Paper UK currency to be pulled

[Kevin Slater]

Anyone sitting on paper UK currency might want to get rid of them prior to September 30, it appears.  The paper notes become worthless on that date, in favor of the recently released polymer bills.

https://www.bloomberg.com/news/articles/2022-06-22/uk-gives-100-days-to-spend-last-14-5-billion-of-paper-banknotes#xj4y7vzkg

I suspect more than a few of us may be sitting on UK paper currency.

Kevin Slater

[BuffaloKyle]

It does say at the end of the article though:

After Sept. 30, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or via post.

So it'll be worthless but you can still get a replacement. I thought at first you'd be totally out of luck.

[+ FrankR]

23 minutes ago, Kevin Slater said:

Anyone sitting on paper UK currency might want to get rid of them prior to September 30, it appears.  The paper notes become worthless on that date, in favor of the recently released polymer bills.

https://www.bloomberg.com/news/articles/2022-06-22/uk-gives-100-days-to-spend-last-14-5-billion-of-paper-banknotes#xj4y7vzkg

I suspect more than a few of us may be sitting on UK paper currency.

Kevin Slater

Thank you for making me aware - I do have quite a bit left over from trips. 👍

[keefer]

If you're outside the UK and have old currency -- in 100 days it will just be a souvenir to you, but in less time than that you can contribute to any of the charities doing incredible work.  Please please consider just putting it in an envelope and sending it to any Gay or Lesbian or in fact any charity based in the UK. 

Here's a few links to charities I routinely contribute to - if none inspire, then please google or private message me and I'll help you find a charity that meets your needs. 

Albert Kennedy Trust - supports lgbtq+ youth aged 16-25 in the UK who are facing or experiencing homelessness:  https://www.akt.org.uk/

London Lesbian and Gay Switchboard - https://switchboard.lgbt/how-we-can-help

Cancer Research UK - https://www.cancerresearchuk.org/

 

 

[Kevin Slater]

2 hours ago, keefer said:

If you're outside the UK and have old currency -- in 100 days it will just be a souvenir to you, but in less time than that you can contribute to any of the charities doing incredible work.  Please please consider just putting it in an envelope and sending it to any Gay or Lesbian or in fact any charity based in the UK. 

Here's a few links to charities I routinely contribute to - if none inspire, then please google or private message me and I'll help you find a charity that meets your needs. 

Albert Kennedy Trust - supports lgbtq+ youth aged 16-25 in the UK who are facing or experiencing homelessness:  https://www.akt.org.uk/

London Lesbian and Gay Switchboard - https://switchboard.lgbt/how-we-can-help

Cancer Research UK - https://www.cancerresearchuk.org/

 

 

Oh what a great idea.

Kevin Slater

[Kevin Slater]

2 hours ago, BuffaloKyle said:

It does say at the end of the article though:

After Sept. 30, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or via post.

So it'll be worthless but you can still get a replacement. I thought at first you'd be totally out of luck.

I got the impression that may entail a lot of questions, obviously depending on the size of the stack.

Kevin Slater

[mike carey]

4 hours ago, Kevin Slater said:

I got the impression that may entail a lot of questions, obviously depending on the size of the stack.

Indeed! Interesting that the RBA never did that here, the old paper currency is still legal tender but shops would likely refuse to take it (well, those that still accept any cash). We can take it to any bank. More than $10k would entail those awkward questions regardless of old or new notes.

Fun fact: at the Sydney Olympics the Bulgarian team came with wads of $1 and $2 notes that had been out of circulation for over 10 years. They had come from their central bank's foreign currency holdings.

[BeamerBikes]

I wonder if the new notes are go-go / stripper friendly.  

[FewBricksShy]

I was just in the UK two months ago for vacation. I used bills. But I wouldn’t say they were “paper.” Unless you have banknotes that are older than these, you’re fine. 
£5 – 2016 
£10 – 2017 
£20 – 2020 
£50 – 2021

Most paper banknotes have been recalled.

And yes, the new polymer bills are a lot like the old paper bills. You definitely can stuff them in the g-string of a stripped with the same ease as paper bills! And the stripper will likely be just as friendly as when it was paper! 🤣 

Edited June 27, 2022 by FewBricksShy

[coriolis888]

11 hours ago, BuffaloKyle said:

It does say at the end of the article though:

After Sept. 30, people will have to exchange the paper notes in person at the BOE’s London headquarters in Threadneedle Street or via post.

So it'll be worthless but you can still get a replacement. I thought at first you'd be totally out of luck.

The article that said the currency would be "worthless" was a Bloomberg article. 

Usually, Bloomberg is highly regarded and very accurate. 

I think it is misleading to state at the beginning of the Bloomberg article that the notes would be worthless after September 30th.  But later, in a different paragraph of the same article, say that the old notes can be taken to a specific bank for exchange or can be mailed for exchange.  

Anyone mailing their notes for exchange would take a chance of losing the notes. 

 

Edited June 27, 2022 by coriolis888
spelling

[keefer]

11 hours ago, FewBricksShy said:

And yes, the new polymer bills are a lot like the old paper bills. You definitely can stuff them in the g-string of a stripped with the same ease as paper bills! And the stripper will likely be just as friendly as when it was paper! 🤣 

With the added benefit that lube or other fluids can safely be washed off the notes.... all just a theoretical observation 😇

[+ FrankR]

17 hours ago, Kevin Slater said:

I got the impression that may entail a lot of questions, obviously depending on the size of the stack.

Kevin Slater

I stopped by my local bank branch. They were only willing to take the £20 and £50 notes. They said the smaller denominations (5s and 10s) were already out if circulation. 🤷‍♂️

Edited June 27, 2022 by FrankR

[Epigonos]

Hey Kevin thanks for the heads-up on this issue. I have some pounds although not a lot but my travel buddy has quite a bit. I'm going to be in England from 9/2 through 9/15 so I'll buy her pounds and be able to get rid of them all while I'm there. Thanks again

[Guest]

 

Bank branches are useless. The best place, if you can make it there is the Bank of England in the city of London. Tube stop : Bank

There's a lovely museum there too. They will take anything - they have to, except Scottish Pound notes.

You need to go back to Edinburgh for that if you have any. 

I go back and forth almost every other month, so I got rid of mine last year actually. But to be honest, I hardly ever use cash, except to pay providers. 

 

[pubic_assistance]

On 6/26/2022 at 4:41 PM, Kevin Slater said:

I suspect more than a few of us may be sitting on UK paper currency.

Thanks for that.

I hadn't heard of this.

I am not sitting on thousands ...but would be frustrating on my next trip to discover my bills I keep tucked in my luggage are worthless