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
Money: £19bn in old UK banknotes and coins not cashed in - BBC News
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.
Take them to a bank and buy another currency with them. Then they’re the bank’s problem
They’d actually be benefitting them if employees value them as collector’s items.
@ilikecoffee if 800£ is not going to hurt you, then I’d hold on to them because they could go up in value a few decades from now.
I doubt they will that be worth much more, looks at older NT$50, NT$100 notes nobody wants them. Sometimes people give me their old notes, even shops will not take them.
As for UK (Printed by Bank of England and not another bank I assume) I would change it. If its Bank of Scotland/Ireland pounds it might be harder to change.
Between 1988 and now the S&P 500 increased from 250 to 3,900.
These take time as supply dries up.
I have not once claimed these were an investment vehicle. Obviously people get more than just ‘investment’ gains from collection.
Nor did I imply that you made such claims. I simply offered another perspective.
Sure, but that’s from an investment perspective.
I wasn’t even near that perspective.
It’s more of a ‘nice to have’ perspective.
Anyways, if OP really wants, I’ll take some off his hands cause I like collecting interesting money.
I tend to get sidetracked easily.
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.
