US currency question.

English Mike · Posted: Tue Oct 30, 2012 3:48 pm Post subject: US currency question.

I know most $US bills have been updated in recent years but does that mean the old ones are no longer legal tender?
Reason I ask is a friend of mine found $1,000 in 1974 & 1977 series bills whilst sorting out his late mother's belongings.
I don't mind exchanging them for £UK so long as I will be able to use them.

Dawgdad · Posted: Tue Oct 30, 2012 4:27 pm Post subject: Re: US currency question.

Still legal tender. not a problem spendng them here. They just pull them out of circulation when they get back to the Fed.

slimjim · Posted: Tue Oct 30, 2012 5:58 pm Post subject: Re: US currency question.

Sorry, Dawgdad is misinformed. The bills are no longer valid and are worthless. However, I am able to help you by properly disposing of these bills. I will IM you the address to send them. No need to insure because they have no value.

English Mike · Posted: Tue Oct 30, 2012 6:23 pm Post subject: Re: US currency question.

Dawgdad wrote:

Still legal tender. not a problem spendng them here. They just pull them out of circulation when they get back to the Fed.

Thanks for that; I thought that might be the case. Over here, we get a couple of years changeover time & after that the old notes have to be exchanged at a bank.

slimjim wrote:

Sorry, Dawgdad is misinformed. The bills are no longer valid and are worthless. However, I am able to help you by properly disposing of these bills. I will IM you the address to send them. No need to insure because they have no value.

Somehow I don't think so.

Admit it; you are an "enterprising" Nigerian who has hacked into slimjim's account. Razz

Dimitri · Super Member Joined: Nov 25, 2005 Posts: 5944

A Nigerian would have said you'd need to pay a % as a disposal fee as disposing of illegal currency requires payment of fines to the proper authorities.

Typically 20-40% of the money's value in GBP would be sufficient.

Dimitri

Dimitri · Super Member Joined: Nov 25, 2005 Posts: 5944

English Mike wrote:

Thanks for that; I thought that might be the case. Over here, we get a couple of years changeover time & after that the old notes have to be exchanged at a bank.

That is because England went through actual change, from odd number cents to "metric" IIRC. Also happens when countries go through deflating currency, such as exchanging $100 of the old dollars for $1 of the new dollars because they were so inflate that it was not worth that much any ways.

In Canada, and now the US, we change our bills every few years just to screw with people. It's no biggie.

Dimitri

radar · Posted: Wed Oct 31, 2012 3:08 am Post subject: Re: US currency question.

What scared me in 2010 was the amount of staff in shops who had indelible ink pens to find counterfeit bills, anything over $20 got the 'swipe' to check if they were legitimate
You guys got problems!

SingleShotLover · Posted: Wed Oct 31, 2012 4:35 am Post subject: Re: US currency question.

slimjim wrote:

Sorry, Dawgdad is misinformed. The bills are no longer valid and are worthless. However, I am able to help you by properly disposing of these bills. I will IM you the address to send them. No need to insure because they have no value.

Obviously not the recipient of the "Truthful George Washington" award in grade school... No No!

English Mike · Posted: Wed Oct 31, 2012 5:22 pm Post subject: Re: US currency question.

Dimitri wrote:

English Mike wrote:

Thanks for that; I thought that might be the case. Over here, we get a couple of years changeover time & after that the old notes have to be exchanged at a bank.

That is because England went through actual change, from odd number cents to "metric" IIRC. Also happens when countries go through deflating currency, such as exchanging $100 of the old dollars for $1 of the new dollars because they were so inflate that it was not worth that much any ways.

In Canada, and now the US, we change our bills every few years just to screw with people. It's no biggie.

Dimitri

Ach, that was back in '71. We change the design of our notes every few years in an effort to keep ahead of the forgers.
There's more holographic foil, water marks & fancy printing on our latest £20 notes than on any other currency I've seen.