Cool, I want one.
How much will they cost?
The Bank of England today unveiled the UK's first plastic banknote - a polymer fiver featuring Winston Churchill. Speaking at a ceremony at Churchill's birthplace, Blenheim Palace, the bank's governor Mark Carney declared: "The New Fiver will commemorate the achievements of the only Prime Minister to win the Nobel Prize for …
The Clydesdale Bank released a plastic fiver into circulation in march last year in Scotland. I've had a few of them. I know at one point they were selling on eBay for £100 each.
"Paper fivers will continue to be legal tender until May 2017, after which they'll no longer be accepted in shops and banks."
This makes no sense, the term legal tender has nothing to do with whether it is accepted in shops or banks. Shops in the UK are free to accept or not accept whatever payment they like, whether it's in gold bars, postage stamps or Euros.
Legal tender simply defines what a creditor must accept as payment for an outstanding debt.
It's a good call to say the shops will not accept them, as the banks will refuse to accept them off shops after that date. If the shop can not pay it into the bank then their sure as hell note going to accept the note off the public.
If you want to run a barter system with the old notes then feel free.
I always thought it was about settling debts to the state, ie taxes, otherwise I'm fully at liberty to accept or reject your cash/goats) as you please
I suspect that if payment is offered in legal tender then you cannot seek legal remedy for non-payment.
As to whether the shops will continue to accept them, it surely depends on what the shopkeeper does with the contents of the till. If he deposits the cash at the bank, then demonetized fivers shouldn't be a problem. Many big shops accept USD and EUR even though they have never been legal tender. If he simply stuffs it in his wallet, then he's likely to be more choosy.
Get rid of those sharp corners, add a bit of RFID, printed semiconductor technology, and we are good to go on
"Hello Neo. Is that a large bunch of Fivers in your pocket or are you looking to buy me?"
"Ello, Ello, Ello... I was not authorized to look but 'Subject Bob', according to his 'FCRs', Fiver Connection Records, was in the same gardening shop as that suspicious bloke buying fertilizer and used one to load up his car with diesel 10 minutes later..."
From your link: "It is releasing the limited edition notes a year before the Bank of England puts plastic banknotes in general circulation."
So I guess it depends on how fine you want to split hairs. It's not the first, but it's the first "in general circulation".
An argument could be made either way. Just sayin'.
I see your point, but unequivocal statements like "the UK's first..." are either true or they're false, so I can't in good geek conscience agree that an argument could be made either way. Nor would I admit to splitting hairs, because the article doesn't say the Clydesdale notes aren't in general circulation (clearly they are - I've bought beer with them ;o) only that the BofE ones would be in future.
Vietnamese Dong notes are printed in Australia. They seem not to have mastered the techniques for making blue coloured notes retain their colour.
What amazes me is the way ATM technology can manage to handle these extremely thin notes.
As for counterfeiting, the B of E is dreaming.
In VietNam the penalty for counterfeiting is death. Even though the highest Dong note (VND500,000) is only worth GBP15.4387 there are many deceased Chinese buried outside Ha Noi attesting to the fact that counterfeiting is a likely crime opportunity with the new Pound notes.
"Even though the highest Dong note (VND500,000) is only worth GBP15.4387"
Oh, come onnnnnn!!!! This is El Reg. You can't mention the highest denomination Viet currency without calling it a huge Dong!
Should be noted though that 500,000 dong might only be worth £15.363956 (according to google), but that £15.363956 is more than the average daily wage, monthly wage is about £110. So counterfeiting a 500,000 dong is actually a fair bit for vietnam.
As an example, as a tourist that would get me a decent hotel room, a reasonable evening meal and a couple of beers in Hanoi.
If it's the same material as Canadian dollars, they don't handle the dryer at high heat very well. Gets all crumple-y, but still recognizable.
The two most annoying things are, they're very thin and tend to static together when new, so you have to be very careful you're only handing over one bill, and when they get folded crooked, it's almost impossible to un-crease them and re-fold them straight.
"... they don't handle the dryer at high heat very well..."
If the contents of your clothes dryer are getting hot enough to crinkle plastic, then you're drying your clothes wrong.
An opportunity presents itself to save money by setting your dryer to end just when the clothes are barely dry, not roasted.
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