£50 note withdrawal

Feb 11, 2013 283 Replies

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BANK OF ENGLAND: Are Scottish & Northern Ireland notes "legal tender"? In short ?No? these notes are not "legal tender"; furthermore, Bank of England notes are only legal tender in England and Wales. Legal tender has, however, a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he/she owes under the terms of a contract (and in accordance with its terms), or pays this amount into court, he/she has good defence in law if he/she is sued for non-payment of the debt. In ordinary everyday transactions, the term "legal tender" in its purest sense need not govern a note's acceptability in transactions. The acceptability of a Scottish or Northern Ireland note as a means of payment is essentially a matter for agreement between the parties involved. If both parties are in agreement, Scottish and Northern Ireland notes can be used in England and Wales. Holders of genuine Scottish and Northern Ireland notes are provided with a level of protection similar to that provided to holders of Bank of England notes. This is because the issuing banks must back their note issue using a combination of Bank of England notes, UK coin and funds in an interest bearing bank account at the Bank of England. More information on these arrangements can be found at

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Legal tender is to be defined as whatever some scatological poster has used all their life?

"When I use a word," Humpty Dumpty said, in rather a scornful tone, "it means just what I choose it to mean?neither more nor less." - Through the Looking-Glass (1872)

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Thanks for that, Anthony.

"Major" Scott does seem to suffer from profound delusions of adequacy........ he must be due to retire soon????

I wonder whether an apology might be forthcoming from him, regarding his "s**te" comment, before he does retire?

1) Why do they work as payment everywhere then? 2) Why on earth aren't they? If there is no legal tender in a country, that's just preposterous!

It was in Sainsbury. If they didn't give it to you they would be breaking the law.

That makes them legal tender. I cannot suddenly end up with £500 of cash that's as worthless as some scrap paper.

I apologise when I'm wrong, which is very rare.

If I have used it all my life (and so has all of Scotland), it must be legal.

They don't. Try using one in Egypt. Or Spain. Or France. (etc, etc). And do try and understand what several posters have told you. Just because some people accept them, does not make them legal tender.

There IS a legal tender in the UK. For most of us, it takes the form of coin (up to certain maxima) and Bank of England notes. In Scotland, it is coin. Full stop. That is NOT to say that notes - English, Scottish, or even Northern Ireland - are not COMMONLY ACCEPTED - because, indeed, they are! - but they are most certainly NOT LEGAL TENDER.

BTW - I am not talking (as you so crudely put it ) "s**te".

Such language is unbecoming of an officer, which is why we doubt your credentials......

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It was in Sainsbury. If they didn't give it to you they would be breaking the law.

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Which law would that be, then????

They don't work everywhere.

When there was a spate of fake Scottish notes in this area shopkeepers and pubs just refused to take them, fake or otherwise. Anyone who got gobby about it was refused service and asked to leave the premises.

Gosh, I assume that this is one of your gems as well:

"When I was little I was big-headed, but now I know I'm perfect".

Acceptable doesn't mean legal.

people accept all pounds are the same.

Are they all the same?

Cyprus Pounds? Egyptian Pounds? Lebanese Pounds? Sudanese Pounds?

Chris

Why?

You still don't seem to have grasped the meaning of the words "Legal Tender"

Chris

Here's a picture for you.

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Chris

That makes them legal tender. I cannot suddenly end up with 500 of cash that's as worthless as some scrap paper.

------------------------------------------ The paragraph above, from which you have extracted the phrase "the issuing banks must back their note issue", refers to transactions which are commonly accepted between people - traders, etc - because they "trust" the Bank to hold the funds that give the "value" to the banknotes.

But you have conveniently ignored the first statement which is reproduced below. (If WE tell you the same thing twice, it must be right. After all, YOU tell us the same incorrect things several times in the forlorn hope that it might make YOU right....)

And, as for "500 of cash that's as worthless as some scrap paper".........Ooooh, you could, you know...... You could end up carrying your wages home at the end of the day, in a wheelbarrow. And being able to buy half a loaf with them. Happened before.

(but not in this country.)

(Yet.)

There must be one. A shop can't issue vouchers and not accept them (except when they go bust like Comet).

That's fair enough if there are fakes.

Hmmmm there is a spate of forged ENGLISH £50s - can a shop refuse those on the same grounds?

That looks rather like a sig, and is not guaranteed to apply to me.

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