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justthisbloke

£50 Note Being Withdrawn

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For those paranoid types (what? on hpc?) who prefer keeping you wonga in the cellar rather than a bank, the BOE are withdrawing the current £50 notes from circulation.

Details here: http://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal/default.aspx

That's a fairly short timeframe to spend them on a day-to-day basis and taking them to a bank causes the inevitable distress of AML questioning. And probably a visit from the black helicopters.

How often do these withdrawals happen? Note to self: bitcoin and gold avoid this problem.

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For those paranoid types (what? on hpc?) who prefer keeping you wonga in the cellar rather than a bank, the BOE are withdrawing the current £50 notes from circulation.

Details here: http://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal/default.aspx

That's a fairly short timeframe to spend them on a day-to-day basis and taking them to a bank causes the inevitable distress of AML questioning. And probably a visit from the black helicopters.

How often do these withdrawals happen? Note to self: bitcoin and gold avoid this problem.

That is a short time-scale.

What's the reason ?

I think it's time to invest in gold...once it stops collapsing.

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For those paranoid types (what? on hpc?) who prefer keeping you wonga in the cellar rather than a bank, the BOE are withdrawing the current £50 notes from circulation.

Details here: http://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal/default.aspx

That's a fairly short timeframe to spend them on a day-to-day basis and taking them to a bank causes the inevitable distress of AML questioning. And probably a visit from the black helicopters.

How often do these withdrawals happen? Note to self: bitcoin and gold avoid this problem.

Not the current £50. Worth reading the article properly. Storm in teacup?

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Not the current £50. Worth reading the article properly. Storm in teacup?

Not the current one no, but there is supposed to be 63,000,000 of the old ones still in circulation so it is a bit abrupt....it may be a way of flushing out dodgy holdings of cash.

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Not the current £50. Worth reading the article properly. Storm in teacup?

No but the current ones have only been out a couple of years IIRC. I'd have thought that £50s would have slow circulation so they'd allow a lot longer before they withdrew them. I've certainly got a few so it's not just an administrative tidy-up formal withdrawal.

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For those paranoid types (what? on hpc?) who prefer keeping you wonga in the cellar rather than a bank, the BOE are withdrawing the current £50 notes from circulation.

Details here: http://www.bankofengland.co.uk/banknotes/Pages/fiftywithdrawal/default.aspx

That's a fairly short timeframe to spend them on a day-to-day basis and taking them to a bank causes the inevitable distress of AML questioning. And probably a visit from the black helicopters.

How often do these withdrawals happen? Note to self: bitcoin and gold avoid this problem.

Thanks for posting this :ph34r:

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Not the current one no, but there is supposed to be 63,000,000 of the old ones still in circulation so it is a bit abrupt....it may be a way of flushing out dodgy holdings of cash.

Or you could look at it another way ,another 3 billion for the bankers to leverage up and a little boost to GDP for the dodgy ones converting it into assets of another kind

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Or you could look at it another way ,another 3 billion for the bankers to leverage up and a little boost to GDP for the dodgy ones converting it into assets of another kind

Drug dealers will be in a bit of a panic....imagine paying 50 thou in at the TSB

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I suspect either a counterfeit setup has been found with perfect notes, or there has been a high intenstity crime where a lot of 50's were used and they want to devalue them and have a chance of tracking. A kidnap/murder case, spying, large bank job etc.

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Only one of the two different types of note are being withdrawn they can be banked up to OCT 14

Perhaps they have found a big counterfeiting operation ?

That would be my guess.

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Its a good way of flushing out counterfeiters who have been drip feeding the notes into circulation....if they speed things up it may be their downfall.

I think theyll find 275BN in Threadneedle Street.

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They did something similar with a big note in Japan a few years back. The idea was that older people literally had cash under the mattress that they had accumulated and withdrawing an old design of a large note at short notice was intended to flush some of that money out and get its value in circulation again, thus boosting the economy.

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Nothing sinister, plenty of notice was given.

They announced three or four years ago that the old £50 note would be replaced. The replacement appeared a year or two later and the old notes have remained legal tender, but will soon be withdrawn.

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It's a while since I've seen a £50

What do people use them for? Apart from drug dealing, paying MPs in envelopes, bankers bonus payments etc etc.

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It's a while since I've seen a £50

What do people use them for? Apart from drug dealing, paying MPs in envelopes, bankers bonus payments etc etc.

Filling mattresses?

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It's a while since I've seen a £50

What do people use them for? Apart from drug dealing, paying MPs in envelopes, bankers bonus payments etc etc.

The soap opera villain is often seen touting a fistful.

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It's a while since I've seen a £50

I can't even remember the last time I saw one, which suggests to me that a £50 note is the about the last unit of currency any organised criminal with any sense would be using: it simply draws attention to itself. Tenners and £20s are the only notes in widespread, routine circulation anymore (even £5s are now comparatively rare, because most ATMs don't dispense them), and so if I were a career criminal trying to operate under the radar, that is what I'd use.

Edit - same thing with the $100 note here: attempting to use one immediately attracts suspicion. A few years ago (when I was still living in the UK) I bought $1k in cash for a trip from a website that offered a very good exchange rate. It arrived in the form of 10 $100 notes. The first time I tried to use one, three places refused to accept it outright (it is very common to see "No bills over $20" signs at checkouts here), and a fourth called the police, who then questioned me as to how I got it. When I told them, they advised me to go to a bank the following morning, with the receipt from the forex company, and change the others into $20s. The police officer explained that $50s and $100s are almost never used in routine transactions (ATMs don't dispense them and bill acceptors in vending machines won't take them), they're mainly used by organised criminals and there are lots of forgeries in circulation.

Edited by The Ayatollah Buggeri

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It's a while since I've seen a £50

What do people use them for? Apart from drug dealing, paying MPs in envelopes, bankers bonus payments etc etc.

A store of value - isn't that what money is all about?

Of course, 50 pound notes are a bit crap in that function; they diminish in value by about 3% pa; you face the risks of fire, theft, and confiscation; and whenever you try to spend them in the corner shop they look at you as if you'd just proffered a steaming turd.

However, they do keep one's loot out of the hands of banks and provide a bit of diversification.

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