Paying with plastic takes on a new meaning

  oresome 09:58 13 Sep 2016
Locked

with the introduction of the new £5 note today.

I'm having to empty the mattress of the old notes whilst they're still legal tender.

  daz60 12:54 13 Sep 2016

How long before the counterfeits arrive though.? Whatever they say the criminals always find a way.

  Fruit Bat /\0/\ 14:32 13 Sep 2016

Saving Interest Rates down to 0.05%

Might as well spend all the old fivers rather than put in bank.

  Forum Editor 16:36 13 Sep 2016

I've used plastic banknotes in Australia, and I like them.

Mind you, a fiver doesn't buy that much these days, I imagine a £5 coin can't be too far off.

  bumpkin 20:50 13 Sep 2016

I thought there was a £5 coin for general circulation which makes more sense but rarely see one unless I am wrong.

  morddwyd 21:07 13 Sep 2016

We've been using them for a while in Scotland.

No big deal.

  bumpkin 23:20 13 Sep 2016

Why don't they mint some more then. it has to be cheaper in the long run and more convenient in my opinion. I am almost certain that they were around in England a few years back, similar to the £2 coin but a bit bigger.

  Forum Editor 05:27 14 Sep 2016

bumpkin

There has never been a £5 coin in general circulation. From time to time the Royal Mint issues commemorative coins, and although these have 'legal tender' status, they are not intended for general circulation, so most banks and many retailers will not accept them. The £5 coimmemorative coins are not legal tender in Scotland or Northern Ireland.

This is 'legal tender' thing is often misunderstood. People believe that a retailer is bound by law to accept any note or coin which has legal tender status, but that's not the case. When you offer coins or notes for something in a shop you are technically making an offer to the shopkeeper to enter into a contract, but he or she is not bound to accept - your money may be refused quite legally.

If you offer legal tender banknotes or coins in settlement of a debt however, the other party is legally bound to accept. If you make such an offer and it is refused, the other party cannot subsequently take legal action for non-payment.

  BT 08:47 14 Sep 2016

Will the new 'Plastic' notes be suitable for screwing up in your pocket. The reason paper notes don't last very long these days is because men (mostly) just screw them up in their trouser pockets. No-one especially the younger generation, don't use a wallet anymore

  Quickbeam 09:21 14 Sep 2016

"is because men (mostly) just screw them up in their trouser pockets."

For that reason we should have had the £5 coin over a decade ago.

'Legal tender'. Don't forget that bank notes have "I promise to pay the bearer on demand the sum of ..." printed on them. So even thought they have dropped out of general circulation, the Bank of England (and I also assume the Bank of Scotland), must exchange it for a general circulation one.

  Southern born 12:38 14 Sep 2016

Forum Editor

The £5 coimmemorative coins are not legal tender in Scotland or Northern Ireland.

The Royal Mint appear to disagree with you on that one.

Royal Mint

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