[129] On 1 June 2012, a £100 note was issued to commemorate the Diamond Jubilee of Queen Elizabeth II.[130]. [19][24], Millions of pounds' worth of sterling banknotes in circulation are not legal tender, but that does not mean that they are illegal or of lesser value; their status is of "legal currency" (that is to say that their issue is approved by the parliament of the UK) and they are backed up by Bank of England securities. However, inflation meant that the lifespan of such a note would be too short—estimates by the Decimal Currency Board suggested that a 10 shilling note would last approximately five months;[45] therefore, it was decided that it would be more economical to have a coin instead: the fifty pence coin was introduced in 1969. In this portrait, intended for all of the Series E banknotes, the Queen is shown wearing the Girls of Great Britain and Ireland Tiara, Queen Alexandra's cluster earrings and Queen Victoria's Golden Jubilee necklace.[48]. [25], Bank of England notes are the only banknotes that are legal tender in England and Wales. Our notes always keep their face value. It’s really up to the person you’re paying if they want to accept your Northern Irish pound notes or not. All Bank of England notes issued since Series C in 1960 depict Queen Elizabeth II on the obverse side, in full view facing left; her image also appears as a hidden watermark, facing right; recent issues have the anti-photocopier security EURion constellation around. This is usually because they cannot tell whether the note is … The Committee of Scottish Bankers has confirmed that other banks, building societies and the Post Office may continue to accept and exchange Scottish paper notes after 1 March. The Bank of England has announced that a new polymer £50 note, featuring, Industrial tools against a background of sailing ships, Queen Elizabeth II; Liberation Sculpture in Saint Helier, £10 note, blue/orange, Queen Elizabeth II and, £50 note, light brown, Queen Elizabeth II and the Royal Court House on the front and St Andrew's Church and La Gran'mère on the back, This page was last edited on 31 January 2021, at 16:10. Ulster Bank notes all feature a vignette of three Northern Ireland views: the Mourne Mountains, the Queen Elizabeth Bridge and the Giant's Causeway. Non-customers can exchange their banknotes at the respective issuing bank up to a limit of £250. Banknotes do not have to be classed as legal tender to be acceptable for trade; millions of retail transactions are carried out each day in the UK using debit cards and credit cards, none of which is a payment using legal tender. A police force launched an investigation after a man claimed he had been the victim of a hate crime when a branch of the Post Office refused to … Sterling banknotes are official currency in the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha. The Bridges of Scotland series is currently being refreshed with the issue of new polymer notes with designs that follow the same basic theme of "bridges". These notes were introduced on 17 September 2007, and show Scotland's most famous bridges on the reverse side. South Georgia and the South Sandwich Islands, Pound sterling in the South Atlantic and the Antarctic, Commonwealth banknote-issuing institutions, "the Swaledale and Wensleydale Banking Company", "Bank Charter Act 1844, Section XI, "Restriction against Issue of Bank Notes, "The Governor and Company of the Bank of Scotland Business Information, Profile and History", "Banknote History: Early Scottish banknotes", "Are Scottish & Northern Irish notes legal tender? The islands are not part of the United Kingdom but are dependencies of the British Crown and in currency union with the UK. Health Secretary Jeane Freeman told BBC Radio Scotland's Good Morning Scotland she was "not saying yes and [I'm] not saying no" when asked about the measures, but said the Scottish Government would "need to continue to talk that through with the UK Government". Manx pounds are a local issue of the pound sterling, but the word "sterling" does not appear on the banknotes. This is particularly true in the case of the Royal Bank of Scotland 's £1 note, which is the only £1 note to remain in circulation within the UK.[91]. What is legal tender? [120][121] In June 2013 the bank issued a new series of £10 and £20 notes bearing the new brand name; at the same time it also announced that it would cease production of £50 and £100 notes. Elizabeth II was not the first British monarch to have her face on UK banknotes. According to the central banks, the ratio of counterfeited bank notes is about 10 in one million of real bank notes for the Swiss franc, 50 in one million for the Euro, 100 in one million for United States dollar and 300 in one million for Pound sterling.