Cash4coins Blog

All about the new £10 note

18th July, 2017 was the 200th anniversary of the death of Jane Austen. The Bank of England unveiled the new £10 note on this day which has Jane Austen on the back. The new note “will recognise her universal appeal and enduring contribution to English literature”, Winchester Cathedral said in a statement concerning the launch.

“There can be no better place to unveil the new £10 banknote, featuring Jane Austen, and there can be no better time than today, the 200th anniversary of her death,” Bank of England governor Mark Carney said at the launch.

The new £10 note enters circulation on 14th September. “The £10 paper banknote is the oldest Bank of England banknote design in circulation and therefore the security features require updating to take advantage of developments in technology,” the Bank said in a recent paper.

Production of the new £10 polymer note began last August and the Bank has already printed more than 275 million notes, but they’re not quite ready to launch yet. The new note will be smaller than the current one – but larger than the new fiver. The size ratios will be the same as the ones between the old paper fiver and paper tenner. It will be made of the same materials as the new five pound note too.

The new £10 has a few distinct features about it.

 

Tactile feature
The front has raised print. Two clusters of raised dots in the top left hand corner. This tactile feature will be particularly helpful to blind people or partially sighted people to help them identify the value of the note. The polymer £20 will also have a tactile feature, but with a different pattern. The polymer £5 will be identifiable as the only polymer note without a tactile feature.

Cleaner, safer, stronger
The beauty of polymer notes is their strength. They are more cleaner and ultimately last longer than paper notes. Polymer notes are more resilient to dirt and moisture so they will stay cleaner much longer than paper notes. The enhanced security features make them very difficult to be counterfeited. A polymer note is not indestructible; however, wear and tear is far longer than paper notes with a lifetime expectancy of 2.5 times more than a paper note.

What do I need to do?

Absolutely nothing, the current £10 notes will gradually be withdrawn as retailers and businesses bank them. The note can still be used until the Spring of 2018 when it will be withdrawn from circulation. The Bank of England will give 3 months’ notice prior to withdrawal.

Exchange Your Old Foreign Notes Today

Out of circulation? No problem! We can help you exchange them before it’s to late.

As the excitement for the next £5 note and £1 coin calms down, we look at when they are discontinued and what you can do to keep those penny’s safe so you can still get your money’s worth. As well as this, we will let you know what exactly is old but still exchangeable for now, so you still have time to get your soon to be expired coins and notes into us.

UK £5 Notes

As you’re probably aware, the change-over in fiver’s from paper to plastic saw the UK going into meltdown… Literally. The so-called indestructible plastic note that saw people trying to tear, melt and even use them to play through a vinyl player! However, you may not be aware that the old beloved fiver note has now been discontinued. Do not fear, we are still happy to exchange these for you!

Cypriot Pounds

Now, you may be less familiar with the news that the Cypriot pounds will no longer be accepted after 31st December 2017. If you have holidayed abroad to the beautiful country of Cyrpus in the last 9 years, you may be aware that the Cypriot Pound was swapped for the Euro in 2008. Now, if you happen to find a few of these lying around in old suitcase, under the sofa or in the ‘junk’ drawer then please don’t forget to contact us before December 31st!

Cypriot-1-Pound-Banknote-Front-Issued-1997

Spanish Pesetas

Whilst this one is a little less urgent, it is still crucial you get your left over Spanish Pesetas before December 31st 2020 (that gives you 2 and a half years of rummaging!) The Spanish Peseta has changed considerably over the years with a changeover in the 1980’s from old chunky notes, to notes that were designed around a modern era and had features such as the security thread and florescent fibres, as well as the large engraved images of history figureheads. However, these were changed again in the early 90’s, introducing American figureheads on to their currency as well as Spanish, to celebrate the fifth centenary anniversary of the discovery of ‘modern’ American. These notes included even more security features, including that of the advanced lithographic ink. This ink helps to detect fraud when an ultraviolet light is placed over them. They even had a feature added that helped people with impaired vision to distinguish the notes through embossed marks. These advanced notes then paved way for the new Euro notes that were introduced into Spain in 2002.

Spanish-500-Peseta-Banknote-Front-Issued-1979

Using this as a gentle reminder, get searching and collecting those unused, unwanted coins and notes and send them over to us whilst you still have time! If you have any queries, feel free to get in touch with us at Cash4Coins so we can help you get the most out of your exchange.

UK Households Unearth More Than £3.79 Billion in Lost Change & Foreign Currency Each Year

A UK study has revealed that the average British home harbours more than £140 in “lost” UK sterling and foreign change. The sides of the sofa, clothing pockets and the back of drawers are the most likely areas to uncover forgotten cash. 

 

New research has found that Britons have three different types of foreign currency at home from previous trips abroad at any one time. Euros, US Dollars and Turkish Lira were revealed as the most common kinds of international notes and coins unknowingly hidden in the average UK property. 

The team at www.web-blinds.com polled 2,948 British adults aged 18 and over as part of the study into hidden finances of the average UK home. Participants polled were spread evenly across each of the UK regions, with all those taking part currently renting or owning their own property. 

