I have £5k of OLD bank NOTES

Ifts

atush wrote: »

But at least innovate and I did not say to a special needs person ...

UsernameAlreadyExists wrote: »

I seem to have completely missed that. I read "my english can be poor"

OP did say they had special needs when they were at school:

Tony_Williams wrote: »

My english can be poor and for that I am sorry, I did poor in school I had special needs and was in a 10-to-a-class room. The money isn't mine its his I am trying to turn it back into legal tender.

Now what was one saying about growing some and to start reading (sorry couldn't resist!)


Tony Williams - Apologies for the thread going off topic - As I'm sure it is not helping you achieve what you set out to do on behalf of your grandfather.

If you feel confident in doing so then maybe explore the suggestion in post #3 by shortcrust, if you can get more than face value for the old notes surely its got to be worth trying?

If not then go with the link in post #2 by barrowc for exchanging them at the Bank of England:

Exchanging your banknotes in person:

1) To exchange your banknotes in person please bring them to the following address:

Bank of England
Threadneedle Street
London

Opening Hours: Monday to Friday 9:00am until 3pm, excluding Bank Holidays

Nearest London Underground station: Bank (Central Line, Northern Line and Docklands Light Railway)

2) Ensure you bring original copies of your ID and proof of address for exchanges totalling £1,000 or more. If the value is less that £1,000 ID is not usually required.*

Acceptable forms of ID can be found at the bottom of this page

3) When you arrive at the Bank of England you will be required to complete a banknote exchange form.

http://www.bankofengland.co.uk/banknotes/Pages/about/exchanges.aspx

If you do go to the Bank of England (Threadneedle Street, London) to exchange the old notes, don't forget to take acceptable forms of ID with you.

edit: You ain't got any of these in your pile have you? £20 SERIES D 1970 / M02 -
Current bid £56 on ebay: http://www.ebay.co.uk/itm/M02-VERY-SCARCE-REPLACEMENT-NOTE-Page-20-SERIES-D-1970-B329-P380br-UNC-/310620396119?pt=UK_Coins_Banknotes_GL&hash=item48526b1a57

maninthestreet

Won't turning up at the B of E with £5,000 in old notes asking them to be exchanged for new notes raise some money laundering concerns?

Derivative

maninthestreet wrote: »

Won't turning up at the B of E with £5,000 in old notes asking them to be exchanged for new notes raise some money laundering concerns?

I'm not sure that 5k is enough for them to be significantly bothered, especially if it's a one off?

SavingPennies_2

innovate wrote: »

What I meant is that I understand from the OP that there is an elderly man who gets confused and his grandson is only interested in how he can convert £5Ks worth of old banknotes into usable cash.

So yes, my interpretation of your interpretation of my interpretation of this part is probably correct.

I did, however, go on and said that priority should be that to ensure the old man lives safely if he gets confused. And that perhaps the OP could ask the child/children of his grandad to help him help the old chap.

I didnt take it to mean this at all. The bank notes are the one area that the OP is unsure about so he came on here to ask advice specifically about this problem. Im sure he is perfectly aware of other issues which may not need to be discussed on here.

srcandas

maninthestreet wrote: »

Won't turning up at the B of E with £5,000 in old notes asking them to be exchanged for new notes raise some money laundering concerns?

I'd have thought much less so than if you turned up with new notes

However I think this BofE is being over played. I recently had some old £20 notes given to me by a spanish friend. I walked into LloydsTSB and 1 minute later walked out with new notes.

Yes £5000 may take a little longer but worth trying local first I'd have thought. But good luck OP :beer:

Ifts

maninthestreet wrote: »

Won't turning up at the B of E with £5,000 in old notes asking them to be exchanged for new notes raise some money laundering concerns?

According to the notes on the Bank of England website, only if the value of the exchange is £10,000 or more (or if you have previously exchanged banknotes with cumulative value of £10,000 or more):

4) If the value of the exchange is £10,000 or more (or if you have previously exchanged banknotes with cumulative value of £10,000 or more) these may not be exchanged the same day. If this is the case you will be issued with a receipt and the Bank will send a BACS payment crediting your account within 10 working days. If you require cash, we will make an appointment for you to collect the cash. This is because the Bank needs to complete anti-money laundering checks and other administrative procedures associated with large banknote exchanges.

http://www.bankofengland.co.uk/banknotes/Pages/about/exchanges.aspx

UsernameAlreadyExists

Ifts wrote: »

Now what was one saying about growing some and to start reading (sorry couldn't resist!)

Shush you. OK, I didn't actually read it fully. Shame on me

chatterup

Please don't try to exchange it for new ones! Bank notes (old ones) are worth money and they will be worth more as you hang on to it! My bf just spent a lot of money on old bank notes and he has been recently studying it. He saids increase in value 15% a year (better than what stocks are doing)

Nicholas-bloody-Parsons

chatterup wrote: »

Please don't try to exchange it for new ones! Bank notes (old ones) are worth money and they will be worth more as you hang on to it! My bf just spent a lot of money on old bank notes and he has been recently studying it. He saids increase in value 15% a year (better than what stocks are doing)

They are not worth anything other than face value, that is, if they are used bank notes.

If they are in mint condition and have low or interesting serial numbers, they may be of interest to a dealer.

There is a coin and bank note fair in London once or twice a year. They have sheets of brand new old notes for sale, usually for little over face value. Could be worth going to the next one with a wad.
:T

Jegersmart

innovate wrote: »

It's way more important than finding out how to turn some old bank notes into (your?) spending money.

An offensive and judgmental post.

J