[132]. The £5 note shows Nan Shepherd on the obverse accompanied by a quote from her book 'The Living Mountain', and the Cairngorms in the background. The UK Treasury has proposed extending legal tender status to Scottish banknotes. The background graphic on both sides of the notes is a radial star design which is based on the ornate ceiling of the banking hall in the old headquarters building. Thus, if in England party A owes party B 1,000 pounds sterling and offers to pay in Northern Irish banknotes, party B may refuse and sue party A for non-payment; if party A provides Bank of England notes, party B must acknowledge the debt as legally paid even if party B would prefer some other form of payment. Clydesdale Bank has three series of banknotes in circulation at present. In addition to coins, the following banknotes are used: The Isle of Man Government issues its own banknotes and coinage, which are legal tender in the Isle of Man. [51][78] The £20 shows J.M.W. [93][94] Critics of the 2009 Act expressed concerns that it would restrict the issue of banknotes by commercial banks in Scotland and Northern Ireland by removing many of the provisions of the earlier Acts quoted above. The first of these new notes, a £20 note, features the Scottish economist, Adam Smith, the first Scot to appear on an English note (the first non-Englishman, Anglo-Irish Field Marshal Arthur Wellesley, Duke of Wellington appeared on the Series D £5 in 1971). In 1921, the Bank of England gained a legal monopoly on the issue of banknotes in England and Wales, a process that started with the Bank Charter Act of 1844 when the rights of other banks to issue notes was restricted. Occasionally the Royal Bank of Scotland issues commemorative banknotes. Bank of England notes usually circulate alongside the local note issues and are accepted as legal currency. The Series D £1 note, featuring Sir Isaac Newton, was discontinued in 1984, having been replaced by a pound coin the year before, and was officially withdrawn from circulation in 1988. [68] In 2015, the Bank announced that they were accepting suggestions from the public for a figure from the visual arts to appear on the £20 note to replace Adam Smith, with the new note to be introduced in 2020. The last private English banknotes were issued in 1921 by Fox, Fowler and Company, a Somerset bank. British and Irish parliaments merged into the Parliament of, Prohibition of circulation of notes under £5 in England. As a result of this, there is nothing to force any business to accept Scottish notes in England. How to exchange paper £10 notes The polymer £20 notes, which went into circulation in February, replaced the old paper notes, leading many to question when the old currency will expire. Banknotes issued by Bank of Ireland are of a uniform design, with denominations of £5, £10 £20, £50 and £100 each differentiated by colour. The illustrations on all notes are the same, featuring the British monarch, wildlife and local scenes; denominations are distinguished by the size and colour of the notes. These will be made of polymer. Pursuant to some of these statutes, the Commissioners for Revenue and Customs publishes an account of "the Amount of Notes authorised by Law to be issued by the several Banks of Issue in Scotland, and the Average Amount of Notes in Circulation, and of Bank of England Notes and Coin held" in the London Gazette. I regularly make trips back and forth to London to visit my Mum and each time I come over I am faced with the usual problem of running about to get to an ATM that dispenses Bank of England notes or secretly cursing the cashier at the City Airport bar who gives me a … [81][82] However, in October 2018 the Bank of England announced plans to introduce a Series G polymer £50 note, following the review by the government. Institutions such as clearing banks, building societies and the Post Office will readily accept Scottish bank notes. Innes Wight, Cambelltown, Scotland Dave from Sutton actually has it the wrong way round, Scottish Notes are NOT … The first coloured banknotes were issued in 1928, and were also the first notes to be printed on both sides. Banknotes issued by Scottish and Northern Irish banks have to be backed pound for pound by Bank of England notes (other than a small amount representing the currency in circulation in 1845), and special £1 million and £100 million notes are used for this purpose. In February 2019, First Trust announced it would stop issuing its own banknotes, with the final withdrawal on 30 June 2020. The following table lays out the various banks or authorities which are authorised to print pound sterling banknotes, organised by territory: A further retail bank, First Trust Bank,issued its own banknotes until 30 June 2020. In Scotland and Northern Ireland, no banknotes, not even those issued in those countries, are legal tender. The issuing of retail-bank banknotes in Scotland is subject to the Bank Charter Act 1844, Banknotes (Scotland) Act 1845, the Currency and Bank Notes Act 1928, and the Coinage Act 1971. As gold shortages affected the supply of money, note-issuing powers of the banks were gradually restricted by various Acts of Parliament,[10] until the Bank Charter Act 1844 gave exclusive note-issuing powers to the central Bank of England. Our. [12][13] However, prior to the issue of its Series C banknotes in 1960, Bank of England banknotes generally did not depict the monarch. That means there are less than four weeks to go until the old fivers and tenners are withdrawn from circulation, replaced by the new polymer notes in 2015. In 1759, during the Seven Years' War, when the lowest-value note issued by the Bank was £20, a £10 note was issued for the first time. 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