Why has the £50 note never been updated?
- Thread starter Jez
- Start date
Guess because there arn't many in circulation and are far less likely to be forged, see below for details.
http://www.bankofengland.co.uk/banknotes/about/counterfeits.htm
http://www.bankofengland.co.uk/banknotes/about/counterfeits.htm
They are very common in industries which use a lot of cash, such as mine. While i inspect them all it would make sense surely to have them secure?
xarr - i guess thats it. I wonder how much it costs the mint to develop and replace a bank note?
Man of Honour
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Yea, plenty of bars around here don't accept £50 notes.
As i say, they are only rare if you work in an industry that pays electronically and deals with electronic money.
Both myself and friends always have lots of 50's as they are the most common note found when paying large sums in cash. For this reason i think they should be as secure as the 20 :/
Both myself and friends always have lots of 50's as they are the most common note found when paying large sums in cash. For this reason i think they should be as secure as the 20 :/
Associate
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My Housemates came back for university from abroad, they exchanged some money back home and came over here with wallets of £50 notes lol
They're not "common" in any way shape or form, as the Bank of England link above suggests (i.e. there are 10 times as many £20 notes in circulation as there are £50s).
In the scheme of things no, as most people deal with all of their finances electronically where 50's wouldnt come into it.
I am saying that in select industries they are very common, and are usually dealt with in bundles rather than individually. Personally i think they should be updated to reflect the modern security found on the 20.
Question kind of answered though with those number above, because i see them a lot and always have them, i didn't realise the numbers were anywhere near as vast as the link states
Soldato
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Do banks really have vaults stuffed with cash, like in the movies. If so think of how much upheaval it would cause having to change it.
But then changing it would also make life harder for all those people with vast sums under the bed. Of cource I'm sure most people who have several grant under their bed have earned it legally and fully informed the tax man.
But then changing it would also make life harder for all those people with vast sums under the bed. Of cource I'm sure most people who have several grant under their bed have earned it legally and fully informed the tax man.
I imagine it's because most £50 notes are obtained from banks, and then generally paid in pretty soon afterwards, rather than entering general circulation - so any fraud is very quickly noticed by the bank checking, as opposed to £20s which will just be used for normal expenditure
Probably due to lack of demand, as you mentioned most people pay by card for anything over £20 and even if they were more common it is still a large sum of money i.e. to some people it could be 1/3 to 1/4 of there weekly income, in fact even if you were on £25k it would still be an 1/8 of your income (per week) in 1 note.