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old paper money v new plastic money

Home Messageboards Banking and Financial Services Forum old paper money v new plastic money

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  • #152468
    claireclaire
    Participant

    you know how when the new fivers came into place they said right you have a year to get rid of your old paper fivers. well i was wondering when the cut off is for the old paper 20s.

    the machine spit out a mix of paper 20s and plastic 20s when my bro picked me up money last week.

    #155993
    Annie ThorpeAnnie Thorpe
    Keymaster

    Hi Claire,

    Weirdly, the Bank of England hasn’t released a date yet! They’ve got to give six months’ notice of when it’ll happen, though, so we’ll know about it. Also, if you have any paper notes left after that date, or already have old paper fivers hanging around, the Bank of England still has to honour them and change for new ones. In fact, you can still take old £1 notes to the BoE and get them exchanged into today’s money!

    #156030
    claireclaire
    Participant

    thats good to know. is it the same for scotland? often rules are different. i was panicking thinking id missed cut off and if i gave the money to my bro to use for me he would get in trouble or  miss out. you know like people do with counterfits. im so glad that worry is over. hope when its announced your website can let us know 🙂

    #156633
    JasmineJasmine
    Keymaster

    Yes we certainly will. It’s a good point about money in Scotland. As you say, it is a different system and, in theory, Scottish notes (and Northern Ireland bank notes) are not legal tender in England, but most businesses do accept them.

     

    #156640
    claireclaire
    Participant

    Yes we certainly will. It’s a good point about money in Scotland. As you say, it is a different system and, in theory, Scottish notes (and Northern Ireland bank notes) are not legal tender in England, but most businesses do accept them.

    why are they not legal tender? at least now i know why i was rejected in some english shops as a kid when wanting to pay for things. yet scotland accepts all money no issues. we often end up with english money in our machines. whats the difference between each of the money? as far as i can tell its just the bank it comes from thats different and should not be a reason to reject it. after al it holds the same value.

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