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Random musing, when the queen dies, i am assuming current bank notes remain legal. But would they rapidly phase them out or would they carry on printing bank notes for 10+ years with her head on??
Dunno, but the photo on the new tenner is at least 20 years old, so I suspect they'd stay in circulation for another 20.
If you think the portrait of the queen is bad, Austen has been airbrushed pretty badly. (don't get me started on the quote they've used)
Don't forget she's on Banknotes everywhere, not just the UK. The Canadians were the first to put her on a note when she was only 8. She appeared on notes in the uk pretty much straight away after the coronation so I doubt there'd be much delay in making any changes when she's succeeded, but it takes a few years for new batches of notes to flush out the old ones. Although major redesigns only happen every 20 years or so it doesn't mean theres significant numbers of notes around that are 20 years old.
i am assuming current bank notes remain legal
Bank notes and coins stay 'legal' in perpetuity. Even after a note or coin is withdrawn they retain their face value. Its up to anyone whether they accept them as payment or not (so they're not necessarily legal 'tender') but they'll always be accepted at a bank no matter how old they are.
Thankfully we've been down this road before.
Somewhere in the depths of the Mint or BOE (I can't remember who designs them) there will already be a selection of designs with Charlie's face on them, Will's too and probably a couple of others should the unthinkable happen.
Nothing when it comes to the Palace is rushed or course, but within 6 months of Liz tipping face first out of her throne these new designs will be announced and put into production - they will probably avoid the temptation to redesign them, they'll be the same as the ones we have now with the next Chief Lizard on the front for continuity in case the shock is all too much for us muggles.
but they'll always be accepted at a [s]bank[/s][b]the Bank of England[/b] no matter how old they are.
Your bank can refuse them after a certain point, after which you have to send them directly to the BoE
Bank notes and coins stay 'legal' in perpetuity.
Bank notes retain their legal face value after they drop out of circulation due to the Cheif Cashier's signature (the 'I Promise to Pay the Bearer...' bit) on it but you have to exchange it at a bank after it has been officially retracted.
Coins become worthless (unless to a collector) as soon as they are withdrawn from circulation as they do not have the signature.
but you have to exchange it at a bank after it has been officially retracted.
You don't 'have' to - I could agree to take it off your hands in exchange for goods or services (or another note) and save you the walk to the bank. You just would be able to demand I accept it, but you can't demand I accept any kind of payment from you anyway.
You can't demand that it's accepted anyway. "Legal tender" doesn't mean what most people think it means, it's a very narrow definition in relation to the settling of debts. Legal tender in terms of making a purchase is an irrelevance.
nickc's right.
Jane Austen must've had some very disappointing experiences with sex'n'drugs to think that.
Jane Austen must've had some very disappointing experiences with sex'n'drugs to think that.
You should be more concerned that now that theres a woman on both sides of the new tenner that its only worth about £8.20
Somewhere in the depths of the Mint or BOE (I can't remember who designs them) there will already be a selection of designs with Charlie's face on them, Will's too and probably a couple of others should the unthinkable happen.
I did wonder at the time that the new polymer notes starting coming out, whether there was a tricky and secret meeting of the note design committee.
"So, let's get this right - we're going to polymer notes because the paper ones wear out too quickly"
Yep....
"And these ones will last for about 5 years before replacement"
Yep....
"Isn't there a risk we'll be withdrawing them ourselves for ones with Chaz on before time.....? Why not stick with paper until-- you know?"
"Isn't there a risk we'll be withdrawing them ourselves for ones with Chaz on before time.....? Why not stick with paper until-- you know?"
I was still getting coins with King George V's face on in my change in the 70's / early 80s I don't think anyones that worried about who's face is on it.
They'll begin minting/printing new stuff but there'll be no rush to stop circulating the old notes.