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BANK OF ENGLAND SETS DEADLINE FOR OLD £50 BANKNOTES
The United States differs from many other countries in that its old banknotes are never demonetized - they remain legal tender and are never officially withdrawn from circulation. They just fade away gradually. In other countries, old notes go out with a bang. Here's a BBC news item about the Bank of England's retirement of an old fifty pound note.
-Editor
Shoppers with an old-style £50 note featuring the image of Sir John Houblon need to spend it or deposit it by the end of April. The banknote is being withdrawn from circulation by the Bank of England. The notes can be used until the end of 30 April. Retailers and some banks can refuse to accept the note after that date. Sir John was the Bank's first governor. His image was replaced on the new note with Matthew Boulton and James Watt. The pair feature on the new note partly because they were instrumental in manufacturing coins that were difficult to counterfeit. The note went into circulation in November 2011. Anyone who has an old £50 note - which was first issued in April 1994 - can exchange it at any bank, or spend it, by the end of April. Any institution can refuse it after that. However, Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon £50 notes, up to the value of £200, until 30 October. Any old notes that no longer have legal tender status can be exchanged at the Bank of England itself at any time.
As noted, it's the Bank of England's policy to continue to redeem older notes, so it's not like they become completely worthless. But the exchange will sweep out the old and make way for the new. I wonder how many collectors hold on to examples of the old notes. Could they become rare in the future? Does the bank destroy all of the old ones it redeems?
-Editor
To read the complete article, see:
Deadline set to swap old £50 banknote
(www.bbc.co.uk/news/business-25758063)
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