Expired £20 notes.....

yesman · 15-07-2010, 23:14

I have found out to my amazement that some £20 notes are now not legal tender, ie the notes without the silver circles (you can tell I haven't looked into it can't you).............anyway, I visited a Spar shop to get some goods yesterday and tendered the old £20 note and was told "We can't accept that, it's out of date, but a bank will accept it and change it for a new one", so somewhat bewildered I said " What do you do with your takings each night" she said " we bank it", so I said " What seems to be the problem then" No answer was received.

My question is, if anyone can answer it is, Why can't old notes just be phased out without a time limit?

Or is it to try and eliminate forgery?

BenMcr · 15-07-2010, 23:22

They are phased out with a time limit. The new note has been in circulation for over 3 years, so the amount of old £20 notes has been reduced during that period

However at some point the old notes have to be withdrawn completely

Not to be rude or anything, but if you are 54 as your profile says, this isn't the first time that this will have happened in your lifetime, so I'm not sure why it's come as such a surprise. For instance this last happened in 2003 with the £10 and £5 notes

**Kymmy** · 16-07-2010, 00:10

The "elgar" £20 finally got taken out of tender over 2 weeks ago. Even high street banks don't have to officially take them but most will. The ONLY sure way is via the bank of England

http://www.bbc.co.uk/news/10453756

danielf · 16-07-2010, 00:28

About 5 years ago my dad sent me about £20 in old notes he had lying around from his last visit to the UK. There were 1 pound notes among them (discontinued in 1984 and withdrawn in 1988 I believe). I felt embarrassed to take them to the bank, thinking they'd tell me to go to the bank of England. My wife took them to the nearest high street bank and they took them without batting an eyelid.

yesman · 16-07-2010, 07:52

Quote:

Originally Posted by BenMcr

Not to be rude or anything, but if you are 54 as your profile says, this isn't the first time that this will have happened in your lifetime, so I'm not sure why it's come as such a surprise. For instance this last happened in 2003 with the £10 and £5 notes

No of course not, I guess I just didn't know about it.

But the point was if the banks accept the old notes and the shop bank their takings, where is the problem ?

Delta Whiskey · 16-07-2010, 07:55

I'm surprised you didn't see any of the posters and suchlike that were in the shops over the last months for the £20 Elgar note withdrawal. Even I noticed. %-)

---------- Post added at 07:55 ---------- Previous post was at 07:53 ----------

Quote:

Originally Posted by yesman

No of course not, I guess I just didn't know about it.

But the point was if the banks accept the old notes and the shop bank their takings, where is the problem ?

The banks won't accept the notes from the shops after the cut off date, I came upon that problem the last time notes were withdrawn when I worked for Texaco.

yesman · 16-07-2010, 07:58

Quote:

Originally Posted by Delta Whiskey

The banks won't accept the notes from the shops after the cut off date, I came upon that problem the last time notes were withdrawn when I worked for Texaco.

I see, oh well, anyone wanna buy an old £20 note? I will accept £30

**Hugh** · 16-07-2010, 08:44

I'll give you £5 for it....

(you have to pay p&p

)

Peter_ · 16-07-2010, 08:47

Quote:

Originally Posted by yesman

No of course not, I guess I just didn't know about it.

But the point was if the banks accept the old notes and the shop bank their takings, where is the problem ?

Every business that I have been in this year has had a poster near the till warning of this plus it has been all over the news.

**Stuart** · 16-07-2010, 09:19

Quote:

Originally Posted by yesman

No of course not, I guess I just didn't know about it.

But the point was if the banks accept the old notes and the shop bank their takings, where is the problem ?

The problem occurs because the banks do not *have* to accept the notes, and if the shop accepts the £20, but then can't bank it because the bank will not accept it, they've lost £20..

I know they can take it to the Bank of England, but that may not be practical for them.

Much easier for them to refuse the money.

Julian · 16-07-2010, 09:28

I took £540 in Elgar notes to my local Halifax bank yesterday as part of my shop takings.
They gladly accepted them, asking me if I wanted to just exchange them or pay them in.
I think you'll find that banks just want them out of circulation asap.
I still happily accept them here( another 8 yesterday) and any shop that chooses otherwise is just being awkward imo.

BenMcr · 16-07-2010, 09:42

Quote:

Originally Posted by Julian

I took £540 in Elgar notes to my local Halifax bank yesterday as part of my shop takings.
They gladly accepted them, asking me if I wanted to just exchange them or pay them in.
I think you'll find that banks just want them out of circulation asap.
I still happily accept them here( another 8 yesterday) and any shop that chooses otherwise is just being awkward imo.

The banks are under no obligation to change them and won't do so for ever (apart from the Bank of England)

As far as I'm aware if you as a business accept out of date notes, then theorectically your aren't receiving payment for your services as the notes are no longer legal tender

**Kymmy** · 16-07-2010, 09:43

But the notes do have a face value, so you are accepting payment just not in a legal tender..

It's like for example a barter for services/products, you can accept a gold bar, but doesn't mean to say that you can then pass on that gold bar to others, intead you may have to take it to someone who will swap that gold bar for a legal tender

Julian · 16-07-2010, 10:16

Pay them in at a bank/Post Office/Building Society

Personally I'd rather help my customers, if other shops choose to not do so that should be to my advantage.

Charlie_Bubble · 16-07-2010, 11:28

Quote:

Originally Posted by Julian

Pay them in at a bank/Post Office/Building Society

Personally I'd rather help my customers, if other shops choose to not do so that should be to my advantage.

That's your choice, but there may come a day when you turn up at the bank with some of these old notes and they refuse to accept them. I'd check with your bank if I were you. As others have said, posters have been up about this for months now. I saw several behind the counters of shops the other day when out shopping.