Legal Tender Uk Bank Notes

Three British Overseas Territories use their own currencies, denominated in pounds sterling and equivalent to the pound sterling. The governments of these territories print their own banknotes, which can generally only be used in their region of origin. Bank of England banknotes generally circulate at the same time as local banknote issues and are accepted as legal tender. So if consumers dig up their old banknotes before the WOLTS date, then this may be a good time to empty their jam jars and dig the back of the couch for those loose coins. Some older series banknotes may be in circulation with different dates and signatures. If in doubt, please visit your branch. There are currently four different banknote denominations – £5, £10, £20 and £50. Each value has its own color scheme, and the size of each note increases in length and width as the value increases. The banknotes currently in circulation are as follows:[3][4] As the shortage of gold affected the supply of money, the powers of banks to issue banknotes were gradually restricted by various Acts of Parliament,[17] until the Bank Charter Act 1844 gave the Central Bank of England exclusive power to issue banknotes. By law, no new banks were allowed to start issuing banknotes; And central banks have gradually disappeared through mergers and closures. The last English private banknotes were issued in 1921 by Fox, Fowler and Company, a Somerset bank. [17] During the public debate that preceded the referendum on Scottish independence in 2014, the question of the future Scottish currency was raised. While the SNP advocated a monetary union between an independent Scotland and the rest of the UK,[99] the British Treasury issued a statement in April 2013 indicating that the current relationship with the Bank of England could be changed after independence, with the result that Scottish banks could lose the ability to issue banknotes.

covered by Bank of England funds. [100] [101] [102] Anyone who has some of the old paper notes at home (and there may be some of you, given that the £7 billion paper notes worth £20 billion and £50 billion worth £10.5 billion are still in circulation) is encouraged to issue them or deposit them in a bank or office of post. After the September 30, 2022 deadline, people will no longer be able to issue paper tickets in stores or use them to pay businesses. States of the Commonwealth of Nations issue their own notes, which are separate currencies: the previous series of Royal Bank of Scotland banknotes, originally issued in 1987, remains in circulation, although it is now replaced by polymer notes. On the obverse of each note is an image of Lord Ilay (1682-1761), the bank`s first governor, based on a portrait painted in 1744 by Edinburgh artist Allan Ramsay. [109] Also on the front of the notes is an engraving of the bank`s former headquarters in St. Andrew Square, Edinburgh. The background graphic on both sides of the banknotes is a radial star pattern based on the richly decorated ceiling of the bank lobby in the former main building. [110] On the back of the notes are images of Scottish castles, with a different castle for each denomination. In April 2013, the Bank of England announced that its next planned new bond, which was to be the £5 note in 2016, would include former British Prime Minister Winston Churchill. [68] The choice of Churchill as Elizabeth Fry`s successor sparked debate about the representation of women on British banknotes, with critics expressing concern that Bank of England banknotes would feature exclusively male figures, with the exception of Elizabeth II, who appears on every Bank of England coin and banknote. [69] In July 2013, it was announced that the design of the 10-pound F-series note would include a 19th-century portrait of 19th-century author Jane Austen.

[70] In 2015, the bank announced that it was accepting proposals from the public for a visual arts figure to appear on the £20 note to replace Adam Smith, with the new note to be introduced in 2020. [71] In April 2016, it was announced that J. M. W. Turner had been chosen to appear on the new £20 note. [72] The following safety features are found on polymer notes. There is a large diaphanous window.