How are old notes taken out of circulation?
MR_Pitkin
Posts: 30,743 Forum Member
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Since the introduction of the new five pound note, the old ones have quickly disappeared. How is this achieved?
With the new one pound coin coming in, I don't see the disappearance being achieved so quickly though as coins tend to hang around much longer, why is this?
With the new one pound coin coming in, I don't see the disappearance being achieved so quickly though as coins tend to hang around much longer, why is this?
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Easily. The machines that sort the notes identify soiled and damaged notes and switch them to the reject hopper. They are then securely destroyed by the Bank of England.
Coins do tend to hang around for years. People tend to have little stashes of them here and there, from change dishes around the house to car ashtrays or drawers.
Don't be so mean. Give them to the charities that collect discontinued coins.
I would, but how do I do this?
I could imagine that any gangs with machines to make fake ones realise their days are numbered and will manufacture as many as they can while they're able to sell them.
Most fake pound coins I see these days come from cab drivers, leading me to suspect that some of them buy stacks of them to give to passengers. Another reason for the success of Uber, no doubt.
At the same time the ATMs and shops are flooded with the new notes to give out.
If you're talking about the old large-sized ones that were demonetized in 1998, the answer is possibly not. Your bank may take them but is not obliged to.
Found this interesting reply in another forum
http://www.coinpeople.com/index.php/topic/27449-demonetized-uk-coins/#entry493541
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The Bank of England will take most old out of date paper money so will probably take coins but may cost you more than theyre worth in getting them there.
1971 was when D Day happened (as decimalisation was called at the time as I recall) so there will not be any older ones than this.
Banking.
Merry Christmas.
That twitter storm didn't even last 24 hours.
I don't like them, they're too shiny and slippy.
My bank said they would only exchange a full bag (£10). I finally found the last one I needed last week and they (Barclays) swapped it for a nice £10 note.
You must have a vivid imagination if you suspect that taxi drivers buy stacks of snide £1 coins.
They may get their change from a bank, or take £1 coins from their passengers.
Even if there WERE a bunch of wise guys selling these mysterious coins, do you think that it would never come to the attention of the cops?
Someone will always inadvertently open their mouth about things of that nature.
While I accept that Uber is for the most part a cashless business, relying on credit card/ and or account payment, does that preclude the apparently white as the driven snow slaves that drive Uber cars from buying these mythical stacks of coins?
A word of slight caution on the new ones. There have been anecdotal reports that when used in ATM's, some are slipping due to lack of friction, leaving one behind, and consequently causing a deficient payout. This might start to be more of an issue (or non issue lol) when the £10 note converts to the new material. So if you do get paid/part paid in fivers from an ATM, be sure to make sure you've got the correct amount.
You tight wad.
I thought the Bank of England has said they will always exchange old coins and notes, high street banks will normally only do so for their own customers. Charities seem to be going to encourage people to donate the old notes and coins to them. I thought also about museums which are mow usually free and request donations, put them in their collecting box and they will be paid into the bank with the rest.
They get put into Theresa May's knickers and she does a dance in front of Prince Philip and then the Queen has them back as they have her face on them, so they go to Buckingham Palace vaults.