I had no idea! I was only in Northern Ireland for a few days and as our hotel and rental car were taken care of, I only used my credit card. Thank you for clarifying all this, it is also quite interesting to read and complicated haha =o) The bank has been issuing banknotes since 1694. The notes were originally handwritten; Although they were partially printed from 1725, cashiers still had to sign each note and pay it to someone. The notes were printed in their entirety from 1855. Until 1928, all notes were “White Notes”, printed in black and with an empty back. In the 18th and 19th centuries, white notes were issued in denominations of £1 and £2. During the 20th century, white notes were issued in denominations between £5 and £1000. Ulster Bank launched a new series of polymer vertical notes in 2019 and 2020, replacing all paper banknotes in circulation. [14] [15] Modern banknotes are printed on behalf of De La Rue Currency in Loughton, Essex. [77] The last private bank in England to issue its own banknotes was Thomas Fox, Fowler and Company Bank in Wellington, which grew rapidly until its merger with Lloyds Bank in 1927. They were legal tender until 1964. There are still nine banknotes in circulation; One is located at Tone Dale House, Wellington.

The bank, which changed its name to AIB Group on April 8, 2019, said: “The decision to stop issuing our own banknotes was a business decision that took into account the increasing use of digital payment methods and mobile technologies.” Whistleblowing occurs when an employee reports alleged misconduct at work. The Bank of England is a “regulated person”, which means you can make a whistleblower disclosure to us about the Scottish and Northern Irish banknote regime instead of your employer. This is commonly referred to as “public interest disclosure.” An employee may report things that are incorrect, illegal or if someone neglects their duties at work, including: The bank is one of eight banks authorised to issue banknotes in the UK, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. [11] At the beginning of the First World War, the Currency and Bank Notes Act 1914 was passed, which granted the British Treasury temporary powers to issue banknotes worth £1 and £10/- (ten shillings). Treasury bills were legal tender and could not be converted into gold through the bank; They replaced the gold coin in circulation to avoid a scramble for the pound sterling and allow the purchase of commodities for arms production. These notes featured an image of King George V (Bank of England banknotes did not show an image of the monarch until 1960). The wording of each banknote read as follows: Some banks in Northern Ireland are allowed to print their own banknotes. Of course, this means that each bank made its own drawings and put different images on them. It may sound like play money, but I assure you that it is quite legitimate. These are the banks with printing rights: Well, because of the secrets of legal tender and the somewhat arbitrary way in which banknotes are accepted or not accepted in the UK, depending on where they were issued. The bank has a monopoly on the issuance of banknotes in England and Wales. Scottish and Northern Irish banks retained the right to issue their own banknotes, but they had to be guaranteed individually with deposits with the bank, with the exception of a few million pounds equivalent to the value of the notes they had in circulation in 1845.

In December 2002, on the advice of Close Brothers Corporate Finance Ltd.[66], the Bank decided to sell its banknote printing business to De La Rue. [66] In 2006, more than £53 million of banknotes were stolen from a deposit account in Tonbridge, Kent. [76] Three banks have the right to issue banknotes in Scotland: until the mid-19th century, commercial banks were allowed to issue their own banknotes, and notes issued by provincial banking companies were generally in circulation. [72] The Bank Charter Act of 1844 initiated the process of restricting the issuance of banknotes to the bank; New banks were banned from issuing their own banknotes and banks issuing existing banknotes were not allowed to extend their issuance. When the provincial banks merged into large banks, they lost their right to issue banknotes, and the English private note eventually disappeared, giving the bank a monopoly on the issuance of banknotes in England and Wales. The last private bank to issue its own banknotes in England and Wales was Fox, Fowler and Company in 1921. [73] [74] However, the restrictions of the 1844 Act concerned only banks in England and Wales, and today three commercial banks in Scotland and four in Northern Ireland continue to issue their own notes, which are regulated by the bank. [11] Paying for things is ultimately an agreement between two parties. If the person or company you`re buying from agrees to take the notes you have, that`s okay for that transaction.

You can find small shops in England that refuse to take £50 bills because they have trouble giving change. Although it is legal tender, the store owner can refuse to accept it if he wishes. Great answer, right? Read on to find out where you can use Northern Irish and Scottish banknotes in the UK. Assets can be a combination of Bank of England banknotes, UK coins and funds held in an account with the Bank of England. This means that in the event of a bank failure, the supporting assets could be used to compensate anyone who owns one of its notes. Report 2022 We are not responsible for the design of the six banks` banknotes or their resistance to counterfeiting. A Curiously, traders and taxi drivers have every right not to accept this currency. There are two banks in Northern Ireland that issue banknotes, and although this money is in pounds sterling, it is not actually legal tender in England. Many retailers will still accept them, but they are not required to do so, according to the Bank of England.

AIB Group (UK) plc (formerly First Trust Bank in Northern Ireland) has stopped issuing banknotes as of 30 June 2020. Holders of these bonds should exchange them with AIB as soon as possible. Information on where banknotes can be exchanged can be found on the AIB Banknotes page. The six Scottish and Northern Irish banks are required by law to set aside assets that are worth at least the value of all the banknotes they have in circulation. This ensures that people with genuine banknotes issued by the six banks enjoy a similar level of protection as people with genuine Bank of England banknotes. First Trust Bank is a subsidiary of Allied Irish Banks (AIB). AIB was established in 1966 from the merger of a group of small banks. As a result of this merger, the notes issued by the Provincial Bank of Ireland were reissued as Allied Irish Banks. In 1991, AIB merged with TSB Northern Ireland and began operating as First Trust Bank, and since then the bank`s banknotes have been issued as First Trust Bank. [6] The Bank Charter Act 1844 linked the issuance of banknotes to gold reserves and gave the bank the exclusive right to issue banknotes in England. Private banks that previously had this right retained it, provided that their head office was outside London and that they deposited collateral for the notes they issued.

Some English banks continued to issue their own banknotes until the last of them was taken over in the 1930s. Private banks in Scotland and Northern Ireland still have this right. The issue of banknotes in Northern Ireland is regulated, inter alia, by the Currency and Banknotes Act 1928, the Coins Act 1971, the Banknotes (Ireland) Act 1864 (c. 78), the Banknotes (Ireland) Act 1920 (c. 24), the Bankers Act 1845 (Ireland) and the Bankers Act 1928 (Northern Ireland) (c. 15). Q I was recently in Belfast and withdrew money from a Northern Bank ATM. Since I didn`t spend everything, I went back to England with a few notes, but every time I tried to use them to pay for goods in shops or for taxi rides, I would encounter a rejection. Surely this money is legal tender as sterling currency throughout the UK? In Belfast they were very happy to accept the sterling notes I had brought from England. As part of the transfer of ulster Bank Limited`s business to National Westminster Bank PLC, which was completed on 3 May 2021, the right to issue banknotes on 30 June 2020 was transferred from Ulster Bank Limited to National Westminster Bank PLC in 2020.

[16] In short, we are responsible for verifying that the six Scottish and Northern Irish banks issuing banknotes comply with the rules on asset guarantees. We have published an approach to regulate Scottish and Northern Irish banknotes. It`s not that they don`t accept them in England and Wales. It`s just foreign to them. NI and Scottish notes are promissory notes, not legal tender, so while they may not be forced to accept them in England (as many people mistakenly think), they can accept and use/bank them. I would say that 9 times out of 10 I tried to use them in England, it was good. Most retailers/innkeepers will only search for the word sterling. Assistants often call their supervisor to check this. Legal tender varies widely across the UK and some of its countries technically have no mention of legal tender (if you look at Scotland and Northern Ireland).