Changes to GB Currency

I was prompted to start this new thread because this year’s changes to GB Currency popped up in the thread about the age of US dollars. Clearly some participants knew nothing about the changes, so I thought this deserved a thread of its own.

Below is a quote from a post by UpwardUK in the US dollar thread which clearly sets out the changes.

The old £5 notes ceased to be legal tender in May 2017.

The old £1 coin was phased out at the beginning of November 2017.

The old ‘cotton’ £10 note will no longer be legal tender on March 1st 2018 and has already been replaced by the new polymer ones.

We are warned 6 months in advance and encouraged to spend the old ones, but you can still pay them into a bank account beyond the final day.

Plastic notes are hard to handle,they spring every where;)

Plastic notes are hard to handle,they spring every where;)

They are washable so good for money laundering

Thanks for the information. I was saving my pounds for September but we are changing planes at Heathrow next Monday and back to Heathrow in three weeks so will spend it at Harrods. Have a six hour layover so that works.

Thanks for this. We are doing a U.K. land tour next year. I checked my leftover U.K. money and fortunately, none of the above.

Thanks too, we always keep currency especially for possible visits to family in the UK. I just checked our stash and found a worthless fiver and a nearly worthless tenner which I will now (lend) give to a colleague who is going to England next week.

Rosalyn

The “old” notes and coins aren’t worthless they are still worth face value but are no longer legal tender so can’t be used to make purchases in shops etc. As they are promissory notes the Bank of England will still honour them, most high street banks should exchange them for the new ones if you ask, not sure if a bureau de change would do the same.

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It's a relief that the banks would exchange them; we have never been concerned when we came home with British pounds because there is always the expectation of return. I'm glad now that I didn't buy a huge amount when Brexit was causing the drastic drop in exchange rates.

Bureaus at Heathrow won’t change them. The other thing anyone holding Scottish notes, we have the same changes with the larger non polymer notes being removed from circulation.

There are also fewer and fewer cash handling bank branches (many are automated only) so you might spend a time trying to find a bank to change them which eats into sightseeing time.

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Plus, I was told by my local Lloyds branch that they will only accept the out of date notes if you have an account with them.

The above is interesting as many Americans save pound and Euros for their next trip. I have a few left over. If I can not use them why will be a happy memory

I always save both Euro and GBP notes since we seem to end up in Europe at least once a year. Yesterday I came across a 5 Pound note but how do I know if it is "old",or not? Mine has a metallic strip to the left of HM The Queen's image. Is this an "old" note? Help!

I always save both Euro and GBP notes since we seem to end up in Europe at least once a year. Yesterday I came across a 5 Pound note but how do I know if it is "old",or not? Mine has a metallic strip to the left of HM The Queen's image. Is this an "old" note? Help!

Old notes were traditional paper money whilst the new notes are made of polymer, so it’s easy to spot the difference. So with the metallic strip yours is the old one, the new note has a clear window and security hologram instead.

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Riocca, Thank you. I was about to post that I learned what you also said on another board but I do appreciate your taking the time.

Transferred at Heathrow last week. I had no problem using my old 10 pound notes. The only coin they would not take was the 1 pound coin. Took everything else.

The “old” notes and coins aren’t worthless they are still worth face value but are no longer legal tender so can’t be used to make purchases in shops etc. As they are promissory notes the Bank of England will still honour them, most high street banks should exchange them for the new ones if you ask, not sure if a bureau de change would do the same.

 

 

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Anorak Alert! UK Bank notes are not legal tender, and in the modern context, the term is well-nigh redundant. If the notes were 'legal tender', then you could not demand or expect change if the value of the notes 'tendered' exceeded the value of the debt being discharged. https://www.scotbanks.org.uk/banknotes/legal-position.html

The point is largely academic since you are unlikely to be sued for non-payment of a debt of, say £5, when you had already discharged it in cash - your till receipt would be adequate prrof (or the lack of an alarm sounding when you left the shop ...). :)