FYI for Viking cruisers visiting UK Ports: Use your paper 20 and 50 GBP currency before it EXPIRES end of Sept

[SempreMare]

Quick FYI

"The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022."

https://www.bankofengland.co.uk/news/2022/june/100-days-left-to-use-your-paper-20-and-50-banknotes

 

Checked my currency drawer.   I definitely have some of these (20£ notes with Adam Smith, Queen Elizabeth, and a fancy hologram.)

These bills certainly don't look like money on the verge of expiration!  

 

Just set 2 different reminders (Alexa and iOS Reminders) to deposit this soon-to-be-worthless currency with my London hotel on check-in day 1 in September before British Isles Explorer.  

 

Edited August 7, 2022 by SempreMare

[Karry66]

Thanks for the reminder…We have one expired 5£ note that I’m going to try to exchange in Greenwich, but will probably end up at Bank of England

[Jammy Bun]

Just to add to that, these are Paper notes, and the new banknotes are polymer, so it's very easy to tell the difference.

Plus - £50 notes are rarely used - certainly some smaller shops would be wary of accepting them.  I've never had a £50 note in my whole life... and I'm over 70 !

[FetaCheese]

For comparison:. "From United States Treasury" :

 

All United States Paper Currency issued from year 1861 to present are legal tender, and accepted at face value.

 

Older currency may, and often has, a higher value as "collectible currency".

Edited August 7, 2022 by FetaCheese
Clarity

[Heidi13]

3 hours ago, FetaCheese said:

For comparison:. "From United States Treasury" :

 

All United States Paper Currency issued from year 1861 to present are legal tender, and accepted at face value.

 

Older currency may, and often has, a higher value as "collectible currency".

 

Although the paper currency will no longer be legal tender for use in shops, they can still be exchanged by the BoE in perpetuity for the new polymer note.

[SempreMare]

50 minutes ago, Heidi13 said:

 

Although the paper currency will no longer be legal tender for use in shops, they can still be exchanged by the BoE in perpetuity for the new polymer note.

I missed that part, thank you Andy! 

[Heidi13]

45 minutes ago, SempreMare said:

I missed that part, thank you Andy! 

Here is a link. I had to check it out, as I have a number of paper 50's in the safety deposit box and we won't be in UK before the deadline.

 

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

[CurlerRob]

7 hours ago, Heidi13 said:

Here is a link. I had to check it out, as I have a number of paper 50's in the safety deposit box and we won't be in UK before the deadline.

 

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

 

We just finished cashing in £300 at our local TD for this reason. I would much preferred to have done it in person at the BoE main branch!

 

I'm also pretty sure that my prospects for success as a full-time Forex trader are limited 👿.  🍺🥌

[Heidi13]

13 hours ago, CurlerRob said:

 

We just finished cashing in £300 at our local TD for this reason. I would much preferred to have done it in person at the BoE main branch!

 

I'm also pretty sure that my prospects for success as a full-time Forex trader are limited 👿.  🍺🥌

 

Rob - the other reason I would prefer not to exchange the sterling at this time is the exchange rate has tanked over the past few months. Since I also sold a house in UK a couple of months ago, my currency trading timing isn't the best.

 

I'll probably get the 50's deposited at RBC this week.

[Jim Avery]

Andy, I first learned of "obsoleting' notes quite a while ago.  I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip.  With relatives there another trip is inevitable.  So anyway it had been around four years when next I arrived in the UK.  To celebrate I found myself in a nice old pub.  Paid for my first round with a 5 pound note from the RB of Scotland.  After a bit of inspection the publican said you know this is no good.  I, of course, had no idea.  He did decide it was interesting enough that he traded me the out of date bill for a pint.  Not sure how that fits with the currency trader matrix but probably a poor rate of exchange.  🍺

[CurlerRob]

42 minutes ago, Heidi13 said:

 

Rob - the other reason I would prefer not to exchange the sterling at this time is the exchange rate has tanked over the past few months. Since I also sold a house in UK a couple of months ago, my currency trading timing isn't the best.

 

I'll probably get the 50's deposited at RBC this week.

 

Andy, I'm gratified to know that I'm not alone in finding the wrong side of the foreign exchange world - but my few hundred pales in comparison to a house sale! 🤬

 

Apparently Jim found the right approach (post #10) - I'll have to try that next time. 🍺🥌

[Heidi13]

25 minutes ago, Jim Avery said:

Andy, I first learned of "obsoleting' notes quite a while ago.  I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip.  With relatives there another trip is inevitable.  So anyway it had been around four years when next I arrived in the UK.  To celebrate I found myself in a nice old pub.  Paid for my first round with a 5 pound note from the RB of Scotland.  After a bit of inspection the publican said you know this is no good.  I, of course, had no idea.  He did decide it was interesting enough that he traded me the out of date bill for a pint.  Not sure how that fits with the currency trader matrix but probably a poor rate of exchange.  🍺

 

Jim,

 

We used the same rationale for keeping the sterling after the last World Cruise. No point in exchanging them to only purchase them back a year or so later. Who would have thought 2+ years later we still haven't returned.

 

Over the years, I've had some strange looks when using any of the Scottish bank notes down in England.

