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If you're talking about UK currency, I think it's the Bank of England that promises to pay you the five pounds; a high street bank isn't bound by that promise.
by twic 6y ago
If you're talking about UK currency, I think it's the Bank of England that promises to pay you the five pounds; a high street bank isn't bound by that promise.
The Bank of England will pay you the five pounds by giving you another fiver and a withering stare:
https://www.bankofengland.co.uk/freedom-of-information/2016/25-february-2016 https://www.bankofengland.co.uk/freedom-of-information/2016/...
- throwaway_pdp09 6y agoVery helpful reply. Turns out from your link - and I had no idea - that the promise to swap one fiver for another actually has a use: "Nowadays, the ‘promise to pay’ holds good in perpetuity for the exchange of old series Bank of England notes which have been withdrawn from circulation, as well as mutilated Bank of England notes, provided that certain criteria are met"