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edward elgar £20

We have just been left £5k in cash the majority being in the old £20. Is the only option to send them to the Bank of England for exchange?

Comments

  • Voyager2002
    Voyager2002 Posts: 15,684 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Try offering some for sale on Ebay: perhaps there are people out there willing to pay more than face value for them.
  • only if in mint condition. We still have a 1 pound note but its not perfect.

    Try asking your bank and they may offer to handle it for you. It was a relative that didnt trust banks who saved such a large amount in physical notes I guess
  • I have one of those old one pound notes that is sealed and never been touched by human hand apparently.

    Same with the pound coin. :-) Not sure if they are worth anymore than face value though.
  • BobQ
    BobQ Posts: 11,181 Forumite
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    freda11 wrote: »
    We have just been left £5k in cash the majority being in the old £20. Is the only option to send them to the Bank of England for exchange?


    Strictly yes you must go to the Bank of England as they are no longer legal tender. However, some banks will take them if you deposit them into your account.

    I found a dozen of them recently which my Dad had secreted under a carpet. The much maligned Santander had no problem taking them.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • exel1966
    exel1966 Posts: 4,981 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    freda11 wrote: »
    We have just been left £5k in cash the majority being in the old £20. Is the only option to send them to the Bank of England for exchange?

    It's solely at the discretion of the bank whether they're willing to accept them.

    The BoE will definitely take them. You'll be taken into a private room, where you'll be Vt'd asked for your details, how you obtained them and then taken to the teller who will exchange them/credit an account of your choosing.
  • freda11
    freda11 Posts: 236 Forumite
    thanks, we are too far away to go into the BoE so we would have to post them using the relevant forms, but i will pop into the two banks I am with on Monday.
  • pqrdef
    pqrdef Posts: 4,552 Forumite
    I just put mine in a deposit envelope with a slip and dropped it in the slot.

    I figured that if there's a small amount of trouble involved, a teller might just say no, but they'd be less likely to go to the trouble of writing to me and demanding that I go in and take the notes back.
    "It will take, five, 10, 15 years to get back to where we need to be. But it's no longer the individual banks that are in the wrong, it's the banking industry as a whole." - Steven Cooper, head of personal and business banking at Barclays, talking to Martin Lewis
  • JohnRo
    JohnRo Posts: 2,887 Forumite
    Tenth Anniversary 1,000 Posts Combo Breaker
    BobQ wrote: »
    The much maligned Santander had no problem taking them.

    Bashing them has become a bit of a self perpetuating snowball.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
  • Santander get bashed because they are so big now plus taking over so many different systems and records was bound result to give some negatives.
    I have one of those old one pound notes that is sealed and never been touched by human hand apparently.

    Same with the pound coin. :-) Not sure if they are worth anymore than face value though.

    The coin would have to be a special proof version. The note might be if you keep it out of sunlight.

    I got pound coins from a hundred years ago, looks perfect but its still not collectable unfortunately just kept for its gold, a value modern coins cant claim to have


    ArYnW.jpg

    1911 - before the great war :) when we were still an empire on a gold standard. Needs a better camera, looks battered thanks to bad photo quality
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