[Hobson1754]

On 8/8/2022 at 4:04 PM, Jim Avery said:

Andy, I first learned of "obsoleting' notes quite a while ago.  I used to make sure I had enough pounds in my pocket returning home to get me started on the next trip.  With relatives there another trip is inevitable.  So anyway it had been around four years when next I arrived in the UK.  To celebrate I found myself in a nice old pub.  Paid for my first round with a 5 pound note from the RB of Scotland.  After a bit of inspection the publican said you know this is no good.  I, of course, had no idea.  He did decide it was interesting enough that he traded me the out of date bill for a pint.  Not sure how that fits with the currency trader matrix but probably a poor rate of exchange.  🍺

 

[Hobson1754]

Hi Jim - not sure if the pub landlord has scammed you or was just ignorant of the fact but Scottish currency is legal in England, granted he may not see a lot but it’s still legal tender. Actually thinking about it, if you were in London you may have got a good deal as the pint down there may have cost more than a fiver 😂😂 We live in the North of England so probably see more of it as we’re only 60 or so miles for Scottish Border. 

[Jim Avery]

I knew Scottish currency was legal but these were considerably older notes and they had started the program of obsoleting notes.  Love the North country as my mother is from Staffordshire and we have made numerous visits to York and other places north.  🍺

[Hobson1754]

You probably got a good deal then - yes, York is a lovely city, as is Durham on a smaller scale 👍

[Heidi13]

23 hours ago, Jim Avery said:

I knew Scottish currency was legal but these were considerably older notes and they had started the program of obsoleting notes.  Love the North country as my mother is from Staffordshire and we have made numerous visits to York and other places north.  🍺

 

I spent 6 months in South Shields for 2nd Mates F.G. back in 76 and 78. Not as nice as York, but we still had a great time. Since I drove back up to St Andrews many weekends, I often used Scottish notes at the local pubs. Never had any issues, but down in London, different story.

[Canberra601]

I tried to deposit my paper GBP notes in my bank account here in Manila, and they rejected more than half due to small stains, ink marks etc.  They also rejected my Scottish notes because they are not legal tender???  Money changers here are also no longer exchanging paper GBP notes.   Unfortunately our next trip to Scotland is in mid October, so we will probably need to post them to the Bank of England when we get there. Does anyone know if I can simply deposit them in my Scottish bank account after 1 October when we get there?

[Heidi13]

8 hours ago, Canberra601 said:

I tried to deposit my paper GBP notes in my bank account here in Manila, and they rejected more than half due to small stains, ink marks etc.  They also rejected my Scottish notes because they are not legal tender???  Money changers here are also no longer exchanging paper GBP notes.   Unfortunately our next trip to Scotland is in mid October, so we will probably need to post them to the Bank of England when we get there. Does anyone know if I can simply deposit them in my Scottish bank account after 1 October when we get there?

 

I had a similar experience, as Royal Bank of Canada refused 16 of my 50's due to various marks. Took them to our local credit union and they accepted them without any issue. So how about trying a different bank.

 

Similar experience with notes issued by one of the Scottish banks. RBC refuse to accept them.

 

When you get to UK, your local bank may accept them for deposit, or else BoE will accept them by post and deposit the money into a UK account.

[The Other Tom]

On 8/7/2022 at 3:10 AM, SempreMare said:

 I definitely have some of these (20£ notes with Adam Smith, Queen Elizabeth, and a fancy hologram.)

Can you tell a difference between the Adam Smith bills and the QE bills with a hologram?  I'm thinking the QE bills with a hologram are the new polymer bills and are not subject to expiration.  

[Heidi13]

2 hours ago, The Other Tom said:

Can you tell a difference between the Adam Smith bills and the QE bills with a hologram?  I'm thinking the QE bills with a hologram are the new polymer bills and are not subject to expiration.  

 

You can definitely tell the difference between a newer polymer and old paper note. The polymer ones feel like plastic. 

 

Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner.

[SempreMare]

1 hour ago, Heidi13 said:

Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner.

 

All the 20's expiring have Adam Smith on it? 

SO ironic.

That rascal is the economist with the invisible hand about to make my money disappear!  ::sniff:: !

 

I know I know... Bank of England...

 

Makes me think of MBA school day 1 Macroeconomics.  

 

Professor:   ::Tears up a $1 bill into tiny shreds::   

then asks, "What just happened to the US economy?" 

Edited August 14, 2022 by SempreMare

[The Other Tom]

8 hours ago, Heidi13 said:

Queen Elizabeth is on one side of all modern bank notes, it is the opposite side of the note that is different. Adam Smith is on the reverse side of the paper 20's, while the newer polymer 20's have JMW Turner.

Thanks!

[SempreMare]

Just arrived in London 

 

my hotel would  not accept my old 20 and 50 bank notes as a deposit 

even though they’re not expired

[DGHOC]

Well there is no reason why they wouldn't take them, perhaps they don't take cash as a deposit. Just pop into a bank and they'll exchange them for new notes just in case you don't have the opportunity to spend them elsewhere.

 

You are here at a time of great emotion so the streets in Central London are very busy and will be considerably busier this weekend. People are travelling to London from everywhere around the UK to mourn the loss of our dear Queen together and to attempt to get a glimpse of our new King.