What happens if the bank of England decides that a design muist be replaced?

Answer 1

The Bank of England changes the design of its banknotes regularly to foil counterfeiters and to prevent foreigners or terrorists from stockpiling banknotes to the detriment of the British economy.

Once the decision has been made to change an existing banknote, or to issue a new denomination, a committee of the concerned parties meets to discuss what they want. Submissions or suggestions are sometimes taken from the public.

As do many countries, it has become the trend to put the images of famous or historically significant persons on banknotes.

When the decision on a new design has been reached, it is passed to the Chief Cashier who has the final say on any banknote design.

The new banknote is released into circulation usually with an announcement that the old banknote it replaces will be withdrawn and demonetised on a particular date in the near future.

Answer 2

A note that has been put into circulation in exchange for one that has been removed.

Sometimes notes are removed because of damage or they are worn out prematurely. When this happens, the Bank Of England replaces these notes with new ones so that the correct amount of notes are recorded in circulation. The new notes have a special prefix in the serial number so they are recognised as replacements. I believe the Bank is still using LL as the prefix on the notes.

If you find a banknote with an LL serial number in new condition it may be worth slightly more to a collector.

Answer 3

If new notes are to be introduced, the old notes remain in circulation until they are withdrawn, through the note destruction system. This process takes around two to three years. Finally, the Bank of England will give between one and three months notice that the old design is being withdrawn completely and will cease to be legal tender.