Firstly, all respondents were asked how often they found loose change (UK or foreign notes and coins) in unexpected areas of their home, with the vast majority (93%) admitting that this happened to them on weekly basis. When these individuals were then asked to estimate how much was found during each discovery, the average amount emerged as £2.70, equating to £140.40 over the course of a year. Taking into account the total number of households within the UK (27.1 million*) this would equate to £3.79 billion found across the entirety of British homes each year. 

Everyone taking part was then given an extensive list of possible answers and asked to state the areas that they’d previously uncovered forgotten change (coins and/or notes) in their homes, with the five most common answers emerging as follows: 

1.       Down the side of a sofa/under cushions – 72%

2.       Inside clothes pockets – 64%

3.       At the back of drawers – 49%

4.       Under the bed – 22%

5.       Inside pots and/or ornaments (e.g. vases) – 16%

Participants were given the option of ‘other’ in order to add in some of the more unusual locations they’d found hidden change in their homes. From this, researchers uncovered that a total of nine participants had found loose change hidden in a pet’s bed, while seven respondents managed to retrieve money that had been dropped into their toilet bowl. 

When asked if foreign currency from travelling abroad had been amongst the loose change found around their home within the last year, more than three quarters of respondents (77%) admitted that it had been. Of these, the majority (84%) stated that they’d forgotten they had the currency following their return from foreign trips, as there wasn’t enough to convert back into UK sterling. The most common foreign currencies unearthed in UK homes emerged as Euros (78%), US Dollars (23%) and Turkish Lira (19%).

Kirsty O’Sullivan, spokesperson for web-blinds.com, said:

“Finding a little unexpected treasure at the bottom of your sock drawer or down the side of your sofa can be a thrill – depending on how much you discover.” 

And with that, we encourage you to have a rummage behind your sofas, under the bed and definitely under where ‘X’ marks the spot in your garden (who knew that was there?). And if you happen to come across those coins that you have no use for, then why not give us a call, so we can help you shift that unwanted currency!

A Brief History of the Knights Templar

And London’s First bank…

Our knowledge of currency stems from the invention of trade between merchants. This was often trade between workmen, trading their services, goods or cattle.  However, the concept behind storing currency to those who could be trusted with others money was one that came about in the 1100’s. It was established by a group of men called the Knights Templar.

 

Who are the Knights Templar?

These groups of men were thought to be warrior monks that were highly faithful to their religion and the holy war and fancied themselves as loyal to their hierarchy. Their home was situation on Fleet Street in London, a place called Temple Church. This church still exists today and is not just known as the residency of the Knights Templar, but home to London’s first bank.

Why and how did they come to create London’s first bank?

The thought behind this idea came from the pilgrimage that the Knights were dedicated to: a voyage that took them thousands of miles from London to Jerusalem. They needed somewhere to store and exchange their money safely and trustfully and avoid taking large sums of cash from one end of Europe to the other. The idea was that they could store their money in London and withdraw it in Jerusalem, saving them from being burgled when carrying large amounts of cash and still being able to afford food ad resources for their journey.

How did it work?

Though not the same of banks today, which are typically ran by the government, these banks were thought to be ran privately, owned by the Pope and connected through Kings and Queens across Europe. This allowed some sense of security for the Knights. However, this was not just a typical exchange and transfer of money for its users, the bank provided financial services. The Templars acted as brokers, providing Kings and Queens with land through the means of loans and yearly payments. It is known that the Crown Jewels were kept there as a security loan for payments of small islands across Europe, similar to the pawn-brokers of today, although on a much larger scale (I have a feeling that the Queen has never popped down to her local pawn shop with the Crown Jewels for a house in the countryside!) Though this did not last forever and eventually the European order of this bank and others broke down by the 1300’s after the European Christians lost control of Jerusalem.

 

New Ventures

However, all is not lost. Though the Templar disbanded, an Italian merchant placed in Lyon, France, decided to buy and sell debt, becoming very rich. While the other merchants around him were laboring, trading their goods, this Italian merchant simply sat and waited for money to come to him. He would sell something called a ‘bill of exchange’ that could be recognised, not as money, but as a means of exchange for money in the Italian province of Florence – Many miles away from the small town in France where he resided. It eventually become a large network and as this network of bankers grew, they would meet every year at fairs in places such as Lyon to go through their books and settle any unwanted debts. From this model comes the credit card, a system that allows a simple piece of paper (or in today’s technology, a chip and pin card) to exchange credit for goods: a radical new system that was worth investing in.

Hierarchy

This system did not come without mistrust and a band of hierarchy that became corrupt with power. Much like events we saw on Wall Street in the 80’s, banks and organisations alike across the world would come together in an effort to avoid paying tax and creating private money between the hierarchies that were untouchable by the government. The regulations of these banks have been tested time over by governments across the world, yet it seems that those holding the most power (and coincidently, the most debt) will always prevail. Even back in the 1300’s the Templars saw their fate as one of torture by the King, who had outstanding debts he couldn’t pay off. Instead of simply working with these men to sought restoration, he used his hierarchy to have them tortured and burned to death in order to claim back what he believed to be his.

