The End of £20 and £50 Paper Banknotes is Coming
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- เผยแพร่เมื่อ 24 ก.ค. 2022
- The Bank of England is seeking to preserve the role of traditional banknotes and coins in everyday transactions, keeping it an option for consumers as electronic forms of payment grow in popularity.
Sarah John, the UK central bank’s chief cashier, said it will be “a long time” before society is ready to go cash free, and in the meantime authorities need to keep notes and coins circulating widely.
“It’s important that people have a choice of payment methods and they can choose what works best for them,” John said in an interview.
The BOE started issuing new polymer £20 notes in 2020 while phasing out paper £20 and £50 notes. The new notes are more durable and harder to counterfeit.
The old ones will be withdrawn as legal tender from Sept. 30. After that date, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or through the post. The BOE estimates £14.5 billion of the soon-to-be-worthless paper notes remain in circulation.
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‘They won’t be legal tender’ is code for ‘they will be locked away and made as collectors items’.
I will be keeping some.
I have a bunch of old British notes I collect
Banks will still change them as they still exchange old £1 coins. There's no reason why a business can't accept an old note either. It can still be taken to a bank for exchange.
In Canada they made the $1 $2 and $1000 notes not Legal tender but i guess you can still still use a paper $20 from 1954 but not the 1 and 2. At the end of the day it's up to the shop if they want to accept old notes
That £30,000 might be worth its face value but it's purchasing power got completely obliterated. Cash is not a store of value.
Post ww2 that 30000 probably could have bought a 5 bed house with a 100 foot garden, now wouldnt even buy a 1 bed flat.
Only did a us calculation, but a $30,000 purchase of gold in 1968 alone would have a net value today of $1,300,000+ enough to buy you that 5 bed. Talk about maintaining your purchasing power.
For those of you who are unaware, the value of the paper/digital money you are forced to use is designed to erode. Your families work their asses off throughout the generations with nothing to show for it. No equity is given just a measly pension worth f all.
So where did the equity go? Why is it that the money you use only allow you to claim an ever decreasing amount of the pie? Did your grandparents not slave away to help to build the world you live in today? You get the chance to join the property ladder and that's it. Probably end up getting wiped out because some greedy banker offset all of the risk to you.
Where did the wealth go? Clearly not to any of the general population.
Gold and silver people... wake up call
No paper money should not end
I agree but you can still use cash (for now!), just a different series of banknote
*Cash is KING!*
Makes me chuckle when banks say use of cash is reducing, in some places it's impossible to USE cash, railway stations, sport's stadiums etc
1:39 "What we think happened is a storekeeper put them in a box, and then put that box under the floorboards for safe keeping."
Understandable. I do that all the time with my spare £30k of cash in my house.
Soon limited edition on paper note.
Think about all the people that have 20s and 50s obtained illegally. They're about to watch it all psychological evaporate because they can't trade it for the new bills.
They need to pay their rent utilities and other bills in advance with the money
They need convert their old money into money orders if they do not necessarily feel like paying bills in advance. They will probably need to leave signature on the money orders blank until the moment they are about to cash it in front of the teller or clerk
If they just print "not paper" on the new ones it may make the process a little easier.
We are not mind readers in the main.
I happen to be a little tech savvy and spotted a car today 10 tears newer than mine that still had drum brakes at the rear.
May have had little idea on that, but my car was never top of the range.
Coincidence maybe? I think not!
What will they do with the worthless bills
Biodegradable I guess so plant them in your back yard whilst they print out plastic notes?
Now banknotes with king charles 3
Hi hope to get a good advice, i have to convert 8x50 pounds paper note n i want to convert all of them from new plastic notes but im not in UK, how can i exchange them??? Kindly reply
i have the same issue too. Did you manage to exchange to the new plastic pound notes?
Please help me i have old 20 pound.what i can do♥️
But you'll have more money if you use paper.
;o)
@@jamescagney2713 lol
Launch 100gbp banknote
bruh queen elizabeth just died i guess no more queen Elizabeth on the banknote
They probablt gonna replace it all again 😂
The Reptile died a long time ago
Then what will happen to homeless?. Who dont have device to buy.
??
Injected ⚰
Me who got a 5000 syrian pounds in single paper: hmm Interisting 🧐
Ah yes, but what is that worth. Is that the same as say £5000 or $5000.
@@mears8955 5000 syrian pounds is about 1.99 $ or 1.65 £
All uk drug dealers that have got money stashed are crying right now .money shouldn’t go out of date . America still uses old notes
If they deal money as good as drugs they would of convert it to gold and silver a long time ago.
😂 you can still pay bills and buy whatever you need. You could cash the notes in 2 years. Cash is not ilegal
😮
Why don't they just do what so many countries do and just stop printng them? Over a number of months they will mostly disappear from circuation as the banks dispose of them as they come in.
Wow. All of you are going to just hand over your privacy in the name of convenience. I hope all of your funds get deleted because of "bank errors".
E
They’re called dollars. Not notes.
*Sterling pound bank notes
That is American. In Britain we call them bank notes or cash
Um no, it’s pound sterling and in America it’s called ‘bills.’ So you are wrong twice.
@@qasimmir7117 'bills' is a slang term, USD money are banknotes too, so he's wrong three times lol
@@Betadesk
😂😂😂
Keep cash ... Hate it when they keep changing OUR money ! Leave it ALONE ......
Bóg Król James Washington (Watt)