I didn’t actually realize that old 10 GBP paper note is now worthless except to the BoE until reading this. Sigh.
Another example of physical savings in fiat paper being demonetized away by the state.
Another example of physical savings in fiat paper being demonetized away by the state.
As mentioned in the article, these notes can be exchanged at a bank or post office. Those out of circulation can be exchanged at the BoE.
This is the reason why people joke about storing money in your mattress. You aren't supposed to do it.
Cash is useful and powerful, so it benefits bankers and politicians to render stockpiles useless periodically.
Imagine it as if you are the government and acting as a dairy farmer and your cows are constantly fleeing onto private land. You can't get those cows back, instead you breed new cows. Since no cows return from the private lands and there is a constant stream of escaping cows, private lands are being flooded by cows. People complain about the government printing too many cows, devaluing the value of their existing cows.
You can see, this whole scheme is just a very backwards implemented debt jubilee in an environment where an actual debt jubilee would lead to pitchforks coming from the rich.
You can see, car analogies are bad enough.