£50 notes

Freefaller said:
Yeah they're not officially legal tender, but generally in practice are accepted as such in a sort of "gentleman's agreement". Either way the only £100 note I ever had I changed in HSBC without an issue. :)
Click to expand...

"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."

From BoE site. :)
 
bigchez said:
Was nervous carrying these from the bank to go buy a car!!

IMG_2211.jpg


I do love readies though - there's something gangster about them!
Click to expand...

don't think i've ever seen that much money!:eek:
 
Bomag said:
First - legal tender is not the same as legal currency. If you go into a shop and buy something legal tender is irrelevant.

Second - If you offer any money to buy something, irrespective of whether its English, Scottish, NI notes then the shop can say no thanks.

Third - if you go to shop and offer to pay with fake money you are braking the law as it is not lawful currency. If a shop keeper doesn't like legal currency money you have not
broken the law.

Fourth - If you go to restaurant and have a meal then go to pay for it then legal tender come into the equation. In England if you hand over a mankie English £10 then the restaurant has to take it as payment. They do not have to take Scottish notes. In Scotland the restaurant can reject any notes English or Scottish.

If you offer to pay with a reasonably clean note of any type and it is rejected and then walk out, you would not be doing anything illegal (i.e. not theft etc) but you would still be liable to pay the bill.
Click to expand...

Interesting - I always thought that as long as you had legal tender you were entitled to use it?

This is all quite embarrassing that I don't know this considering I deal with pretty much the whole of the UK's money! :o Then again the legalities from the shop/restaurant point of view I don't know, FI's on the other hand I do. :)

Biohazard said:
"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."

From BoE site. :)
Click to expand...

Interesting.

As I said above I had never really been involved in the intricacies of contract law using currency and tender - I don't really deal much with law apart from other FI and business law. It's kinda good to know these things though.

i guess it's the definition of tender and currency that has got me a little confused, as well as the legal obligations between the vendor and debtor.

Thinking about it there's no need for me to know this in my role, but it's interesting nonetheless. I might go and have a chat with some of our people at work and see what they say. :)
 
I've never been in a shop that wouldn't take a £50, I've never seen a cashier '**** themselves' at the sight of one, and I certainly don't '**** myself' at the sight of one, or a wad of them.

It's money. Scribble it with the magic pen and put it in the till. Drama!
 
bigchez said:
Was nervous carrying these from the bank to go buy a car!!
I do love readies though - there's something gangster about them!
Click to expand...

Try over £30000 worth when going to buy a car :D
Holding a wadge of £50's makes you feel good no?
I was slightly worried but I had a mate with me and we went straight from the bank to the dealer.
The only time I paid with anything but cash for a car was my M5, the dealer wouldn't let me do a total cash deal because he didn't want that much cash on the premesis in one go.

Some shops refuse to take them, but very rarely. Dunno why, if it's real then theres no problem. I sure as hell want to keep them in more regular circulation. When I go over to america 50's aren't that rare so I figure we should keep our highest denomination in regular circulation. Spent one of them today to pay for brekky, the whole £7.50 of it.
 
Last edited:
pitchfork said:
Some shops refuse to take them, but very rarely. Dunno why, if it's real then theres no problem. I sure as hell want to keep them in more regular circulation. When I go over to america 50's aren't that rare so I figure we should keep our highest denomination in regular circulation. Spent one of them today to pay for brekky, the whole £7.50 of it.
Click to expand...

Thats because $50 is only circa £25
 
You must log in or register to reply here.
Back
Top Bottom