Comments

  • The Bank of England said people holding £14.5 billion in old paper banknotes have just 100 days to spend or deposit the money before it becomes worthless.

    Challenge accepted. Hookers and blow for everyone!
  • How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.
  • This is good for Bitcoin.
  • RogermcAllen: How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.


    £14.5 billion works out to £200 per person in the UK, so it's not that unreasonable it's stashed away under the mattress or was lost when someone washed their jeans or whatever. Even after the date it ceases to be legal tender AFAIK you can take it into a bank and exchange it, so it's not like it will be lost if anyone does still have some.

    I arrived in India the day they announced, with zero warning, that their banknotes were worthless effective immediately. It was chaos. No ATMs working, no cash anywhere, and India doesn't let their currency leave so you can't buy cash at home to take with you, you can only get it after you arrive.
    I was in India and for lunch I had McDonalds, because they'd take my cards. I was in India surrounded by all that fantastic food and I had to eat farking McDonalds.
  • Carter Pewterschmidt: RogermcAllen: How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.

    £14.5 billion works out to £200 per person in the UK, so it's not that unreasonable it's stashed away under the mattress or was lost when someone washed their jeans or whatever. Even after the date it ceases to be legal tender AFAIK you can take it into a bank and exchange it, so it's not like it will be lost if anyone does still have some.

    I arrived in India the day they announced, with zero warning, that their banknotes were worthless effective immediately. It was chaos. No ATMs working, no cash anywhere, and India doesn't let their currency leave so you can't buy cash at home to take with you, you can only get it after you arrive.
    I was in India and for lunch I had McDonalds, because they'd take my cards. I was in India surrounded by all that fantastic food and I had to eat farking McDonalds.


    This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.

    All US currency issued from either 1861 or 1914 (sources vary) is considered by the government to be valid at face value (ignoring any potential collector value on top).  Same goes for postage stamps-all old postage stamps are valid for face value, and people who collect stamps frequently use really old but common stamps to actually mail things.
  • Okay, serious question here and I'm hoping someone has a good answer.

    I have a few hundred pounds of these old paper notes from my many trips to the UK.  I won't be back there before the currency expires.  What are my options to redeem the old bills?

    I live in the United States in pretty major city.  Should I seek out a bank or a currency exchange?  I found this redemption form on the website for the Bank of England:

    https://www.bankofengland.co.uk/-/media/boe/files/banknotes/banknote-exchange.pdf?la=en&hash=1C451CD015C06CB93D689796AE25B6FA4C1983C5

    But I'm leery of sending a huge wad of cash through international mail.

    What can I do?
  • Cinedelic: Okay, serious question here and I'm hoping someone has a good answer.

    I have a few hundred pounds of these old paper notes from my many trips to the UK.  I won't be back there before the currency expires.  What are my options to redeem the old bills?

    I live in the United States in pretty major city.  Should I seek out a bank or a currency exchange?  I found this redemption form on the website for the Bank of England:

    https://www.bankofengland.co.uk/-/media/boe/files/banknotes/banknote-exchange.pdf?la=en&hash=1C451CD015C06CB93D689796AE25B6FA4C1983C5

    But I'm leery of sending a huge wad of cash through international mail.

    What can I do?


    According to the article, "After September 30, people will have to exchange the paper notes in person at the BOE's London headquarters in Threadneedle Street or via post," so just take them the next time you visit London and allow a little time to go the bank one day.
  • For every £2.20 you give to a bank, you'll get 1 of Britain's new currency the Kilogramme Sterling.
  • Geotpf: This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.


    The reason India did it was because of the huge black market. By making their banknotes worthless unless you deposited them into your bank account. So for honest people no problem. But if you have filed taxes for years saying you made minimum wage and then deposit a million dollars worth of cash you're going to have some explaining to do.
  • Geotpf: Carter Pewterschmidt: RogermcAllen: How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.

