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LONDON, Sept 8 (Reuters) – The Bank of England said its Queen Elizabeth notes remained legal after the monarch`s death on Thursday. The wide variety of sterling banknotes in circulation means that acceptance of different sterling banknotes varies. Their acceptance may depend on the experience and understanding of each retailer, and it is important to understand the idea of « legal tender », which is often misunderstood (see section below). Until 31 December 1984, the Bank of England issued £1 notes and these notes were legal tender in Scotland and Northern Ireland for as long as they existed. The Currency and Bank Notes Act 1954 defined Bank of England banknotes with a denomination of less than £5 as legal tender in Scotland. [34] Since the £1 note was withdrawn from circulation in 1988, a legal curiosity remains in Scottish law that there is no legal tender in paper form in Scotland. The UK Treasury has proposed extending legal tender to Scottish banknotes. [ref. needed] The proposal was rejected by Scottish nationalists, who say it would limit the independence of the Scottish banking sector. [35] There are various ways to make payments without legal tender. Legally, a merchant is allowed to accept any payment he wants in exchange for his goods.

If they want to exchange one of their items for another, they have every right to do so. The importance of legal tender comes into play in payments such as debts, corporate taxes, fines and other official payments to or on behalf of government organizations. If you propose to pay such a debt as legal tender, the creditor must legally accept it. Bank of England banknotes are the only banknotes of legal tender in England and Wales. Scottish and Northern Ireland banknotes are not legal tender anywhere, and Jersey, Guernsey and Manx banknotes are legal tender only in their respective countries. Although these banknotes are not legal tender in the UK, this does not mean that they are illegal under English law and that creditors and traders can accept them if they wish. Merchants, on the other hand, can choose not to accept banknotes as a means of payment, as contract law throughout the UK allows parties not to make a transaction at the time of payment if they do not wish to. [27] The Bank of England, now the central bank of the United Kingdom, the British Crown Dependencies and the British Overseas Territories, has been issuing banknotes since 1694. In 1921, the Bank of England obtained a legal monopoly on the issue of banknotes in England and Wales, a process that began with the Bank Charter Act of 1844, when the ability of other banks to issue banknotes was restricted. Another form of payment that is not legal tender is cryptocurrency. With the rise of online shopping, there has been a demand for alternative forms of payment, and cryptocurrency is becoming increasingly popular.

However, it is not even considered legal tender in most of the world, and it will likely take many years for the opportunity to present itself. The Isle of Man government issues its own banknotes and coins, which are legal tender on the Isle of Man. Manx pounds are a local issue of the pound sterling, but the word « sterling » does not appear on banknotes. These notes can be exchanged at banks and bureaux de change in the UK. The Bank of England has a legal monopoly on the issue of banknotes in England and Wales, but for historical reasons, six banks, three in Scotland and three in Northern Ireland, also issue their own notes, which circulate in the system and can be used for cash transactions anywhere in the UK – but the law requires issuing banks to own a sum of Bank notes. of England (or gold). the total value of debt securities issued. [3] Versions of the pound sterling issued by Crown Dependencies and other territories are regulated by their local governments, not the Bank of England. Seven retail banks have the power of the UK Treasury to issue sterling banknotes as currency. [91] [92] Nevertheless, banknotes may be rejected at the discretion of recipients in England and Wales and are often not accepted by banks and bureaux de change outside the United Kingdom. This is particularly true for the Royal Bank of Scotland`s £1 note, which is the only £1 note still in circulation in the UK.

[93] More and more e-commerce businesses are accepting cryptocurrency as a means of payment, although for now it is limited to more alternative businesses.