Old Money!!

[LinMM]

I put on an old jacket to dig up some potatoes at the allotment today and in one of the pockets found two pound coins and a five pound note!!

 

Am not sure how long have been in the pocket but I'm pretty sure old pound coins are no longer legal tender! If I take into a bank is it also too late for them to change to new pound coins.

Also the five pound note is the old paper kind. I think these are also not legal anymore but again is it too late for the bank even to exchange for one of the horrible new ones!! Well five pounds is five pounds even if like slippery toy money!!

Many thanks for anyone who happens to know this off the top of their head before I waste my time taking it into a bank and possibly looking like a bit of an idiot!!

[RMM1]

If you are with a major High Street bank they should still accept the coins if you pay into your account but probably not the note. However the Bank of England has to honour to promise that is printed on all their notes to 'pay the bearer' if you turn up at Threadneedle Street during opening hours. 

Edited January 18, 2018 by RMM1
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[Nicola H]

'your'  bank or  building society  will generally accept  obselete  coins and notes  to deposit  into  your account even if they won;t  change them  ( which if it;s a current account you;d be able to draw on within minutes) ... 

[Melody]

Well, when I saw the thread title, I was wondering if you were letting us know your family had just inherited a dukedom or something.

[LinMM]

Ha ha Melody. Not much hope of that!! 

[alison]

There shouldn't be a problem getting them exchanged at any bank - assuming you have any of those where you are.  I exchanged some old pound coins only last month.

[trog]

On a recent trip home to Australia, Mom gave me some old pound coins and paper tenners which she had. I tried the pound coins in the tills in Tesco (other supermarkets are available) and it rejected them. The nice lady in the bank was more than happy to take them. When I gave her the tenners, she asked "What's wrong with these?" I didn't know paper tenners were still acceptable in shops. They seemed to have vanished over night, unlike the pound coins and fivers which seemed to hang around forever.

[Nicola H]

Tenners turn over quicker because of cash machines... coinage tends to go back to 'the centre' less frequently...

[alison]

I think the deadline for using old £10 notes is coming up very shortly ...

[Jan McNulty]

It’s passed! I think it was 1st March.

[alison]

I thought it was the middle of the month sometime?

[Jan McNulty]

It ceased to be legal tender on 1st March:

 

http://www.independent.co.uk/news/business/news/old-10-pound-notes-deadline-when-paper-circulation-legal-tender-a8232456.html

[alison]

I went into the only bank in town yesterday, having found some old notes, and asked them to change them.  They refused because I didn't have an account with them.  So now I'm effectively going to have to pay a fee (aka whatever fares it costs me to go further afield) to change them.  I thought the official take was that you could take them into ANY bank and get them swapped - certainly I've done this in the past without problems, and never even considered using my own bank because of the inconvenience.

[Jan McNulty]

I always thought you could go into any bank.

[Anon2]

Banks don’t have to accept old currency but evidently the Post Office will accept and deposit into your bank account if it is one affiliated to P.O. They won’t however exchange for new currency.  

Edited May 22, 2018 by Jane
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[alison]

Well, my not-so-local branch of Santander were happy to swap, regardless of whether I had an account with them or not.  And I waited until today, when I knew I was going up to town in the evening anyway, so that the fares just counted in among the rest of the Travelcard I'd have been paying for anyway.

[Vonrothbart]

I recently found seven old tenners in the top pocket of a sports coat I hadn't worn for a while, when I took them to my local bank I had to enter my card details, or they wouldn't have changed them. (Lloyds)

[alison]

Pretty tough if your own bank has closed every branch within an x-mile radius   All I can say is I'm glad I don't bank with The Leeds - the thought of having to pay £10 to get up to London just to change notes is just silly, and their opening hours don't coincide too well with the ROH's.

[alison]

Oh, and is there actually a new law or something which prevents you from paying cash into someone else's bank account, or is it just some banks' excessive interpretation of the regulations?  I heard someone being told he needed to pay the cash into his own account and then do a transfer.  Fine if you happen to bank at the same place or close by, but not otherwise, I'd guess.  

[LinMM]

In the end I had no problem changing the money. I sort of automatically took it into the biggest local branch of my bank (Lloyds) and they weren't in the least fazed....only me!!

The bank closures down here are really bad.

My very nearest set of banks when I moved here used to be in  Rottingdean.

At that time there were four banks in a comparatively small high street.

Last month the final bank operating there ....Lloyds ...finally closed so now there are none.

its not really a problem for me as I can hop on the bus into Brighton or car it to Lewes ....am in one or the other place on a daily basis but for older people living there it's a real downer. Added to which they have now also closed the two Doctors surgeries closest to Rottingdean. Basically if you are over 70 you don't ( or shouldn't ) exist!!

I am very grateful that I am in generally good health and have good mobility still.