Is my note still legal tender?

Chances are it never was legal tender, but nevertheless generally acceptable and in circulation in Northern Ireland, much as notes issued by the Scottish banks are in Scotland.

Why should that have changed? NI is part of the UK where the only legal currency is the Pound Sterling. That Eire have abandoned the Punt in favour of the Euro will not affect the continuing validity of your note.

Just take it to any bank and don't take no for an answer. Or keep it as a souvenir, but then you'll never know for certain whether in fact it's one of the fakes rumoured to be given as change to tourists by the bartender on the ferry back.

if its sterling then a bank has to take it unless they have stated otherwise

i hear asda are stocking some of their tills in the UK with Bank of Ireland

sas

Why not ask a bank to change it?

I was thinking more along the lines of not knowing if the note is still in circulation seeing as I've never seen one before and in the last nearly 5 years (Jan 99) it may have been taken out of circulation.

Thank you for your advice.

In message , Rachel writes

It never was legal tender anywhere, so you neednt worry about that.

Take it to a clearing bank.

In message , sas writes

Not so. The only bank who has to accept it is the one who issued it, Bank of Ireland.

The strict answer to your question is No - in fact , it has never been legal tender. However, you should be able to exchange it.

In message , Rachel writes

Notes taken out of circulation are generally still exchangeable at the bank of issue, but sometimes on a 'collection' basis i.e. they take it away, check its number and that it isnt a counterfeit and then give you a note of current issue.

Ok, forgive me for being thick but what do you and others mean, it isn't legal tender, what is it then?

In message , Rachel writes

An IOU from Bank of Ireland.

In fact it isnt even strictly an IOU, its just a pre-printed receipt which the original depositor passed to somebody else who passed it to somebody else etc., etc.,,,,, but for all intents and purposes it is an IOU.

Just think of it as Monopoly money.

Ok, so what is legal tender? I doubt I'll have much success taking Monopoly money to the bank for exchange. :)

Thank you.

Legal tender is what cannot be refused when you tender it in order to extinguish a debt. But money doesn't have to be legal tender in order for it to be widely accepted.

If it's the right kind of Monopoly money, they'll take it.

"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, but rather a legally defined means of payment that should not be refused by a creditor in satisfaction of a debt.

The current series of Bank of England notes are legal tender in England and Wales, although not in Scotland or Northern Ireland, where the only currency carrying legal tender status for unlimited amounts is the one pound and two pound coins. "

Like they do in Scotland.

I can't quite see why those are not synonymous. Surely if it "should not be refused by a creditor" then it "must be accepted". What's the subtle difference there that I'm missing?

The difference is that there needs to be a creditor. If you go to the corner shop for a cabbage and tell them you'll pay tomorrow, and they agree to give you credit, then when you turn up tomorrow, they can refuse everything except legal tender.

But if they won't give you credit, they don't have to accept cash, and can refuse to sell you the cabbage unless you agree to pay in conkers and pine cones, if that's what they want. You, of course, would be free to decline.

In message , Chris Blunt writes

Should is not a synonym of must.

Context requires the subjunctive "should" of "shall" which does mean "must".

By the way, what really happens when someone is stupid enough to refuse legal tender in satisfaction of a debt?

Is the debt extinguished regardless?