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:
I guess if you don't live near a Bank of England.....
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.
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
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.
Are you referring to the "first" series which was withdrawn in 1996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?
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.
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
being made years ago, how on earth did I have one?
withdrawal date is set by the Bank."
the Bank of England:
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.
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.
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.