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Elgar 20 note no longer legal tender - Telegraph
Click on the above link for more info
Author Jo Robinson
AOL Jun 7th 2010 at 7:00AM
The old twenty pound note (with Edward Elgar on the back) will no longer have legal tender status as of the 30 June.
This was news to me. I know the Bank of England have been gradually replacing them since 2007, but since it's pretty common to get one out of a cash machine still, I had no idea that in three weeks we won't be able to use them anymore. So what do you do if you've got a load of them?
It might sound stupid, but given people's worries about the safety of their money during the recession, plenty of people do have a stash of money under their proverbial mattress. The Bank of England reckons 125 million of the old notes are still in circulation.
After 30 June shops will be unlikely to accept these notes, while banks, building societies and the Post Office will not be legally obliged to exchange them for the new note. So, if you do have a stash of them or even just a few, you have three options:
1. Spend them - shops will still accept the notes until the end of the month
2. Exchange them - if you have a fair few this is probably your best option; if you get them to a bank before 30 June you can simply swap them for the new notes, but remember that they are no longer obliged to do this after that date.
3. Post them - if you do miss the deadline for whatever reason, or find a couple lurking in the back of your sofa weeks later, then you can send them back to the Bank of England who will forever exchange them, but you will have to pay for registered postage.
Once the notes are officially withdrawn from circulation they are shredded and used in compost! And in case you're wondering, it's not worth keeping one as a collectors item apparently - they won't be worth anything in our lifetime.
Click on the above link for more info
Author Jo Robinson
AOL Jun 7th 2010 at 7:00AM
The old twenty pound note (with Edward Elgar on the back) will no longer have legal tender status as of the 30 June.
This was news to me. I know the Bank of England have been gradually replacing them since 2007, but since it's pretty common to get one out of a cash machine still, I had no idea that in three weeks we won't be able to use them anymore. So what do you do if you've got a load of them?
It might sound stupid, but given people's worries about the safety of their money during the recession, plenty of people do have a stash of money under their proverbial mattress. The Bank of England reckons 125 million of the old notes are still in circulation.
After 30 June shops will be unlikely to accept these notes, while banks, building societies and the Post Office will not be legally obliged to exchange them for the new note. So, if you do have a stash of them or even just a few, you have three options:
1. Spend them - shops will still accept the notes until the end of the month
2. Exchange them - if you have a fair few this is probably your best option; if you get them to a bank before 30 June you can simply swap them for the new notes, but remember that they are no longer obliged to do this after that date.
3. Post them - if you do miss the deadline for whatever reason, or find a couple lurking in the back of your sofa weeks later, then you can send them back to the Bank of England who will forever exchange them, but you will have to pay for registered postage.
Once the notes are officially withdrawn from circulation they are shredded and used in compost! And in case you're wondering, it's not worth keeping one as a collectors item apparently - they won't be worth anything in our lifetime.
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