The Bank of England will introduce a new style £50 note into circulation on 2 November 2011. But with many £50 notes being refused for purchases in many commercial properties across the UK, will retailers and businesses be more willing to accept the new £50 note?
The new style £50 was first designed in 2009 and features two 18th century icons, James Watt, who was an engineer and entrepreneur Matthew Boulton. This will be the first time in history that two pictures of people will appear together on a bank note. The Queen will feature on the other side of the note as normal.
The two men were chosen for their input in developing steam technology which changed the mining and cotton factory industries forever. Mervyn King, Bank of England Governor expressed, “The bank’s choice of Boulton and Watt, a reminder of the invaluable contribution from engineering and the entrepreneurial spirit to the advancement of society, I think, well reflects this.”
“So many of the advantages society now enjoys are due in large part to the vital role of engineering and the brilliance and foresight of people such as Boulton and Watt, whose development and refinement of steam engines gave an incredible boost to the efficiency of industry.”
“The unique and rare opportunity that the bank has through its banknotes to acknowledge and promote awareness of our nation’s heritage of artistic, social and scientific endeavour is an honour for us. Mervyn added.
Many cash-strapped people will never even come in contact with a £50 note. Even if they do get their hands on one, more than likely they will not keep it for long. But will a commercial property retailer take it off their hands? One unhappy shopper stated, “When I tried to spend a £50 note at a shop they checked the note with the UV pen things that they use, called over security and the manager and got a 2nd and 3rd opinion on the note before deciding not to let me spend it even though the UV showed it wasn’t a fake and they had no issues!”
So what do you do if you are stuck with a £50 note that commercial properties will not accept? Sadly the only solution is to visit the bank yourself and ask them to exchange it for smaller notes. But if the currency is legal tender, then surely commercial properties have an obligation to accept the note.
So what will happen to the old style £50 bank note? The Bank of England has yet to announce when the old £50 note will be withdrawn, but people need no to worry as the note will not become worthless. Instead you will simply have to visit the bank to exchange it. There are currently 210 million £50 notes in circulation which are worth £10.5 billion. This is an increase of 84 per cent as compared to 2004.
However many commercial property retailers refuse the accept the note on the grounds that they cannot prove it is real, but really they do not want to part with the change that is required for a £7.99 purchase. In any case they do have the right to keep hold of change, as they themselves are not a bank.