    £14.5 billion works out to £200 per person in the UK, so it's not that unreasonable it's stashed away under the mattress or was lost when someone washed their jeans or whatever. Even after the date it ceases to be legal tender AFAIK you can take it into a bank and exchange it, so it's not like it will be lost if anyone does still have some.

    I arrived in India the day they announced, with zero warning, that their banknotes were worthless effective immediately. It was chaos. No ATMs working, no cash anywhere, and India doesn't let their currency leave so you can't buy cash at home to take with you, you can only get it after you arrive.
    I was in India and for lunch I had McDonalds, because they'd take my cards. I was in India surrounded by all that fantastic food and I had to eat farking McDonalds.

    This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.

    All US currency issued from either 1861 or 1914 (sources vary) is considered by the government to be valid at face value (ignoring any potential collector value on top).  Same goes for postage stamps-all old postage stamps are valid for face value, and people who collect stamps frequently use really old but common stamps to actually mail things.


    1933 Agricultural Adjustment Act made all coins and currency legal tender.  Gold, however, ceased to be legal tender.

    In the 60's, coins ceased being legal tender and the IRS will refuse payment of taxes in coins.
  • Cinedelic: Okay, serious question here and I'm hoping someone has a good answer.

    I have a few hundred pounds of these old paper notes from my many trips to the UK.  I won't be back there before the currency expires.  What are my options to redeem the old bills?

    I live in the United States in pretty major city.  Should I seek out a bank or a currency exchange?  I found this redemption form on the website for the Bank of England:

    https://www.bankofengland.co.uk/-/media/boe/files/banknotes/banknote-exchange.pdf?la=en&hash=1C451CD015C06CB93D689796AE25B6FA4C1983C5

    But I'm leery of sending a huge wad of cash through international mail.

    What can I do?


    Contact your bank.
  • Carter Pewterschmidt: Geotpf: This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.

    The reason India did it was because of the huge black market. By making their banknotes worthless unless you deposited them into your bank account. So for honest people no problem. But if you have filed taxes for years saying you made minimum wage and then deposit a million dollars worth of cash you're going to have some explaining to do.


    Black marketeers easily bribed banks to exchange notes.

    But, like in the US, the smarter crooks keep their money offshore, in real estate, gold, and foreign currencies.
  • Carter Pewterschmidt: Geotpf: This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.

    The reason India did it was because of the huge black market. By making their banknotes worthless unless you deposited them into your bank account. So for honest people no problem. But if you have filed taxes for years saying you made minimum wage and then deposit a million dollars worth of cash you're going to have some explaining to do.


    I know why they did it.  It's still stupid.  It still caused chaos.  I think I read an article where they computed that it knocked a percentage point or two off their GDP that year.
  • mcreadyblue: In the 60's, coins ceased being legal tender


    Nope.

    https://www.law.cornell.edu/uscode/text/31/5103

    31 U.S. Code § 5103 - Legal tender

    United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

    (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97-452, §1(19), Jan. 12, 1983, 96 Stat. 2477.)
  • Carter Pewterschmidt: £14.5 billion works out to £200 per person in the UK, so it's not that unreasonable it's stashed away under the mattress or was lost when someone washed their jeans or whatever.


    I went to England, I got exchanged at the post office and paid for a small item with a £20.  The change is still in my drawer, I can't spend it here.

    It's less than that, is what I'm saying.
  • Geotpf: mcreadyblue: In the 60's, coins ceased being legal tender

    Nope.

    https://www.law.cornell.edu/uscode/text/31/5103

    31 U.S. Code § 5103 - Legal tender

    United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

    (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97-452, §1(19), Jan. 12, 1983, 96 Stat. 2477.)


    See State v. Carroll, Ohio App. 4th Dist. Mar. 13, 1997 and Nemser v. New York City Transit Auth., 530 N.Y.S.2d 493 (1988)).
  • RogermcAllen: How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.


