NWOrientDC10 From United States of America, joined Mar 2005, 1389 posts, RR: 4 Posted (4 years 3 months 3 weeks 9 hours ago) and read 6481 times:
About a year ago, I became interested in unusual US currency - specifically, large denomination notes. I did a bit of reading to learn about them and even purchased a few replicas on ebay.
According to some information I've read, UK currency also has a few "anomolies" such as £1 million (giant) and £100 million (titan) bank notes.
...there is a larger denomination available - the “one million pound note”.these notes are for inter-bank purposes only. ...The key point is that they do however actually exist.
The US had a $100,000 note which was only used internally within the federal reserve system. However, these are no longer used as funds are transfered via electronic transfer. The large notes in the UK are used for the same purpose.
They are mainly used by the Bank of England to “transfer” currency from the English Bank to its bank note issuer counterparts in Scotland and is hence never seen outside the banking system.
This is not meant to criticize but wouldn't it be easier to use electronic means to transfer funds?
I tried to see what these notes look like, however ...
Alas, a letter to the Bank of England for permission to show you an image of one of these interesting notes was politely declined. Oh well.
I can understand The Bank of England's position on this but from a practical point of view, no counterfeiter, who has some intelligence, would reproduce these as they would arouse suspicion (counterfeiters in the US will generally try to produce small denomination notes).
The UK also used to have armed forces vouchers. The last of these were issued in 1972.
The US issued "North Africa" Silver Certificates and notes with "Hawaii" printed on them during WWII.
There's something else about which I'm curious. Are there any current "anomolies" being circulated in the UK? In the US it is the $2 bill. Two dollar bills aren't used much and are considered to be bad luck by the superstitious.
I'll make one other observation, if I may. From my point of view as an outsider, it seems like it would be much more convenient if all of the banks within the UK issued a common currency rather than each bank (Bank of England, Bank of Scotland, Bank of Wales, ...) issuing its own notes. I understand each "entity" within the UK wanting to maintain a sense of independence but at the same time, it seems that a common currency would be much more practical and easier for all British Subjects (and non citizens/consumers in the UK) to use.
Nighthawk From UK - Scotland, joined Sep 2001, 4985 posts, RR: 39 Reply 1, posted (4 years 3 months 3 weeks 8 hours ago) and read 6454 times:
Quoting NWOrientDC10 (Thread starter): it seems like it would be much more convenient if all of the banks within the UK issued a common currency rather than each bank (Bank of England, Bank of Scotland, Bank of Wales, ...) issuing its own notes. I understand each "entity" within the UK wanting to maintain a sense of independence but at the same time, it seems that a common currency would be much more practical and easier for all British Subjects (and non citizens/consumers in the UK) to use.
we do have a common currency - its called Pound Sterling. There may be more than one bank printing notes, but they are all still Pound Sterling and all still the same currency.
There is no Bank of Wales (as far as I am aware) and they do not issue their own notes, wales uses bank of england issued notes. In Scotland, Bank Of Scotland (merged with Halifax to become HBOS, and recently merged with Loyds TSB to be called lord knows what), Royal bank Of Scotland and Clydesdale bank issue notes.
In Northern ireland, Bank Of Ireland, First Trust Bank, Northern Bank and Ulster Bank produce notes.
Oh, and NO, we wouldnt be better off if there was only one style of note in use.
RussianJet From Kazakhstan, joined Jul 2007, 6272 posts, RR: 23 Reply 3, posted (4 years 3 months 3 weeks 8 hours ago) and read 6435 times:
Quoting NWOrientDC10 (Thread starter): it seems that a common currency would be much more practical and easier for all British Subjects (and non citizens/consumers in the UK) to use.
As Nighthawk stated, it is all one currency and there is no inconvenience factor in existence - all notes are legal tender and are of the same value regardless of where they are issued.
However, I did read recently that technically in England the only notes that retailers are obliged by law to take are Bank of England notes, and indeed all retailers in the UK as a whole are required to accept them, whereas retailers in England may not be forced to accept notes issued by other nations of the union. Perhaps someone has more info on this....
TristarAtLCA From United Kingdom, joined Jul 2007, 570 posts, RR: 0 Reply 4, posted (4 years 3 months 3 weeks 8 hours ago) and read 6422 times:
Quoting RussianJet (Reply 3): However, I did read recently that technically in England the only notes that retailers are obliged by law to take are Bank of England notes,
Thats interesting RJ. A couple of months ago I was in a queue in WHSmiths and a guy tried paying with Scottish notes and the till lady refused. There was a uniformed PC in the queue who told the till lady that unless she thought the note was counterfeit she had no right to refuse the £10 note as it was legal tender..
This does seem one of those issues which either has little known rules or a mountain of myths attached to it.
If you was right..................I'd agree with you
RussianJet From Kazakhstan, joined Jul 2007, 6272 posts, RR: 23 Reply 5, posted (4 years 3 months 3 weeks 8 hours ago) and read 6412 times:
Quoting TristarAtLCA (Reply 4): Thats interesting RJ. A couple of months ago I was in a queue in WHSmiths and a guy tried paying with Scottish notes and the till lady refused. There was a uniformed PC in the queue who told the till lady that unless she thought the note was counterfeit she had no right to refuse the £10 note as it was legal tender..
Here we are - I knew I had seen it somewhere......
