When is £50 worthless?

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When is £50 worthless?

£50

How closely do you observe the cash you hold in your wallet or purse? The Bank of England has announced that the £50 banknote carrying the portrait of Sir John Houblon, the first Governor of the Bank of England, will be withdrawn from circulation on 30th April. From that time, only the £50 note featuring Matthew Boulton and James Watt, which was introduced in November 2011, will hold legal tender status.

Don’t confuse your Boulton with your Houblon

If you have any Houblon £50 notes can continue to use them up to and including 30 April, but technically they will not be legal tender. After 30 April, general retailers are unlikely to accept the Houblon notes as payment. However, most banks and building societies will continue to accept them for deposit to customer accounts. Agreeing to exchange the notes after 30 April is at the discretion of individual institutions. Barclays, NatWest, RBS, Ulster Bank and the Post Office have all agreed to exchange Houblon £50 notes for members of the public – up to the value of £200 – until 30 October 2014.

The Bank of England will continue to exchange Houblon £50 notes after 30 April, as it would for any other Bank of England note which no longer has legal tender status.

Dominic Thomas: Solomons IFA

When is £50 worthless?2017-01-06T14:39:41+00:00

Banking on plastic money

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Banking on plastic money

You may have noticed the announcement by the Bank of England that they intend to print our local currency on a special paper or polymer. This should facilitate improved new security measures and increase the life of your typical banknote. This is because the paper is more durable, in particular it is better in the wet. The argument being that fewer banknotes will need to be reprinted and therefore there will be some environmental benefits. The truth is probably a little more complex, in that paper is about as environmentally friendly as it gets, anything plastic is precisely the opposite of environmentally friendly.

The first £5 Winston Churchill note in the new format will be released in 2016 and it is expected that this will be followed a year later by the £10 note featuring Jane Austen.

Dominic Thomas: Solomons IFA

Banking on plastic money2017-01-06T14:39:41+00:00
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