    No, I think they'd be smart enough to exchange them.

    But hey, maybe you're right. Perhaps the inhabitants of small poor countries are stupid.
  • Geotpf: Carter Pewterschmidt: RogermcAllen: How much of that circulates outside of the UK as an unofficial currency  in another country?

    If we did this with US currency some small countries would effectively shut down.

    £14.5 billion works out to £200 per person in the UK, so it's not that unreasonable it's stashed away under the mattress or was lost when someone washed their jeans or whatever. Even after the date it ceases to be legal tender AFAIK you can take it into a bank and exchange it, so it's not like it will be lost if anyone does still have some.

    I arrived in India the day they announced, with zero warning, that their banknotes were worthless effective immediately. It was chaos. No ATMs working, no cash anywhere, and India doesn't let their currency leave so you can't buy cash at home to take with you, you can only get it after you arrive.
    I was in India and for lunch I had McDonalds, because they'd take my cards. I was in India surrounded by all that fantastic food and I had to eat farking McDonalds.

    This type of crap would never happen in the US.  One of many different ways that the US, with all it's seeming chaos, is actually one of the more stable countries in the world.

    All US currency issued from either 1861 or 1914 (sources vary) is considered by the government to be valid at face value (ignoring any potential collector value on top).  Same goes for postage stamps-all old postage stamps are valid for face value, and people who collect stamps frequently use really old but common stamps to actually mail things.


    That's the way most countries work.

    In Denmark for instance, any Krone is valid currency. But they're just taken out of circulation by the banks, as newer notes or coins are issued.

    I don't know why the UK has to be special.

    I BTW. think that next time I travel, I'll try to purchase Kroner in various banks. I've met exchange students who showed up with 50 year old, uncirculated, banknotes. Which were worth more than face value.
  • Cinedelic: Okay, serious question here and I'm hoping someone has a good answer.

    I have a few hundred pounds of these old paper notes from my many trips to the UK.  I won't be back there before the currency expires.  What are my options to redeem the old bills?

    I live in the United States in pretty major city.  Should I seek out a bank or a currency exchange?  I found this redemption form on the website for the Bank of England:

    https://www.bankofengland.co.uk/-/media/boe/files/banknotes/banknote-exchange.pdf?la=en&hash=1C451CD015C06CB93D689796AE25B6FA4C1983C5

    But I'm leery of sending a huge wad of cash through international mail.

    What can I do?


    Go to a Forex.
  • mcreadyblue: Geotpf: mcreadyblue: In the 60's, coins ceased being legal tender

    Nope.

    https://www.law.cornell.edu/uscode/text/31/5103

    31 U.S. Code § 5103 - Legal tender

    United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

    (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97-452, §1(19), Jan. 12, 1983, 96 Stat. 2477.)

    See State v. Carroll, Ohio App. 4th Dist. Mar. 13, 1997 and Nemser v. New York City Transit Auth., 530 N.Y.S.2d 493 (1988)).


    I can't find the first one.  The second one says that it's okay for a transit company to refuse currency to pay fares normally paid in coins or tokens.

    In any case, just because coins are legal tender doesn't mean you have to accept them.  $50 and $100 bills are legal tender but many places won't take anything bigger than a $20.
  • Banks took £5/£10s for years after they become obsolete - no need to trash grandma's house looking for them just yet.
  • mcreadyblue: Geotpf: mcreadyblue: In the 60's, coins ceased being legal tender

    Nope.

    https://www.law.cornell.edu/uscode/text/31/5103

    31 U.S. Code § 5103 - Legal tender

    United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.

    (Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97-452, §1(19), Jan. 12, 1983, 96 Stat. 2477.)

    See State v. Carroll, Ohio App. 4th Dist. Mar. 13, 1997 and Nemser v. New York City Transit Auth., 530 N.Y.S.2d 493 (1988)).


    That's excellent blue book citation.
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