Just wondering out of interest , how long is there between the introduction of a new bank note and the old ones no longer accepted at shops etcs , i know that any note of any age is still allowed to be changed at a bank regardless of age.
It depends on the note and the BoE takes account of the number of old notes in circulation, their denomination, and their rate of use. Whenever a new note is issued the fate of old notes is described on the website :
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Not so. No bank is obliged to exchange a note which has been withdrawn, i.e. lost the status of Legal Tender, although it may choose to do so but with recourse to their client. The BoE will always exchange, subject to checks, on presentation at their London office.
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