Wilkinson's policy on old fivers and tenners

Ephemera

Hi all,

Noticed at my local Wilko today (Poole store) that there were large notices on all tills telling staff (and customers!!) that they do not accept old style five and ten pound notes any more, and if they did, that staff member would be responsible for taking them to the bank to change.

This can't be legal, can it???????!!!!!!!

Ephemera

By old style, I mean those in current circulation, and have been for about five years. The twenty pound note has been updated, I was not aware of any changes to the ten and five pound notes.
I'm tempted to drop in there tomorrow and try to pay with a current tenner!

rogue_element

What are they on about?

These notes are current & legal tender:

http://www.bankofengland.co.uk/banknotes/current/index.htm

You do very occasionally (perhaps once a month) see someone trying to pay with an old £5 or £10 but these are easy to tell as they have the number in the same style as the current £50 note in the top left hand corner.

mute_posting

rogue_element wrote: »

What are they on about?

These notes are current & legal tender:

http://www.bankofengland.co.uk/banknotes/current/index.htm

You do very occasionally (perhaps once a month) see someone trying to pay with an old £5 or £10 but these are easy to tell as they have the number in the same style as the current £50 note in the top left hand corner.

I always thought that the "I promise to pay the bearer on demand bit" applied only to the Bank of England - i.e it is them that will accept currency however old it is - everyone else only need accept the current circualation.

Which is presumably what the sign alluded to - whoever accepted the old notes will have to go and queue at the local bank / BoE to get them exchanged?

MP

moonrakerz

Ephemera wrote: »

By old style, I mean those in current circulation, and have been for about five years.

Please clarify ! ? If they are "current" they can't be "old style".

Apart from which, a shop is at liberty to request that customers pay in whatever the shop wants. If they want you to pay only in 50p coins they can ask you to do so - if you don't want to do that - take your trade, and your money elsewhere !

Bamber19

moonrakerz wrote: »

Please clarify ! ? If they are "current" they can't be "old style".

Apart from which, a shop is at liberty to request that customers pay in whatever the shop wants. If they want you to pay only in 50p coins they can ask you to do so - if you don't want to do that - take your trade, and your money elsewhere !

You're wrong here, anything that is deemed legal tender cannot be refused in settlement of a contract, In England and Wales all current BoE banknotes are legal tender. If a store agrees to sell something to you for £13 and you hand over a £20 note they cannot refuse it and demand you pay with 10p's, that's the whole principle and concept behind legal tender, that it cannot be refused. they can however refuse to give you change but that's a seperate issue.

Also something can easily be old style and current, new designs of banknotes are issued every so often without the older designs being wthdrawn from circulation, thus there would be new designs and "older style" but still current, notes. In this situation the store is clearly saying they wont accept the older style, i.e not the new design, notes which are still current. THey are not allowed to refuse these. Just to pre-empt the possible comments from some, this doesn't affect a stores right to choose not to sell something which is a completely seperate scenario

mute_posting

Bamber19 wrote: »

You're wrong here, anything that is deemed legal tender cannot be refused in settlement of a contract, In England and Wales all current BoE banknotes are legal tender. If a store agrees to sell something to you for £13 and you hand over a £20 note they cannot refuse it and demand you pay with 10p's, that's the whole principle and concept behind legal tender, that it cannot be refused. they can however refuse to give you change but that's a seperate issue.

I think you're wrong there, pennies (1p and 2p) are legal tender BUT you can be refused if you try to pay over 20p in coppers...

the maximum amount of bronze that shouldn't be refused by a creditor in payment of a debt is actually only 20p.

bindiboo

Ephemera wrote: »

Hi all,

Noticed at my local Wilko today (Poole store) that there were large notices on all tills telling staff (and customers!!) that they do not accept old style five and ten pound notes any more, and if they did, that staff member would be responsible for taking them to the bank to change.

This can't be legal, can it???????!!!!!!!

just to comment on this. this must be a instore (poole store) thing as the branch i work at doesnt have signs up and still takes old fivers/tenners. also, no way would staff be given money/takings to change at the bank themsselves!!!! I bet the sign is a diy one made by an over zelous supervisor!!!

Bamber19

mute_posting wrote: »

I think you're wrong there, pennies (1p and 2p) are legal tender BUT you can be refused if you try to pay over 20p in coppers...

well, i'm not wrong actually, 1p and 2ps are only legal tender up to the value of 20p (as you say) £1 worth of 2p's is not legal tender and can therefore be refused by a shop but what I have said is that legal tender cannot be refused, which is correct.

Where you are mistaken is in thinking 1's and 2's are legal tender, they're not, 1's and 2's up to the value of 20p are though.

http://www.royalmint.com/Corporate/BritishCoinage/LegalTenderGuidelines.aspx

so as you can see, claiming outright that pennies are legal tender is incorrect.

Ephemera

Hmmm..interesting...
I would have gone back to the store today and posted a piccy of the sign but I nearly fell out of the loft yesterday after posting, and have got a hole in my leg for my trouble.
Hopefully the sign will be there next week.
It's still mystifying how they can refuse legal notes....but if they refuse my money then I will not be going back there!!!!!

mute_posting

Bamber19 wrote: »

well, i'm not wrong actually, 1p and 2ps are only legal tender up to the value of 20p (as you say) £1 worth of 2p's is not legal tender and can therefore be refused by a shop but what I have said is that legal tender cannot be refused, which is correct.

Where you are mistaken is in thinking 1's and 2's are legal tender, they're not, 1's and 2's up to the value of 20p are though.

http://www.royalmint.com/Corporate/BritishCoinage/LegalTenderGuidelines.aspx

so as you can see, claiming outright that pennies are legal tender is incorrect.

Good link

For those interested all coins below 50p are only "legal tender" (in the legislative terms) when paying debts under prescribed ammounts. (£10 for 50p pieces)

Although, TBH, I doubt a survey of 100 people picked at random would result in one of them correctly stating that definition of legal tender. (I suspect most would say current format coins and notes)

MP