I have been given a 20 sterling note issued by the Bank of Ireland. It's
date is 1st Jan 1999 and the pic on the back is of the Queen's University of
Belfast. Does anyone know if it is still legal tender and what I should do
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
1 notes...... on purpose..... so i'm guessing you should be fine!
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
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.
In message , Rachel
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
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.
In message , Ronald
"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
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.
On Wed, 10 Dec 2003 21:59:46 +0000, john boyle
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.
['tis the season for it] OH YES IT IS!!
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?