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plz_send_your_nudes t1_j0xdxwu wrote

Reply to comment by CharistineE in King Charles III bank note designs revealed by Bank of England by elizabeth-cooper

How would they go and collect all old ones? Its simply not doable

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fukwhutuheard t1_j0xf2e6 wrote

old bills are removed from circulation all the time. a bank collects them and takes them out of circulation and is provided new bills by the gov

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plz_send_your_nudes t1_j0xfbnw wrote

Obviously, but no one would go around and replace them as in a transition to the Euro. The slow replacement is a standard process done all the time.

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Nerevarine91 t1_j0ynfe8 wrote

I mean, you understand that the slow replacement is done all the time, so… you absolutely do know that the change would be doable. Slowly.

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ThatGuyMiles t1_j0xfnjm wrote

I mean these programs exist, they don’t go out and collect them, older currency just gets destroyed wants it finds its way to banks/financial institutions. So I assume that means they aren’t going out of their way to destroy the “queen’s” bills once they reach financial institutions, instead they will be allowed to recirculate.

I’m going based off of the other persons comments and just assuming they are correct, that they aren’t being destroyed.

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theonlyrexkwondo t1_j0yk4qv wrote

It would be impossible! We would need some sort of organisation or system that collects and holds onto the money or something. Some kind of giant piggy bank the money runs through and they could exchange the notes. Nah.. impossible. Never been done.

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CharistineE t1_j0xfhd9 wrote

Obviously they wouldn't get all of it. I have $2 US dollar bills which are legal tender, but not printed. They could easily say that all banks have to exchange for new. Many countries change currency. It is doable, though never perfect.

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mlorusso4 t1_j0xru90 wrote

It’s super easy actually. You start out by just exchanging all the money already in the banks. Then, as businesses and people deposit their old money into the banks, you swap that out too. It might take a bit to swap out every last dollar, but after a short time you would get the overwhelming majority. The only old bills left would be the wad of cash under grandmas bed.

Now you could speed the process up by saying on x date the old money is no good, but that’s considered a bad idea because it lowers faith in your currency

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