After April 30, agreeing to exchange notes will be at the discretion of individual institutions. While provincial banks in England and Wales lost the right to issue paper currency altogether, the practice of private banknote issue has continued in Scotland and Northern Ireland. That’s because the Bank of England has said that old £20 notes are still being considered legal tender. The £50 banknote carrying the … They might be giants: Do US smaller companies still offer rich pickings? James Watt invented the modern steam engine, and in 1775, he partnered with Matthew Boulton to start a British engineering and manufacturing firm. The Bank of England banknotes. 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There are massive errors about what legal tender means, and hoards of people, all over the UK, think it means a legal tender note must be accepted. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. In England and Wales, it’s Royal Mint coins and Bank of England notes. Are shops allowed to refuse £50 notes even though they are legal tender - and will we get new polymer ones to beat fakes? Here’s the full list of banks the Post Office has this agreement with: Read more about banking via the Post Office. Like a jet for the road: Hennessey reveals the 311mph Top Gun-style supercar that it claims will be the most powerful on the planet, Is the collapse of the high street impacting YOUR business? In fact, no banknotes are classed as legal tender in … The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. It gave a similar three-month notice period to its latest announcement when a £20 note featuring composer Edward Elgar was withdrawn in 2010. Legal Tender Deadlines. There are also some restrictions when using small coins. A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” There are £5, £10 and £20 notes printed on polymer. We do not write articles to promote products. The same artist also engraved 5mm portraits of Jane Austen on four £5 notes that he spent in December 2016. How to invest for high income and avoid dividend traps, How to find shares with dividends that can grow: Troy Income and Growth manager, Blue Whale manager: 'We want companies that grow whatever happens', How biotechnology investors can profit from an ageing population and the future of medicine. Coronavirus Job Retention Scheme: today is your last chance to claim for furlough days in November. All notes that have been issued by the Bank whose legal tender status has been withdrawn are covered by its ‘promise to pay’. While the Bank of England will honour withdrawn currency forever, high street bank branches don’t have the same responsibility. So what’s actually classed as legal tender? It usually takes 10 working days for the money to reach your account. There is no fee for the service and banknotes of this type can be exchanged by post or in person. We use cookies to allow us and selected partners to improve your experience and our advertising. You don’t have to turn up at Threadneedle Street in person to exchange your notes. While not legal tender, they are UK Parliament-approved legal currency, which makes them a perfectly acceptable way to pay. Damaged notes can be accepted safely where there is less than 20 per cent of the note missing or affected by heat, regardless of whatever other damage there is to the note. Top deals: Best Bank Accounts, Top Savings Accounts. The new polymer £20 banknote will be issued in 2020, with the portrait of J.M.W Turner printed on it. Anyone holding the old notes was advised by the Bank of England to spend, deposit or exchange them before midnight. Steve Webb replies. This new £60,000 BMW iX3 electric SUV has a soundtrack... Four top tricks to save money: The queen of the discounts reveals how to secure a bargain, How your credit card can save you from faulty goods: What everyone should know about their rights, Strong pound threatens to slow down economic recovery as exports suffer. Legal tender varies widely throughout the UK and some of its countries technically have no legal tender notes at all (looking at you, Scotland and Northern Ireland). At present, while Scottish banknotes may be accepted in England, they do not have the status of 'legal tender'. Notes: In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. Now retailers are unlikely to accept them as payment, but most banks and building societies will still allow customers to deposit them into their accounts. DVLA warns of a 603% surge in fraudulent emails and texts - here's how to spot dodgy alerts. The right of Scottish banks to issue notes is popularly attributed to the author Sir Walter Scott, who in 1826 waged a campaign to retain Scottish banknotes under the pseudonym Malachi Malagrowther. Sir John Houblon was appointed as the Bank's first governor in 1694 and the £50 banknote celebrating him was first issued in 1994, to coincide with the Bank's 300th anniversary. Learn about legal tender bank notes, what removing legal tender status means and which bank notes are affected. The Boulton and Watt note, which was brought into circulation in November 2011, was the first introduced by the Bank to feature a green ‘motion thread’, which has five windows featuring the pound symbol and the number 50, which move up and down when the note is tilted from side to side. This means you will always be able to exchange withdrawn banknotes for their equivalent value in pounds. Halifax will pay off the mortgage of 10 customers next month in a prize draw: What do you need to do to take part? Collectors generally seek out notes with low serial numbers – starting with AA01 – as these are the earliest of their kind to be printed. If your bank won’t take paper notes, or if you don’t live near a branch, you can hand them in at the Post Office. Paper £5 notes featuring Elizabeth Fry were withdrawn almost a year earlier in May 2017. There are four denominations of banknotes in circulation: £5, £10, £20 and £50. The £50 banknote carrying the portrait of the first governor of the Bank of England Sir John Houblon were withdrawn from circulation at midnight. The Bank of England’s counter in Threadneedle Street, London is open Monday to Friday from 9am-4pm. Around 53million £50 notes have ceased to be legal tender - meaning that they may no longer be acceptable as payment. Old £10 notes: Darwin paper banknotes are not legal tender from tomorrow. Yes, you can still use the old £20 notes as they are accepted as legal tender. A Treasury review in Marchsaid the notes were ‘rarely used’ for normal purchases, and suffered from a public association with criminals, money laundering and tax evasion. The Bank of England says 94 million paper tenners and 118 million paper fivers haven’t been handed in, even though they can still be exchanged at face value. 