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which countries remove legal tender status from old currencies?
It's my understanding that in the United States, even now obsolete
bills, like the $500.00 Federal Reserve note, are still legal tender even though they haven't been printed in decades. What about other types of currency, like United States Notes or National Currency? Are those still legal tender? And how common is this practice? The UK and Japan remove legal tender status from obsolete banknotes. Are they the odd ones out or is the United States the odd one out? Also, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_pound_sterling#Previous_issues: Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so. How common is that? 1984 series Japanesen Yen banknotes were suspended on April 2, 2007, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_Japanese_yen#1984. If one found a forgotten stash of 1984 banknotes could they still be swapped out for the 2000 series banknotes or would you just be out of luck? |
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#2
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which countries remove legal tender status from old currencies?
On Apr 3, 10:11*am, yawnmoth wrote:
It's my understanding that in the United States, even now obsolete bills, like the $500.00 Federal Reserve note, are still legal tender even though they haven't been printed in decades. *What about other types of currency, like United *States Notes or National Currency? Are those still legal tender? *And how common is this practice? *The UK and Japan remove legal tender status from obsolete banknotes. *Are they the odd ones out or is the United States the odd one out? Also, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_pound_sterling#Previous_issues: Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so. How common is that? *1984 series Japanesen Yen banknotes were suspended on April 2, 2007, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_Japanese_yen#1984. *If one found a forgotten stash of 1984 banknotes could they still be swapped out for the 2000 series banknotes or would you just be out of luck? You are also omitting a number of possibilities. Coins for example, are sometimes treated very differently that paper money. A few years ago the Netherlands stated that there would be a deadline to exchange base metal coins for Euros. They did not offer to exchange the silver coins because even the intrinsic value of the coins was more than the face value (not to mention the numismatic value). There are a number of cases in the world where a government is willing to exchange old bills for new, even though the value of the old bills is negligible. There are also cases where an exchange might be possible in principle, but the old currency is simply worthless. Germany seems to be, at least informally, a case where the old currency exists in parallel with the new and is sometimes used. You mentioned the UK, but it is also a currency where, in a sense, there are multiple currencies in circulation and some equivocation about which one is accepted (e.g., try spending Scottish banknotes in England; sometimes it works fine and sometimes not). |
#3
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which countries remove legal tender status from old currencies?
On Apr 3, 10:47*am, Peter wrote:
On Apr 3, 10:11*am, yawnmoth wrote: It's my understanding that in the United States, even now obsolete bills, like the $500.00 Federal Reserve note, are still legal tender even though they haven't been printed in decades. *What about other types of currency, like United *States Notes or National Currency? Are those still legal tender? *And how common is this practice? *The UK and Japan remove legal tender status from obsolete banknotes. *Are they the odd ones out or is the United States the odd one out? Also, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_pound_sterling#Previous_issues: Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so. How common is that? *1984 series Japanesen Yen banknotes were suspended on April 2, 2007, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_Japanese_yen#1984. *If one found a forgotten stash of 1984 banknotes could they still be swapped out for the 2000 series banknotes or would you just be out of luck? You are also omitting a number of possibilities. Coins for example, are sometimes treated very differently that paper money. *A few years ago the Netherlands stated that there would be a deadline to exchange base metal coins for Euros. *They did not offer to exchange the silver coins because even the intrinsic value of the coins was more than the face value (not to mention the numismatic value). http://www.dnb.nl/en/payments/exchan...ngeable-notes/ index.jsp says January 1, 2032 for the final date of exchange. Are the Netherlands the only country in the Eurozone doing exchanges like this? And how, I wonder, would one even do such an exchange? Per my earlier post, you can go to the Bank of England and exchange old banknotes for new ones. Is that something regular people can do? In the United States, you don't go to the Federal Reserve to go exchange currency - you go to a private credit union or bank, like Wachovia or Bank of America. |
#4
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which countries remove legal tender status from old currencies?
"yawnmoth" wrote in message ... It's my understanding that in the United States, even now obsolete bills, like the $500.00 Federal Reserve note, are still legal tender even though they haven't been printed in decades. What about other types of currency, like United States Notes or National Currency? Are those still legal tender? And how common is this practice? The UK and Japan remove legal tender status from obsolete banknotes. Are they the odd ones out or is the United States the odd one out? Also, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_pound_sterling#Previous_issues: Nonetheless, all banknotes, regardless of when they were withdrawn from circulation may be presented at the Bank of England where they will be exchanged for current banknotes. Other banks may also decide to exchange old banknotes, but they are not under an obligation to do so. How common is that? 1984 series Japanesen Yen banknotes were suspended on April 2, 2007, according to http://en.wikipedia.org/wiki/ Banknotes_of_the_Japanese_yen#1984. If one found a forgotten stash of 1984 banknotes could they still be swapped out for the 2000 series banknotes or would you just be out of luck? Scottish banknotes never become obsolete, no matter how old they are they are still worth their face value, except for the banks that went bust of course mainly in the mid 1800's. A Bank of Scotland note from 1695 could still be exchanged for a modern note. Billy |
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