£50 pound notes

[BrianH]

I saw the stack if C$1,000s when I worked in a bank in Canada. That must have been nearly 30 years ago. Two and a half bundles of $1,000s. $250,000 in the palm of my hand. It was the only time I looked at cash and thought, "wow - this is really a lot of money".

I had the same feeling on the acceptance tests of my company's cash-handling equipment sold to the Post Office Savings Bank, Singapore. Cassettes and cassettes of banknotes, including a very large number of the S$1'000 ones, into all of which were included false notes - ones that defied normal visual and touch checks.

We were in a locked room in the basement with bank officials constantly using note-counters after each test-run to check none were missing.

Singapore was just introducing the polymer banknote back in the 1990s and it caused no end of problems for us - as it had in Australia ... whose banknote supplier had printed the notes for Singapore.

 

[wonkywinch]

Yes, held in the Bank of England along with a £100million one. They are NOT in circulation.

Edit:
I should have refreshed my memory from the days when I worked for De La Rue. Checking the facts, I now remember that there are as many £1m and £100m banknotes held in the BoE vaults as the value of Scottish and N.Ireland banknotes issued as those currencies are backed up by the BoE currency. They have never been issued for circulation.

Surely these are worthless to the bank as they are only promissory notes? When I first opened a bank account at 18 and obtained my first cheque book, I wrote the first cheque "PAY - self" "One million pounds". It felt good as a student earning £50 a month.

Over the years, I've paid plenty of building trades in cash. None want anything over £20 notes, so I've often been into the bank taking out large sums in £20 notes.

 

[MoodySabre]

The oft expressed view is that only drug dealers and secondhand car dealers use £50 notes.

 

[JumbleDuck]

Surely these are worthless to the bank as they are only promissory notes?

As I understand it, when the Scottish banks want to issue notes, they have to deposit actual Bank of England notes to the same value. Since this would be impractical to do with standard denominations, the Bank of England sells them giants (£1m) and titans (£100m) to cover the deposit.

Why it can't just be done electronically beats me.

 

[vjmehra]

Don't know about Sweden or Norway , but Denmark people are very happy with cash .

We went on holiday to Norway this year and it is the first time ever we have not used cash at all, transfer to Revolut card, convert to NOK and everywhere took card, even taxi's. I was going to say even small payments....but in Norway, there's no such thing as a small payment

Sweden was virtually the same, the only time we used cash was in the local shop and that was only because beforehand we'd changed some up and felt like we should, I think we were the only ones who paid in cash as we got an odd look when we didn't get our card out!

 

[vjmehra]

Just out of interest , last time back home I was in a chandlers and went to pay for a part £12.40 with a £50 pound note and was told they didn't take 50 notes , I also notes lots of shop with signs up saying they wouldn't take 50 note , surely this in this day and age 50 isn't much , while sailing in Europe to pay with a 50 no one blinks a eye lid , I have been know to buy some thing for say 70 € and pay with a 200note in the pass with any big deal have this changed back in the U.K. or is £50 still not excepted in some shops .

Try spending a Scottish £100 note!!!!

A friend of mine at university (who wasn't from the UK) got one somehow (no idea how) and had it for weeks before he eventually gave up and took it to a bank to change!

 

[Glenlivet]

We went on holiday to Norway this year and it is the first time ever we have not used cash at all, transfer to Revolut card, convert to NOK and everywhere took card, even taxi's. I was going to say even small payments....but in Norway, there's no such thing as a small payment

Sweden was virtually the same, the only time we used cash was in the local shop and that was only because beforehand we'd changed some up and felt like we should, I think we were the only ones who paid in cash as we got an odd look when we didn't get our card out!

When I lived in Budapest 15 years ago City Taxis took credit cards, and would give you an ‘afa szamla’ (tax receipt’) when using the company card.

 

[BrianH]

As I understand it, when the Scottish banks want to issue notes, they have to deposit actual Bank of England notes to the same value. Since this would be impractical to do with standard denominations, the Bank of England sells them giants (£1m) and titans (£100m) to cover the deposit.

Why it can't just be done electronically beats me.

All part of the fiduciary house of cards that is fiat currency - something that through all the smoke and mirrors would be invisible electronically ... In other words, without physical banknote representation somewhere, non-existent money.

 

[xyachtdave]

The oft expressed view is that only drug dealers and secondhand car dealers use £50 notes.

And builders......