence in other banks.
Chris
Reply to
Chris Blunt
being made years ago, how on earth did I have one?
withdrawal date is set by the Bank."
Bank of England:
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>
Really?
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Reply to
®i©ardo
Are you referring to the "first" series which was withdrawn in 1996
or the second series which they stopped issuing 18 months ago?
If the first they she shouldn't have taken in at all.
and if the second then 18 months old is hardly a surprise for such a high value note, is it?
tim

Reply to
tim.....
being made years ago, how on earth did I have one?
withdrawal date is set by the Bank."
the Bank of England:
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Yes.
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But if bank branches are found at any of those addresses, please tell.
Reply to
Anthony R. Gold
On Tue, 12 Feb 2013 10:45:29 -0000, "tim....." wrote:
The "Sir John Houblon" £50 note of 1994 is still listed by the Bank of England as current, along with the newer one issued around one year ago.
Reply to
Anthony R. Gold
Can I use the phrase "legal tender" when a Welshman refuses to accept my Scottish fivers? How much trouble can he get into? Can he refuse to serve me?
Reply to
Major Scott
I don't have the note in front of me anymore, but the teller said "stopped printing 3 years ago". It had a thin black magnetic strip, the new one I had with me that she compared it with to show me had a wide green one.
Reply to
Major Scott
Major Scott wrote :
the usual thing is your Bank takes them out of circulation as they get them then they will exchange or send them in for you then you send them to Bof E. they are correct. your money is safe just have to ask B of E for it
High street banks act as BofE agents
Reply to
griffin
There were prominent notices in the banks when the new note was first issued. However, that was some while ago.
Colin Bignell
Reply to
Nightjar
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"Legal tender" applies ONLY to notes that ARE legal tender - and that does NOT include Scottish notes anywhere in the world - INCLUDING SCOTLAND!
Reply to
®i©ardo
being made years ago, how on earth did I have one?
withdrawal date is set by the Bank."
the Bank of England:
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>>>
Well, you'd better get in touch with the bank of England then and tell them that they are wrong on the matter. They are the B of E's representative offices in the places shown, such offices generally being described as "branches" except by the ultimate pedant.
As for their "banking services" they are so highly specialised I accept that they cannot be called "bankers" in the domestic sense. Nonetheless those "branches" do - or did have - a central banking function, being a local store of funds which banks had access to in event of emergencies. Many was the time when I observed the high speed and heavily armoured convey arrive at the premises locally known as the Bristol Branch of the Bank of England, with much flashing of blue and the blaring of horns. It was also interesting to note the construction of premises which were designed to withstand a siege with well placed firing points.
Reply to
®i©ardo
years time, I could always change it for a new one and have my £50. Mind you not living near the Bank of England may be a nuisance.
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Scottish fivers? How much trouble can he get into? Can he refuse to serve me?
Of course he can refuse to serve you. Nobody is compelled to sell any product he has on offer.
A shopkeeper is free to accept notes and coins which are not legal tender if he chooses to do so. Similarly, he is entitled to refuse to accept those which are. Legal tender has nothing to do with what you may or may not use to pay a store when you go shopping.
Chris
Reply to
Chris Blunt
Very funny! I assume though a Scottish not MUST be accepted in England, just as an English note MUST be accepted in Scotland?
Reply to
Major Scott

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