 

Great minds think alike

This may have been a great new way to share and exchange money but back in China, several centuries earlier; the Tang dynasty used a similar format called “feiquan”. This can be translated to ‘flying money’. It was a system that allowed merchants to deposit their profits into a central office and then withdraw it in cash in the capital.

Although this is a great piece of British and European history, we won’t let you go through the hassle of long voyages or trading cattle for a simple credit exchange! At Cash4Coins we exchange your foreign currency… for cash! We can’t accept your Crown Jewels, but give us a call today if you would like to know more about how we can help you.

 

 

 

 

A Tale of Greek Mythology

Plutus: The God of Wealth

The Greek God’s have managed to survive in our memory, language and box office films over the thousands of years of since their stories began. Most of you will have heard of the majority of them in the form of our most loved superheroes (and supervillans), such as, Zeus – God of the Sky, Poseidon – God of the Sea and Hades – God of the Underworld, to name but a few. However, have you ever heard of Plutus? Well, he is our God here at Cash4Coins. The God of Money! Or more precisely, ‘Wealth’.

The Story of Plutus

The story tells us that Plutus was born to the son of Demeter, the Goddess of Agriculture and Liason, the son of Zeus. The tale goes, Plutus, the ‘grandson’ of Zeus was blinded by him so his deeds as the God of Wealth were unbiased. Along with being blinded, Plutus also couldn’t walk and so he arrived to his destinations by flight with the wings he possessed.

Symbols

Plutus, who is usually depicted as male through the arts, was often sculpted as an infant or young boy holding on to the ‘Cornucopia’. The Cornucopia is a container shaped like the goats horn, usually flowing with an abundance of grains, fruits and flowers to represent being plentiful. One of the most well-known statues of Plutus is of sculpted as an infant in the arms of Eirene, the Goddess of Peace. It is thought that the reason behind the sculpture is because with ‘peace’ brings prosperity and, ultimately, wealth.

‘Plutus’ in the English Language

 

Plutomania

The excessive desire for wealth

Plutolatry

The worship of wealth

Plutocracy

One who rules by the virtue of wealth

Plutonomics

The study of wealth management

 

Mistaken Identities and Theories

Plutus is often mistaken for ‘Pluto’ who is the God of the Underworld. However, a more accurate name for this God is Hades. Although, Hades has become a common name for the underworld itself. Plutus actually has no relation to Pluto, aside from the fact his is the son of Zeus’s son, Liason and Zeus is Pluto’s brother alongside Poseidon.

 

So, whether you’re a ‘Plutomaniac’ or not, we would love to hear from you about your money exchanging needs. From foreign currency exchange to helpful advice on fundraising, we are here to help. Get in touch today to speak to our friendly team of experts.

 

Comic Relief Fundraising Ideas

Discover Ways to Fundraise for Comic Relief with tips from foreign cash converters Cash4Coins

Comic Relief may have been and gone, but that doesn’t mean that you have to stop raising money for the good work that they do. Not only this, but if you are worried that you missed out on doing your bit, then you can also plan in all those amazing fundraising ideas for next Comic Relief.

Bake, bake, bake

Everyone loves a bit of cake, so if you are a dab hand with a whisk and some flour, why not put those talents to good use and whip up a storm in the kitchen? You can take them to work, to school or wherever, all with the aim to making a bit of a profit that can go to charity.

Give up something you love

This is a fundraising idea that is becoming more and more popular. Giving up something that you love is hard work, and you can ask from donations from friends and family to support you in your abstinence.

It could be from chocolate, crisps, wine or cheese. Whatever you pick, make sure that it is something worthwhile and that people will support you in.

Have a quiz or games night

Do you love playing board games? Think that you are a dab hand at quizzes? Why not use these as an excuse to raise some money for charity? Set an evening of fun up with your friends and charge an entrance fee. You can offer prizes for the winners, and also make sure that you have a penalty pot set up for anyone who doesn’t play by the rules!

Organise a lunchtime disco

Sometimes a working day can drag on a bit. What about seeing if a lunchtime boogie can help to break it up? All you need is a spare meeting room or office, some tunes and maybe a disco ball or two, and you have yourself your very own office based rave. You can charge an entrance fee for everyone to come and party with you, and make sure that you have plenty of fizzy pop (non-alcoholic of course) for when they have worked up a thirst.

Have a swear jar

This is a great idea if you want to take your time in fundraising, perhaps ready to donate for the next Comic Relief. Everytime you utter a curse word, put some change in the pot. You can set an amount, or simply make it whatever you have to hand. Not only will you soon be putting money away for charity, but you will find yourself watching your language too. Just make sure you have enough space in case you stub your toe!

Charity doesn’t only have to be during these big TV drives, you can donate to causes up and down the UK or worldwide whenever you want to, and make sure that you do your bit for helping good causes around the world.

 

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