Why has the £50 note never been updated?

[Jez]

The highest value note introduced in 1994, why is it now 2 generations old when compared with the £20 note? Surely if any, the £50 should be the note with the highest number of security features?

What gives?

 

[daz]

People tend to inspect £50 notes for authenticity like their life depended on it in most shops, that's if they even choose to accept them at all.

 

[xarr]

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

 

[Jez]

People tend to inspect £50 notes for authenticity like their life depended on it in most shops, that's if they even choose to accept them at all.

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?

 

[Greenlizard0]

People tend to inspect £50 notes for authenticity like their life depended on it in most shops, that's if they even choose to accept them at all.

Yea, plenty of bars around here don't accept £50 notes.

 

[eXor]

£50 notes are like unicorns.

I withdraw £300 from the ATM and what do I get? A bundle of £20 notes.

 

[Jez]

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 :/

 

[NoodleKing]

My Housemates came back for university from abroad, they exchanged some money back home and came over here with wallets of £50 notes lol

 

[daz]

They are very common in industries which use a lot of cash, such as mine.

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).

 

[Jez]

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

 

[daz]

I guess so... my grandad did always used to give me my birthday and christmas money in 50s (he was a builder)

 

[K.C. Leblanc]

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.

 

[Conscript]

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 :/

What do you do? Drug dealing? Gun running? People smuggling?

 

[Rich_L]

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

 

[Hxc]

I like taking 50s at work, no idea why. Weekend shop work is rather unexciting, so anything slightly different helps

 

[aproctor]

The highest value note introduced in 1994, why is it now 2 generations old when compared with the £20 note? Surely if any, the £50 should be the note with the highest number of security features?

What gives?

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.

 

[Energize]

The £50 note is worthless in many places because they won't accept it, the problem would be solved if the mint just updated the security of them...

 

[paradigm]

I've seen about 20 £50's in my life. Two were fakes.

 

[Jez]

Something that would interest me, who even knew that £100 notes exist?

I certainly didn't until another forum member handed about 10k all in 100's last year for a car they bought off me. Needless to say i got the local bank to check them

 

[daz]

Scottish notes?