Bank of Ireland Legal Tender Notes

Bank of Ireland Legal Tender Notes

Report 2022 We are not responsible for the design of the six banks` banknotes or their resistance to counterfeiting. Although the majority of the £20 and £50 paper notes in circulation have been replaced by new polymer versions, there are still more than £5 billion of paper notes in circulation, £20 billion with economist Adam Smith and nearly £6 billion of paper notes with engineers Boulton and Watt. That`s more than 250 million individual 20-pound notes and more than 110 million 50-pound paper notes. Footnote [1] The Bank of England will withdraw legal tender status for paper notes valued at £20 and £50 after September 30, 2022. After this date, companies will no longer accept these tickets as a means of payment. 257 million paper banknotes worth £5.1 billion (as at 9. September 2022) and 118 million 50 pounds of paper worth 5.9 billion pounds (as of September 9, 2022) are still in circulation. In February 2019, First Trust Bank stopped issuing its own banknotes in circulation and replaced them with Bank of England banknotes as they will be withdrawn from circulation. All First Trust Bank notes can continue to be used until 30 June 2022, after which they will no longer be used as legal tender.

Banknotes have been issued specifically for use in Northern Ireland since 1929 and are denominated in pounds sterling. They are legal tender, but technically nowhere is legal tender (including Northern Ireland itself). This is not unusual, as most banknotes are not recognized as tenders. [1] However, banknotes are still widely accepted as currency by major traders and institutions in other parts of the UK. The issuing banks obtained the legal right to issue money and secure the notes with deposits with the Bank of England. Before the introduction of the euro, three series of banknotes were issued, the “A series”, the “B series” and the “C series”. Each series was legal tender. A number of “consolidated notes” were also issued, but they were not legal tender.

The A series is known as the “Lady Lavery” banknotes commissioned by the Monetary Commission. Series B was commissioned by the Central Bank of Ireland and featured Irish writers, artists and philosophers, and Series C featured famous Irish historical figures. 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] Ulster Bank launched a new series of polymer vertical notes in 2019 and 2020, replacing all of its paper notes in circulation. [14] [15] In 2008, the bank released a new series of £5, £10 and £20 notes known as the Bushmills Series, adding it in 2012 with the £50. However, the £100 denominations from Queen`s University Belfast remain the current £100 note.

The Bushmills series was reprinted in 2013 with the same design features and enhanced safety features. Three banks are authorised to issue banknotes in Scotland: under 3. May 2021 completed Transfer of the business from Ulster Bank Limited to National Westminster Bank PLC in 2020, the right to issue banknotes was transferred from Ulster Bank Limited to National Westminster Bank PLC on 30 June 2020. [16] Finally, the article explains how the completion of the changeover to the euro included the enormous tasks of printing and typing sufficient amounts of euro in cash. Distribution to banks and retailers as well as the withdrawal of the Irish pound will be examined. The final changeover from the Irish pound to the euro went smoothly and quickly. The old grades are the Queen`s University Belfast and Bushmills 2008 and 2013 series. These notes are still circulating and some may have different dates and signatures than those listed below, but the security features remain the same. If in doubt, please visit your branch.

First Trust Bank`s current banknotes have a generic representation of a Northern Irish person.