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Trying to spend a 1 pound note in the UK
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stonej wrote:
http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm Great article. Quoting: One pound notes ceased to be legal tender on 11 March, 1988, after which they became a fiscal dodo bird. The reason for replacing them with those coins made sense: the note, Treasury records show, were becoming increasingly "inconvenient" for the public. A pound note had a lifespan of just nine months, because, the records say, it was often kept in a pocket instead of a wallet, stuffed in with coins and keys and who knows what else. They stayed out of the banks longer, too. "This results in dirty notes remaining in circulation for longer than they should," the Treasury said in 1985. "To maintain cleaner notes in circulation would be extremely costly." But the pound coin can stay solid, and clean-ish, for 40 years. Well, gee -- that's what we've been saying on RCC about rag-bucks for years now. Yet still people don't get it (compare with the recently posted "Americans don't like dollar coins" thread. The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. -- Bob |
#3
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"Bob Flaminio" wrote in message
... stonej wrote: http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm Great article. Quoting: One pound notes ceased to be legal tender on 11 March, 1988, after which they became a fiscal dodo bird. The reason for replacing them with those coins made sense: the note, Treasury records show, were becoming increasingly "inconvenient" for the public. A pound note had a lifespan of just nine months, because, the records say, it was often kept in a pocket instead of a wallet, stuffed in with coins and keys and who knows what else. They stayed out of the banks longer, too. "This results in dirty notes remaining in circulation for longer than they should," the Treasury said in 1985. "To maintain cleaner notes in circulation would be extremely costly." But the pound coin can stay solid, and clean-ish, for 40 years. Well, gee -- that's what we've been saying on RCC about rag-bucks for years now. Yet still people don't get it (compare with the recently posted "Americans don't like dollar coins" thread. The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. This is a strange article for me because I live in the US now and made a trip back to the UK a few months back. I picked up a bunch of old coins we had and also got 3 of those very same old pound notes. They were in decent condition. I checked the prices on ebay and decided it wasn't worth keeping them. I tried to use them in the local pub and then took them into the bank. They changed them without problem. They wouldn't accept a Ten Shilling note though (even older) so I kept that. While there I asked if they had any commemoratives and they gave me a 5 pound coin but it was circulated. On my way to the airport I spent my remaining UK money at a motorway service station and the woman behind the counter was thrilled with the 5 pound coin. She started telling me how she collects from circulation only and how she had various things. She was pretty stunned when I pulled the ten shilling note from my wallet and gave it to her for free. As I left a bunch of them were huddled around it. Neill. |
#4
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The Bank Of England always demonitizes old design notes a short while
after the introduction of a new design, they can't be spent but bank's will exchange them for newer notes. Scottish notes don't get demoitized but after a while it may prove difficult to spend a note of an old design, they can of course be exchanged at a bank for newer notes. Billy Bob Flaminio wrote: stonej wrote: http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm Great article. Quoting: One pound notes ceased to be legal tender on 11 March, 1988, after which they became a fiscal dodo bird. The reason for replacing them with those coins made sense: the note, Treasury records show, were becoming increasingly "inconvenient" for the public. A pound note had a lifespan of just nine months, because, the records say, it was often kept in a pocket instead of a wallet, stuffed in with coins and keys and who knows what else. They stayed out of the banks longer, too. "This results in dirty notes remaining in circulation for longer than they should," the Treasury said in 1985. "To maintain cleaner notes in circulation would be extremely costly." But the pound coin can stay solid, and clean-ish, for 40 years. Well, gee -- that's what we've been saying on RCC about rag-bucks for years now. Yet still people don't get it (compare with the recently posted "Americans don't like dollar coins" thread. The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. -- Bob |
#5
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"note.boy" wrote in message ... The Bank Of England always demonitizes old design notes a short while after the introduction of a new design, they can't be spent but bank's will exchange them for newer notes. Scottish notes don't get demoitized .... LOL! Of course not! Can you imagine the scene at the shopping centre when the average Scotsman is told that his carefully hoarded "Poond note" is no longer worth anything? There wouldn't be enough paramedics and ICUs to cope... -- Jeff R. (never mind the moth bites on the notes...) |
#6
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There have been several postings about the English or Scottish pound notes
being worth nothing. Any bank will exchange them for a pound's worth of coins. A smart business could also accept them, just to make a sale, and then take them to a bank. Tony "Jeff R" wrote in message ... "note.boy" wrote in message ... The Bank Of England always demonitizes old design notes a short while after the introduction of a new design, they can't be spent but bank's will exchange them for newer notes. Scottish notes don't get demoitized .... LOL! Of course not! Can you imagine the scene at the shopping centre when the average Scotsman is told that his carefully hoarded "Poond note" is no longer worth anything? There wouldn't be enough paramedics and ICUs to cope... -- Jeff R. (never mind the moth bites on the notes...) ----== Posted via Newsfeeds.Com - Unlimited-Uncensored-Secure Usenet News==---- http://www.newsfeeds.com The #1 Newsgroup Service in the World! 120,000+ Newsgroups ----= East and West-Coast Server Farms - Total Privacy via Encryption =---- |
#7
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In article "Bob Flaminio" writes:
.... The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. I am not from the UK, but it is pretty simple. These notes where not gone after all those years. Moreover, I think that when these notes were taken to the Bank of England they would have redeemed them. But do not expect every shopholder to accept them. -- dik t. winter, cwi, kruislaan 413, 1098 sj amsterdam, nederland, +31205924131 home: bovenover 215, 1025 jn amsterdam, nederland; http://www.cwi.nl/~dik/ |
