I have about GBP800 that I planned to use on my next trip to the UK. Just discovered that the old paper notes are going out of circulation. Wonder what to do with them! I’m not planning travelling any time soon… LOL
Going out of circulation doesn’t always mean cease to be legal tender in most countries while the UK has declared this is the case. In the UK you will still be able to get new ones at the bank in exchange… but… these will definitely become collector’s items and then start appreciating in value. If you give them to the bank, they will be destroyed and new ones will be printed at the Royal Mint. Soo…
I might take a few off your hands at market exchange if they’re in good condition for collection purposes.
I have thousands of dollars of old banknotes from notes past in Canada.
As an example, the 1988 $100 note is now selling for $400.
Get them exchanged then, you won’t be able to use them in the uk after the end of sept. My FIL changed a load of cash last week because of this. A lot of places he tried are charging a hefty premium, so shop around.