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The Bank of England has said that unspent, paper, £20 notes are still legal tender. By Lee Boyce for Thisismoney.co.uk. The Bank of England says plastic notes are also cleaner and stronger, lasting … Banks warn over negative interest rates: Big lenders urge caution as BoE weighs up whether to go below zero for the first time in history, 'UK equities could be the perfect way to play a global reopening at a fair price': Tom Becket talks opportunities for 2021 on the INVESTING SHOW. Published: 09:05 EST, 1 … Hear more about collecting rare currency with The Which Money Podcast‘s investigation into the dark side of rare coin investment: Everything you need to know about the new Alan Turing £50 note. There are Scottish and Northern Irish £100 notes, these are legal currency (not legal tender) throughout the UK although rarely circulated outside the country of issue. Misprinted notes are extremely rare, as the Bank of England hardly ever makes printing errors. What kind of rescue could trigger a stock market bounce back? That helps us fund This Is Money, and keep it free to use. By continuing to browse you consent to our use of cookies. The Post Office has an agreement with all high street banks in the UK, allowing anyone to deposit cheques, coins, and notes – even withdrawn notes and old ’round pounds’ – straight into their usual bank account. Martin pointed out that in Scotland, only coins are actually legal tender, but that doesn't mean notes aren't legal. But anyone with a £50 note that is not accepted may have to go to the Bank of England to get it changed. Where can investors look for shares that will benefit from a coronavirus recovery? The amounts for legal tender are stated below. Replaced: The notes featuring Sir John Houblon will no longer be legal tender. Notes with special sequences, such as 888888, can also be collectible. British marque completes reborn 1920s racer, Lord Blunkett 'never envisaged' disabled Child Trust Fund issues, Electric cars could reap benefits from new green number plates, 'UK shares can do well when the world reopens': Tom Becket, Kar-go Delivery Bot: UK's first autonomous electric delivery vehicle. Our energy supplier went under days after I switched for a better deal - but I was £100 in credit: Will I automatically get money back? qualifies for the term 'legal tender' north of the border and the Scottish economy seems to manage without that legal protection.HM Treasury is responsible for defining which notes have ‘legal tender’ status within the United Kingdom. The Houblon £50 note was introduced in April 2014 but is no longer legal tender. However, Scottish Bank notes are not Legal Tender, not even in Scotland. After the 2018 Fifa World Cup, artist Graham Short engraved six £5 notes with a tiny image of England captain Harry Kane’s face, and spent them at locations around the UK. So it’s worth checking your old notes for the following things before you trade them in. More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. However, they are not legal tender in Scotland and Northern Ireland. Mr Short has previously sold artwork for £100,000, so many expect these banknotes to be worth thousands for whoever finds them. ... Brexit: EU sets out plans in case trade talks with UK fail 4. In December, the Bank announced that it plans to issue plastic banknotes for the first time from 2016, when a new £5 note featuring Sir Winston Churchill appears. If you click on them we may earn a small commission. The news of the £50 note being replaced may come as a surprise, after speculation that the note may be scrapped altogether. If you’re sending less than £50, the Bank can send you new notes in exchange. Some of them, however, might fetch you more if they’re valuable to collectors. You might need to provide photo ID and proof of address, and fill in a form while you’re there. Let me finish with a quick word to English shopkeepers - please accept Scottish and Northern Irish notes. That’s because the Bank of England has said that old £20 are still being considered legal tender. Published: 17:03 GMT, 29 April 2014 | Updated: 10:14 GMT, 1 May 2014. This new £60,000 BMW iX3 electric SUV has a soundtrack written by composer Hans Zimmer: Will it hit the right note with drivers? How much is the new Sherlock Holmes 50p worth? If you still have any hanging around, these are the ways you can turn them into money you can actually spend. One collector who spoke to Which? However you choose to do it, every withdrawn banknote can still be exchanged at face value. had found notes with a serial number starting AK47, which many consider desirable. The plastic version, which features … A note’s serial number, printed to the right of the Queen’s head, is typically what separates a rare note from a common one. In recent years, the UK’s seen new pound coins, £5 notes and £10 notes, with further changes to come. How to invest to beat inflation: A global fund manager's tips. The money guru said: "In Scotland, no notes - … Going out of circulation: The old £50 banknotes, which are now being replaced. Changing the notes to polymer presents a possible solution, as they are reportedly safer and more difficult to counterfeit than the paper versions. Barclays, NatWest, Royal Bank of Scotland, Ulster Bank and the Post Office have agreed to exchange the older-style £50 notes for anyone who needs it, up to the value of £200, until October 30. Will the UK election result boost or sink the stock market? Coins up to 50p have a limit to the amount of debt they can be used to repay. The old ten pound notes ceased to be legal tender on 1 March 2018. Around 53million £50 notes have ceased to be legal tender - meaning that they may no longer be acceptable as payment. Paper £10 notes – which feature a portrait of Charles Darwin – went out of circulation in March 2018. In Scotland and Northern Ireland it’s only Royal Mint coins and not banknotes. And £20 and £50 notes printed on paper. Instead, make sure you have the red £50 note with Matthew Boulton and James Watt depicted on it. Are 'cheap' bank shares an opportunity to profit or a value trap? A £10 note featuring Jane Austen will follow around a year later and will also be made from polymer rather than the cotton paper currently used. I opened a BA Amex to earn a free flight voucher: I've now cancelled the £195 credit card - have I lost the reward too? 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