Interesting facts about money

As we all know the use of the Pound Sterling is what enabled consumers to function in the current financial climate. For many years the use of money has allowed us the ability to make purchases, provide gifts, enjoy adventures and of course, manage our day to day living costs. Increasingly it is obvious that the use of actual cash is becoming less common and many millions of consumers now prefer the safety and convenience which comes with electronic means of money use; whether this be a debit card, credit card, online transfer, PayPal payment, Google Wallet or any one of the many other reasons at our disposal. Quite simply without money the world as we known it would not keep spinning. Money is the foundation of all we do and hope to do in our futures. The Pound Sterling has changed an awful lot over the years, in not only its design but also the fundamental make-up of the currency itself. It is only this year that we have seen the very first plastic note; the £5.00 note which is designed to move Pound Sterling and its physical currency into the future thanks to its plastic design and higher security reducing the likeliness of fraudulent copies being made. The pure value of money has altered quickly over the last few decades as well and where for example a pint of lager might have costed £1.50 25 years ago, nowadays it could be as much as £4.00. The same could of course be said for the cost of housing, holidays, clothing, banking and many other consumer resources. With all of this in mind then, what else is there to learn in terms of the Pound Sterling and it’s long dating history.

Pound Sterling is available for use via a number of different notes and coins, these are the 1p, 2p, 5p, 10, 20p, 50, £1.00; being all the coins and then £5.00, £10.00, £20.00 and £50.00 in note form. Given the fact that Pound Sterling is not used only in UK and is also the currency of Jersey, Guernsey and the Isle of Man, there are examples of other forms of this currency in existence. Take for example the £1.00 note which is available in all of the afore mentioned places. The £1.00 note was once in circulation in the UK and was only removed by the Bank of England in 1988.00. The likes of Guernsey, Jersey, Scotland and also Northern Island all have £100.00 notes in circulation and available for everyday use. Outside of these everyday coins and notes here in the UK, there has also been a number of limited production or celebratory coins been made available. Take for example the £5.00 coin and the 25p coin which are legal tender but are no longer produced and can be considered of a collectable nature. Rather staggeringly, there are in fact notes which carry much higher values, which are known as Giants and Titans and are held by both Scottish and Northern Irish Banks. The Giant is a note of £1 million pounds’ value and the Titan is an eye watering £100 million pounds’ value. Before we get any ideas about these being normal and usual tender, there are actually held by these banks due to the requirement for them to hold the equal amount in Pound Sterling as the notes which they issue in their own currency.

Another interesting fact concerning money use here in the UK is what is legally acceptable and not; as the case may be. It would probably be fair to say that when we find that we have a store of 1p and 2p coins we want to get rid of them as quickly as possible. Where some of us may simply store these away or use one of supermarket based machines which accept and convert this change into larger tender, some of us wish to spend the money in a shop or store. Much like the £50.00 note which is not always accepted by some companies, in the UK shopkeepers are allowed to refuse payments in certain values of change. This actually means a shopkeeper can reject, if they wish, payment in more then 20p in 1p and 2p coins. This is extended to more than £5.00 in 5p, 10p and 50p coins. So perhaps the next time you think about purchasing a sandwich with all your left over 2p coins, just remember the shop may decide they want to exercise their right to say no thank you!   

Representative Example: Representative 1286.98% APR on a loan of £300.00 with 5 monthly repayments of £101.03 Total amount repayable £505.13 Annual interest rate (fixed) 290%

Warning: Late repayment can cause you serious money problems - For help, go to moneyadviceservice.org.uk

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Author: Internal Customer Services Agent

 

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