The plastic version, which features … How to invest in the new era of falling interest rates, How to profit from green energy, reducing waste and boosting recycling, How to get a near 6% yield by tapping into Asia's dividends: Henderson Far East Income's manager, The UK is cheap and shares could bounce back: Fund managers' tips on picking funds and trusts, How to find the best British companies to invest in and not worry about Brexit. Published: 09:05 EST, 1 … Legal tender really only comes in as protection against being sued for not paying your debts. There are massive errors about what legal tender means, and hoards of people, all over the UK, think it means a legal tender note must be accepted. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. Legal Position. If you’re sending less than £50, the Bank can send you new notes in exchange. Legal tender varies widely throughout the UK and some of its countries technically have no legal tender notes at all (looking at you, Scotland and Northern Ireland). This is Money is part of the Daily Mail, Mail on Sunday & Metro media group, The most vulnerable time of the year: Britons bombarded as fraudsters impersonate DPD and Royal Mail to grab personal and card details. By Lee Boyce for Thisismoney.co.uk. We use cookies to allow us and selected partners to improve your experience and our advertising. Otherwise, the money will be deposited into your chosen bank account. Banknotes issued by the authorised banks in Scotland and Northern Ireland are legal currency throughout the United Kingdom – i.e. Here's how you could boost sales and visibility during the pandemic and beyondÂ, My mother is being moved to end of life care which is totally funded by the NHS: Is she still entitled to claim her state pension? The right of Scottish banks to issue notes is popularly attributed to the author Sir Walter Scott, who in 1826 waged a campaign to retain Scottish banknotes under the pseudonym Malachi Malagrowther. Are 'cheap' bank shares an opportunity to profit or a value trap? Paper £10 notes – which feature a portrait of Charles Darwin – went out of circulation in March 2018. Mr Short has previously sold artwork for £100,000, so many expect these banknotes to be worth thousands for whoever finds them. Let me finish with a quick word to English shopkeepers - please accept Scottish and Northern Irish notes. Now retailers are unlikely to accept them as payment, but most banks and building societies will still allow customers to deposit them into their accounts. And £20 and £50 notes printed on paper. You can hand in your old banknotes here, and you’ll either be paid with new notes or via bank transfer. So what’s actually classed as legal tender? Bond coins and bond notes are still legal tender, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa reiterated yesterday and traders are legally obliged to accept them. There are £5, £10 and £20 notes printed on polymer. Meet the people fighting to bring back cash. More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. Forget about that, because actually legal tender means just about nothing today – it is to do with an … However, there are still notes with a total value of £2.6billion in circulation, despite the Bank of England’s announcement in January that they are to be withdrawn. In December, the Bank announced that it plans to issue plastic banknotes for the first time from 2016, when a new £5 note featuring Sir Winston Churchill appears. Top deals: Best Bank Accounts, Top Savings Accounts. However you choose to do it, every withdrawn banknote can still be exchanged at face value. qualifies for the term 'legal tender' north of the border and the Scottish economy seems to manage without that legal protection.HM Treasury is responsible for defining which notes have ‘legal tender’ status within the United Kingdom. The Boulton and Watt note, which was brought into circulation in November 2011, was the first introduced by the Bank to feature a green ‘motion thread’, which has five windows featuring the pound symbol and the number 50, which move up and down when the note is tilted from side to side. Around 53million £50 notes have ceased to be legal tender - meaning that they may no longer be acceptable as payment. The withdrawal of the Houblon note is part of the Bank's regular review of notes to make them more secure and crack down on fraud. In fact, no banknotes are classed as legal tender in … It usually takes 10 working days for the money to reach your account. If your bank won’t take paper notes, or if you don’t live near a branch, you can hand them in at the Post Office. The £50 banknote carrying the portrait of the first governor of the Bank of England Sir John Houblon were withdrawn from circulation at midnight. There are also some restrictions when using small coins. How to invest for high income and avoid dividend traps, How to find shares with dividends that can grow: Troy Income and Growth manager, Blue Whale manager: 'We want companies that grow whatever happens', How biotechnology investors can profit from an ageing population and the future of medicine. In fact, no banknote whatsoever (including Bank of England notes!) Hear more about collecting rare currency with The Which Money Podcast‘s investigation into the dark side of rare coin investment: Everything you need to know about the new Alan Turing £50 note. Changing the notes to polymer presents a possible solution, as they are reportedly safer and more difficult to counterfeit than the paper versions. How to invest through a crisis like coronavirus and protect your money? You don’t have to turn up at Threadneedle Street in person to exchange your notes. Our energy supplier went under days after I switched for a better deal - but I was £100 in credit: Will I automatically get money back? In the United States, the recognized legal tender consists of Federal Reserve notes and coins. The Bank of England has said that unspent, paper, £20 notes are still legal tender. In England, the £5, £10, £20 and £50 notes are legal tender for payment of any amount, as well as coins from the Royal Mint, which makes coins in the UK. The news of the £50 note being replaced may come as a surprise, after speculation that the note may be scrapped altogether. Here’s the full list of banks the Post Office has this agreement with: Read more about banking via the Post Office. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. You can understand more and change your cookies preferences here. Notes: In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. James Watt invented the modern steam engine, and in 1775, he partnered with Matthew Boulton to start a British engineering and manufacturing firm. Legal Tender Deadlines. Yes, you can still use the old £20 notes as they are accepted as legal tender. How much is the new Sherlock Holmes 50p worth? One collector who spoke to Which? Steve Webb replies. The paper fiver is no longer legal tender, and the old £10 note will be withdrawn soon. The amounts for legal tender are stated below. Scott feared that the limitation on private banknotes proposed with the Bankers (Scotland) Act 1826 would have adverse economic co… a note missing the chief cashier’s signature could be worth £100 to £150 more than face value. Martin pointed out that in Scotland, only coins are actually legal tender, but that doesn't mean notes aren't legal. What next for Neil Woodford and his investors? Twenty pence pieces and fifty pence pieces are legal tender in amounts up to 10 pounds; five pence pieces and ten pence pieces are legal tender in amounts up to 5 pounds; and pennies and two pence coins are legal tender in amounts up to 20 pence. However, many banks – including Bank of Scotland, Halifax and Lloyds – will still change old paper notes for you, or let you deposit them into your account, if you take them into a branch. A Treasury review in Marchsaid the notes were ‘rarely used’ for normal purchases, and suffered from a public association with criminals, money laundering and tax evasion. Will the UK election result boost or sink the stock market? Different banks have different policies on this, so it’s possible yours won’t offer this option. The comments below have not been moderated. Going out of circulation: The old £50 banknotes, which are now being replaced. For example, 1p and 2p coins only count as legal tender for any amount up to 20p. On February 20, 2020, however, they will always be legal tender uk notes by the of..., Scottish Bank notes are extremely rare, as the Bank can send you new notes in exchange Houblon no... The stock market bounce back are four denominations of banknotes in circulation: £5, £10 £20. Opportunity to profit or a value trap necessarily reflect the views of MailOnline you more if they ’ sending... 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