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30 Jun 10
13:26
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27 Apr 07
Elgar £20 note no longer legal tender
Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year.
This means that shops no longer have to accept the notes, and it is up to banks whether they agree to swap notes after this date.
From July 1 only notes with the image of Adam Smith, the Scottish economist, will be legal tender. These notes came into circulation in March 2007.
About 10 per cent of all £20 notes in circulation equating to 150 million notes, worth £3 billion are the old versions featuring the English composer. They were introduced in June 1999 along with a view of the west face of Worcester Cathedral, replacing the previous series of notes featuring Michael Faraday, the physicist, and before that William Shakespeare.
The Adam Smith design was introduced to cut down on forgeries. The new £20 design included more of the printed words raised and a greater number of flecks that show bright red and green under an ultraviolet light.
Old notes will eventually be sent to one of the official Government incinerators, where they will burned alongside damaged notes. A small amount of thermoelectric power is generated by these sites, which also burn illegal tobacco seized by HM Revenue & Customs at British ports.
After June 30 if a bank or building society refuses to swap a note, consumers have the right to swap the notes at the Bank of England itself. The Bank promises that it will honour the face value of any note issued, even notes from before the Second World War.
Have a look in your wallet: any £20 notes with the image of Edward Elgar on them will not be legal tender after June 30 this year.
This means that shops no longer have to accept the notes, and it is up to banks whether they agree to swap notes after this date.
From July 1 only notes with the image of Adam Smith, the Scottish economist, will be legal tender. These notes came into circulation in March 2007.
About 10 per cent of all £20 notes in circulation equating to 150 million notes, worth £3 billion are the old versions featuring the English composer. They were introduced in June 1999 along with a view of the west face of Worcester Cathedral, replacing the previous series of notes featuring Michael Faraday, the physicist, and before that William Shakespeare.
The Adam Smith design was introduced to cut down on forgeries. The new £20 design included more of the printed words raised and a greater number of flecks that show bright red and green under an ultraviolet light.
Old notes will eventually be sent to one of the official Government incinerators, where they will burned alongside damaged notes. A small amount of thermoelectric power is generated by these sites, which also burn illegal tobacco seized by HM Revenue & Customs at British ports.
After June 30 if a bank or building society refuses to swap a note, consumers have the right to swap the notes at the Bank of England itself. The Bank promises that it will honour the face value of any note issued, even notes from before the Second World War.
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The Adam Smith design was introduced to cut down on forgeries
and to try and reign in 'black money' we have serious problems with finding enough eminent individuals to use on the back of new notes... Adam Smith a Scottish pin maker ffs  |
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woy hodgson on the next one
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I'll take them off your hands for 50p each.
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norma stitz will be raging! even though he's in Paraguay and has never seen an Adam Smith £20 in his/her life!
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apparently you are allowed to "deposit" them in banks or building socs after this date but they are not obliged to change them!
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so much for "I promise to pay the bearer on demand"
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BoE will change any of their notes however old.
Hence the inscription. |
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What about the Royal Bank of Scotland?
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I've got a sackful of fivers I found on a train in '62 :D
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I just withdraw £10 from the cash machine as and when I need it.
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legal tender ...is just a term
Legal tender has a very narrow and technical meaning . It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender Coins are legal tender throughout the United Kingdom for the following amounts: £100 - for any amount £20 - for any amount £5 (Crown) - for any amount £2 - for any amount £1 - for any amount 50p - for any amount not exceeding £10 25p (Crown) - for any amount not exceeding £10 20p - for any amount not exceeding £10 10p - for any amount not exceeding £5 5p - for any amount not exceeding £5 2p - for any amount not exceeding 20p 1p - for any amount not exceeding 20p The term Sterling comes from way back ,the Saxon Kings minted silver coins ,240 from a pound of silver ,they were called sterlings which was shortened to sterling and people paid in "pounds of sterling" which shortened to pounds . Promise to pay the bearer came about when Banks invented the IOU ,currency was tied to Gold ....the problem was that Gold became worth more than the coin ,suppose it must have made transactions difficult . ect ect ...its all just a giant ponzy scheme now  |