Do shops/garages take 50 notes

Is there not a difference between the case when (1) you owe someone money and they refuse legal tender (£50 note) when you offer to pay and (2) the case where they say in advance (by such notices) that they will not accept £50 notes.

Robert

Its a question of weighing up the risk of losing a sale because a customer only has a high denomination note on him against the risk of accepting a counterfeit note and not being able to recover your loss.

That balance varies depending on many factors such as the location, type of customer, type of business etc. A petrol station would at least have a vehicle registration on record, although that's no assurance its not a stolen vehicle. A shop probably has no chance at all of tracing a customer.

Chris

At 08:24:22 on 25/08/2006, Fatboy delighted uk.finance by announcing:

You misunderstand the meaning of 'legal tender'.

At 15:40:29 on 25/08/2006, Bronek Kozicki delighted uk.finance by announcing:

Since 'legal tender' does not mean 'must be accepted' except in a fairly specific case.

See

At 16:14:21 on 25/08/2006, Robert delighted uk.finance by announcing:

No. Legal tender has no meaning in normal circumstances.

At 08:31:19 on 25/08/2006, Jonathan Bryce delighted uk.finance by announcing:

No, it wouldn't.

At 10:06:54 on 25/08/2006, Alec McKenzie delighted uk.finance by announcing:

Yes, they can.

Irrelevant.

A small shop maybe, but a petrol station? It's easy to spend fifty quid on a tankful of petrol for a car.

Incidentally, I've never had any problem with shops refusing to accept commemorative five pound coins on the occasions that I've offered them.

Not at all that complicated, especially when in a garage:

A £49 fill and a tendered £50 note, which the garage can't show is a counterfeit, means that you've provided legal tender for the debt incurred. It is entirely their problem, not yours. You are paying a debt, legally incurred with good money. Tell them to suck the petrol out if they're un-happy.

I have frequently taken cash abroad in the form of £50 notes as a protection for any loss of credit cards or otherwise electronic cockups. In about 10-15 such trips, I've never/ever had £50 notes refused when I've converted to local currency in various banks/post offices, instead of using my cards.

However, I've also drawn 500 Euro notes to pay tradesmen in Europe, worth £350 or there abouts. Again, no probs!

I think UK folks are a tad paranoid, there's lots of ways that traders can check validity of £50 notes. I think the problem is that in the UK, traders can't be arsed so it's easier to inconvience lots of other people and reject notes.

So; Now I plan to draw good £50s from my bank, fill to £49 at my local petrol stations, offer genuine notes straight out of Barclays and drive off if refused, f' 'em EP

Since posting this have used several 50 notes and no problems at all. Each time for purchases just under 50 so very little change for shop/garage to worry about. I wouldn't of offered for a purchase of a few quid as that would not be fair on their change.

Ken

That fairly specific case being the settlement of a debt, which is what happens in a petrol station.

Whoooo!

Double ukf thread-score!

Is it 'settlement of a debt' or is it 'non-accptance of an offer made in response to an invitation to treat' ?

I'm guessing that the petrol station wouldn't like the suggestion of syphoning the fuel back out of the tank...

rgds, Alan

In message , edwin writes

Not so. The BoE say

" The concept of legal tender is often misunderstood. Contrary to popular opinion, legal tender is not a means of payment that must be accepted by the parties to a transaction.

You are correct.

Thats right. In fact it isnt £50 that are the problem, but £20s. IN 2005 only 5000 forged £50s were taken out of circulation, but for £20s there were 487,000. (these are numbers of notes, not their value)

Well you would be wrong on this.

At 21:30:47 on 29/08/2006, Jonathan Bryce delighted uk.finance by announcing:

What's the definition of a debt in this context?

"Jonathan Bryce" wrote

Actually, that link appears to suggest that legal tender doesn't

It just suggests that the payer will be "OK in court" if an action is brought *after* s/he pays with legal tender. But the payer will never be in that situation (of having paid with legal tender) if the payee won't accept it (which it says the payee is allowed to do!).

The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term 'legal tender' has very little practical application.

"John Boyle" wrote

What proportion is that - how many 50s were in circulation?

"John Boyle" wrote

What proportion is that - how many 20s were in circulation?

"John Boyle" wrote

It's difficult to gauge the chances of a particular

Where you have already filled your tank with petrol, I would argue that it is a settlement of a debt.

The other stuff you pick up in the shop would be an offer made in response to an invitation to treat.

"Jonathan Bryce" wrote

Of course, as you are standing there at the till clutching your 50 note, that "offer" is "to buy this for x.yz using this 50 note"...

Will they accept, decline, or ask questions (eg "how would you like to pay?") ?

I'm guessing they usually just say: "That'll be x.yz please!" Is that an acceptance of your offer?

At 13:11:06 on 30/08/2006, Jonathan Bryce delighted uk.finance by announcing:

That probably depends on the relevant definition of a debt. Does anyone have it handy?