Exchanging old £ notes
 

A friend has given me a few old £ notes he acquires years ago and asks me to exchange them for him. I assume that I will have to go to some central bank to do so. Does anyone know where this might be and how the process works?

I've got a brief London trip coming up in another week and thought I might accomplish this during my visit.

Barry

This is from the Bank of England's home page:

"Some banks, building societies, and Post Offices may still accept the most recent of the notes withdrawn from circulation for deposit to customer accounts or exchange for current series notes. However, agreeing to exchange these notes is at the discretion of the individual institution.

All Bank of England notes from which legal tender status has been withdrawn remain payable at face value forever at the Bank of England in London. Any such notes may be presented for payment either in person during business hours, or sent by post (at the sender’s risk) to Exchanges, Bank of England, Threadneedle Street, London EC2R 8AH."

so note - if those notes were issued by the Scottish or Irish banks, then you won't be able to exchange them at the Bank of England. Since the last £1 notes were issued by Scottish banks, you may have problems

If the note is issued by a Scottish or Irish bank, then just walk into any local branch of the bank to exchange them. They cannot refuse to take their printed own notes even if they are no longer in issue. Having said that, I know of no Scottish or Irish bank that have discontinued bank notes in recent history.

If it is the Bank of England, just walk up to front door of the Bank of England, smile at one of the men in the pink tailcoats and top hats at the door and tell them you want to change an old note. I think they do it just inside the front door or they may ask you to go around to the museum entrance by the side of the building (opposite from the Royal Bank of Scotland branch). The museum is a reasonable visit if you have the time.

Actually, I believe if you bring an old note to any bank, need not be the Bank of England, and they would do it for you,

Other than perhaps the Northern Bank replacing all its bank notes after the heist in Belfast just a year past December...

gvdIAD,

Thanks for the info. I went down to Bank Street Station and go to the Bank of England to exchange the notes. Actually, the whole experience was very interesting.

Bank Street is a huge Underground interchange with 9 different exits. I find my exit for the Bank and head up to the street. It's pretty confusing for the first-timer as one emerges to the street with all of the converging streets and buildings. I end up walking nearly 360 degrees around the Bank building before finding the entrance.

Once inside I'm stopped by a plain clothes security agent and a fellow dressed in pink tails and a black top hat. The security agent asks my business and wants to see the notes before I can proceed further. So I get to experience a taste of old English tradition and modern day reality as one rememember the sensitivity of London's banking district to today's world.

Barry

jerseyfinn,

Glad it worked out. What really caught my attention on the Bank of England notice was the fact that the old notes were payable at face value "forever." I can't imagine many other central banks that would make the same promise.

I agree, the Bank Street Station is quite confusing. Too bad the Bank's museum is currently closed. I found it to have some interesting exhibits and never to be full.

Just one point - It's not Bank Street, just "Bank". As such, the station is simply known as Bank Station.

Actually seems like a good idea, suppose someone takes in a £1 note from the 1800's the bank says thanks sir, here's a nice shiny £1 coin, and turns around and sells the note for a few thousand!