Home |
Search |
Today's Posts |
![]() |
|
London Transport (uk.transport.london) Discussion of all forms of transport in London. |
|
LinkBack | Thread Tools | Display Modes |
#11
![]() |
|||
|
|||
![]()
Peter T. Daniels wrote:
In 1992 I bought some pound notes in Northern Ireland, because I would be staying a few days in London after my speaking engagement in Dublin. I was surprised to read on them that they were specifically Northern Ireland currency, even though the were issued by the Bank of England and legal tender throughout the United Kingdom (they said.) "Legal tender" is one of the most misunderstood concepts going. It does *not* specify which coins & notes must and must not be accepted by retailers. It merely applies to the repayment of debts - if a debtor offers payment in legal tender the creditor cannot *refuse* it without relinquishing the debt. (A semi-practical example is of tax & fee protestors eventually repaying with wheelbarrow loads of pound coins as a final gesture of defiance.) Retailers are free to accept and reject whatever notes and coins they like. Examples include: * A lot of shops don't accept the £50 note whilst some others will only accept it above a minimum purchase * A number in tourist areas and airports will accept major international currencies but with varying policies on precisely which ones and how high a denomination * A lot of shops in Northern Ireland accept the Euro to attract crossborder traffic from the Republic ....and when particular note & coins have been phased out some shops have been more willing to accept them past the official withdrawal date than others. |