TristarAtLCA From United Kingdom, joined Jul 2007, 570 posts, RR: 0 Reply 6, posted (4 years 3 months 3 weeks 7 hours ago) and read 6399 times:
Quoting RussianJet (Reply 5): Here we are - I knew I had seen it somewhere
Thanks for the link. Seems even the PC in Smiths doesnt know the law
Excerpt from BBC report: 'Mr Mundell told BBC Radio Scotland's Good Morning Scotland programme he had consciously avoided the complex issue of legal tender.: '
I have just read that Scottish notes are not legal tender, even in Scotland, but promissary notes that have the same value as English notes.
How many decades ago should this have been sorted out?
If you was right..................I'd agree with you
B747forever From United States of America, joined May 2007, 16574 posts, RR: 11 Reply 7, posted (4 years 3 months 3 weeks 7 hours ago) and read 6395 times:
Quoting NWOrientDC10 (Thread starter): Two dollar bills aren't used much and are considered to be bad luck by the superstitious.
NWOrientDC10 From United States of America, joined Mar 2005, 1389 posts, RR: 4 Reply 9, posted (4 years 3 months 3 weeks 7 hours ago) and read 6380 times:
Quoting TristarAtLCA (Reply 6):
Excerpt from BBC report: 'Mr Mundell told BBC Radio Scotland's Good Morning Scotland programme he had consciously avoided the complex issue of legal tender.: '
yup, I was just about to post saying about as much. Incidentally Mr Mundell is my local MP.
Try this from the Bank of England (Random fact: the BoE was founded by a Scotsman)
Are Scottish & Northern Irish notes legal tender?
In short ‘No’ these notes are not legal tender; only Bank of England notes are legal tender but only in England and Wales.
The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term ‘legal tender’ has very little practical application.
Basically legal tender has little meaning, and in Scotland there is no such thing as legal tender. Any form of payment may be used in a shop, as long as both parties accept it. Legal tender just means that you cannot later be sued for non-payment.
Mundell is currently trying to pass a law that would make it illegal to refuse to accept Scottish notes, but it still wouldnt be legal tender.
NWOrientDC10 From United States of America, joined Mar 2005, 1389 posts, RR: 4 Reply 12, posted (4 years 3 months 3 weeks 7 hours ago) and read 6344 times:
Quoting RussianJet (Reply 8): I know we're supposed to be talking about UK notes here, but you've got to love the old Soviet three rouble note! It's my favourite.
I have to admit, I know very little about Soviet Currency. I need to read into this.
Baexecutive From United Kingdom, joined Jul 2005, 653 posts, RR: 0 Reply 13, posted (4 years 3 months 2 weeks 6 days 19 hours ago) and read 6253 times:
The issue of Scottish notes being used in England has always been a tricky one. Although obviously recognised in Scotland they are NOT legal tender and you will find that some retailers will refuse them in other parts of the UK (which they are entitled to do so).
However most banks, building societies and post office branches will allow you to deposit the notes into your account.
Scottish banks with branches & ATMs in England & Wales will only dispense BoE notes.
The Royal Bank of Scotland is the only UK bank with a £1 note still in circulation!
The Royal Mint produces coins and medals for over 60 countries worldwide and is regarded as the leader in this field.
RussianJet From Kazakhstan, joined Jul 2007, 6272 posts, RR: 23 Reply 14, posted (4 years 3 months 2 weeks 6 days 17 hours ago) and read 6217 times:
Quoting Baexecutive (Reply 13): The issue of Scottish notes being used in England has always been a tricky one.
In reality, most shops and businesses in England will also accept them, it just depends on whether you happen to get a clueless halfwit behind the counter or not.
Signol From United Kingdom, joined Oct 2007, 2948 posts, RR: 7 Reply 15, posted (4 years 3 months 2 weeks 6 days 17 hours ago) and read 6200 times:
Quoting Baexecutive (Reply 13): The Royal Bank of Scotland is the only UK bank with a £1 note still in circulation!
Doesn't Jersey still issue a £1 note? At least, they did in 2005.
And it's not just Scotland and Northern Ireland notes that can cause issues. Other territories use Sterling, and have their own notes. Ones I know for sure are Jersey, Guernesy, Gibraltar, Falklands and St Helena. Gibraltar also issues its own £1 coins, same size and weight as the rest but a different design.
Bwest From Belgium, joined Jul 2006, 1314 posts, RR: 4 Reply 16, posted (4 years 3 months 2 weeks 6 days 15 hours ago) and read 6166 times:
If I'm not mistaken, there's a sign in the London tube saying they don't accept Scottish notes... They do, however, accept Euro's in the St Pancras tube station
(and considering current exchange rates, why wouldn't they... )
Rsg85 From Australia, joined Aug 2006, 257 posts, RR: 0 Reply 18, posted (4 years 3 months 2 weeks 6 days 1 hour ago) and read 6075 times:
Quoting Signol (Reply 15): Doesn't Jersey still issue a £1 note? At least, they did in 2005.
Sure does, along with Guernsey, ive got one of each right here next to me. Preety sure Isle of Man also has them. Along with that Jersey and Guersey both have thier own 5s 10s 20s and 50s
Boeing744 From Canada, joined Jun 2005, 1769 posts, RR: 25 Reply 19, posted (4 years 3 months 2 weeks 6 days 1 hour ago) and read 6073 times:
Quoting Signol (Reply 15): Doesn't Jersey still issue a £1 note? At least, they did in 2005
Yeah, I have two of them upstairs (so as of 2007 they still did). I was wondering whether I would be able to use them in England, but never had the chance to properly try it out. I did use some Jersey Pounds in the Southampton airport, but obviously they might accept more diverse currencies than somewhere on the street.
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