#8
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"Neill Clift [MSFT]" wrote in message ... "Bob Flaminio" wrote in message ... stonej wrote: http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm Great article. Quoting: One pound notes ceased to be legal tender on 11 March, 1988, after which they became a fiscal dodo bird. The reason for replacing them with those coins made sense: the note, Treasury records show, were becoming increasingly "inconvenient" for the public. A pound note had a lifespan of just nine months, because, the records say, it was often kept in a pocket instead of a wallet, stuffed in with coins and keys and who knows what else. They stayed out of the banks longer, too. "This results in dirty notes remaining in circulation for longer than they should," the Treasury said in 1985. "To maintain cleaner notes in circulation would be extremely costly." But the pound coin can stay solid, and clean-ish, for 40 years. Well, gee -- that's what we've been saying on RCC about rag-bucks for years now. Yet still people don't get it (compare with the recently posted "Americans don't like dollar coins" thread. The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. This is a strange article for me because I live in the US now and made a trip back to the UK a few months back. I picked up a bunch of old coins we had and also got 3 of those very same old pound notes. They were in decent condition. I checked the prices on ebay and decided it wasn't worth keeping them. I tried to use them in the local pub and then took them into the bank. They changed them without problem. They wouldn't accept a Ten Shilling note though (even older) so I kept that. While there I asked if they had any commemoratives and they gave me a 5 pound coin but it was circulated. On my way to the airport I spent my remaining UK money at a motorway service station and the woman behind the counter was thrilled with the 5 pound coin. She started telling me how she collects from circulation only and how she had various things. She was pretty stunned when I pulled the ten shilling note from my wallet and gave it to her for free. As I left a bunch of them were huddled around it. Neill. The bank should have changed the 10 shilling note for face value as 50 pence. A clean uncirculated not necessarily old 10 shilling note (from the 1960s, say) might be worth a lot more than face value, depending on the series. Otherwise, should be worth face value but not spendable in shops. The notes did circulate alongside the new coins for about a year, perhaps more (my memory is hazy on this). Sentiment in the UK at the time was strongly against the new coin, people wanted to keep the note. But they quickly got used to it and now they don't want to go back. There is also a circulating 2-pound coinage. The smallest note is £5 (about $9) and they are hard to get (but useful when children demand some money, I hate handing out 10s or 20s). When I visit the States my wallet is soon stuffed with the pesky small denomination dollar notes received in change, worth about 1/10 the smallest UK note. Go for the coins and withdraw the dollar note. People will complain, but they'll get used to it, and the Bureau of Engraving and Printing can cut costs drastically. -- Mike Dworetsky (Remove "pants" spamblock to send e-mail) |
#9
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"Bob Flaminio" wrote in message ... stonej wrote: http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm snip. The one thing I don't understand -- and maybe our UK brethren can clue me in -- is why the old money needs to be demonetized. Stop making them, sure -- but let attrition and the banks take them out of circulation. There doesn't seem to be any pressing need to make them worthless. They only last nine months in circulation, so in a year's time they'll be all gone anyway. Why demonetise old notes, generally speaking? The Bank of England notes are £5, £10, £20, and £50 (and nothing higher). They are periodically redesigned every few years, usually with added security features to prevent counterfeiting. The main reason for demonetising old notes on a regular basis is that the real ones must be presented at banks for exchange, where they will pass inspection, but any fakes in circulation or being hoarded by, say, organised crime or terrorists, will become useless because they can't be spent and would not pass in a bank inspection. Also, of course, the monarch's portrait has to change every so often as she ages. Also, there are always new security features that can be introduced that make it harder to fake them. The Bank of England notes have several different features, such as durable rag paper, multi-coloured printing, graded shades on serial numbers, a security strip woven into the paper, intaglio printing of some parts of the note (slightly raised printing created under high pressure), moire pattern foilers to prevent simple colour photocopying, a watermark, highly detailed engraving, and a white-light hologram of Britannia alternating with the denomination. By the way, there are a lot of fake £1 coins in circulation; every so often I get one in change (and refuse it when I notice). They are getting quite sophisticated, and harder to spot. (The edge inscription is the hardest part to fake.) The counterfeiters rely on the fact that the average person does not inspect their change in order to admire the quality of the Royal Mint's work, especially in a dimly lit pub after a few beers. You don't see the old fakes (such as lead coins painted brass colour) any more. My estimate is that about 1 in 100 or 200 is a fake. -- Mike Dworetsky (Remove "pants" spamblock to send e-mail) |
#10
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Being a coin dealer with a warped sense of humor, I used to spend old
money. Back in 1984 I picked up a batch of low grade fractional notes and just stuck them in my wallet. While having a nice dinner on cannery row in Monterrey, CA, I decided to have another Anchor Steam and continue watching the seals floating on the water down below. I called the waitress over, ordered another bottle and when she brought it back asked her how much the beer was. She said $2.75. I asked is your bartender a betting man? She says yes. I said tell him I'll bet him I can pay for this beer with exact change without giving him any coins. She says I'll go ask. She comes back and says you're on. I reach into my wallet, and pull out a $2 bill, a 50 cent fractional, and a 25 cent fractional and drop them on her tray. I turn to look out the window with my beer, but watch out of the corner of my eye as she returns to the bar and a considerable scene ensues as several people examine the notes. Finally she comes back, returns my $2.75 and says You win. I pay the rest of my dinner tab, with full tip, and then tip her the 25 cent note. Of course by now she knows what it is, and you have never seen a waitress happeir over a 25 cent tip in your life. Tom DeLorey |
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