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Trying to spend a 1 pound note in the UK



 
 
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  #1  
Old April 29th 05, 01:11 PM
stonej
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Default Trying to spend a 1 pound note in the UK

http://news.bbc.co.uk/2/hi/uk_news/magazine/4486173.stm

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  #2  
Old April 29th 05, 05:33 PM
Bob Flaminio
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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  
Old April 29th 05, 06:37 PM
Neill Clift [MSFT]
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Default

"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  
Old April 29th 05, 10:37 PM
note.boy
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Default

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  
Old April 30th 05, 01:22 AM
Jeff R
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Posts: n/a
Default


"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  
Old April 30th 05, 02:18 AM
A.E. Gelat
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Posts: n/a
Default

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...)





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  #7  
Old April 30th 05, 03:19 AM
Dik T. Winter
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Posts: n/a
Default

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  
Old April 30th 05, 12:37 PM
Mike Dworetsky
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Default


"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  
Old April 30th 05, 12:55 PM
Mike Dworetsky
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Default


"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  
Old April 30th 05, 02:37 PM
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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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