Can everyone please check their war chests?

[LondonManc]

If you need someone to help you find your chest, you have my condolences .

FTFY

[xoggoth]

Had an old paper £10 note refused by a local shop the other day. Dunno who gave it me.

[mallisarealperson]

Just looked at the current banknotes site on bank of England at how old each of our notes are.

Current banknotes | Bank of England

£50 was issues in 2011

£20 was issued in 2007.

I assume most of missing/unaccounted will be higher value notes.

I guess when they issue new versions will it not flush out the missing cash?

Also how can money be missing, it is just "promise to pay the bearer the some off"

Subject/Request details: What is the value of the sterling currency? Bank of England banknotes say promise to pay the bearer on demand, what is it that you would pay upon receipt of one of your banknotes? What gives sterling its value, using the labour theory of value?

Date released: 25 February 2016

Disclosure:

Since the Bank of England’s (the ‘Bank’) foundation in 1694 the Bank has issued notes promising to pay the bearer a sum of money. For much of its history the promise could be made good by the Bank paying out gold in exchange for its notes. The link with gold helped to maintain the value of the notes, although the link was sometimes suspended, for example in wartime.

The link with gold was finally broken in 1931 and since that time there has been no other asset into which holders have the right to convert Bank of England notes. They can only be exchanged for other Bank of England notes. Nowadays public faith in the pound is maintained in a different way - through the Bank's operation of monetary policy, the object of which, by statute, is price stability.

The promise to pay does not have the same meaning as it did three hundred years ago. 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the ‘promise to pay’ holds good in perpetuity for the exchange of old series Bank of England notes which have been withdrawn from circulation, as well as mutilated Bank of England notes, provided that certain criteria are met.

Finally, in terms of the labour theory of value, the cost to produce a banknote is minimal, however, its real value lies in the value of the goods and services you can exchange it for.

[xoggoth]

He'll be offering to search your drawers next.

[_V_]

I looked under my mattress and down the back of the sofa but nowt found.

If you need someone to help you find your chest, let us know.

[northernladuk]

That reminds me, I've had 100 quid's worth of Croatian Cuna in the cupboard since had to cancel a holiday due to loony lady 1 being ill.

And I've got about 10k in Dollars I bought before Brexit started in case the Armageddon that was apparently going to happen happened.

[xoggoth]

That reminds me, I've had 100 quid's worth of Croatian Cuna in the cupboard since had to cancel a holiday due to loony lady 1 being ill.

[LondonManc]

I’d suggest that a fair bit of cash is used in transactions but there’s no record in any submitted accounts of them. Foreigners in both senses - illegal workers and off the books work must account for a hell of a lot. They should have a wander down to Strangeways at the weekend and look at all the shops selling counterfeit stuff. No doubt there is the same dark grey economy across the country where visible wages “disappear”.

[Ploptimus]

Check all the wishing wells.

[darmstadt]

The cash is not used in transactions or held as savings, but may be overseas, tucked away in homes unreported or being used in the "shadow economy".

I think I might be able to help there...

[Old Greg]

I looked under my mattress and down the back of the sofa but nowt found.

I'll try the PM's overdue child support payments account.

[northernladuk]

I looked under my mattress and down the back of the sofa but nowt found.

Check the little coffee tin at the back of the left hand kitchen cupboard.. HTH.

[Old Greg]

Call for probe into '''missing''' GBP50bn of UK cash - BBC News

Simon Dolan will help us get to bottom of this corruption.

#kbf

[ladymuck]

I looked under my mattress and down the back of the sofa but nowt found.

[_V_]

Call for probe into ''missing'' GBP50bn of UK cash - BBC News

The Bank of England should be trying to track down £50bn of 'missing' UK currency, a committee of MPs has said.

The cash is not used in transactions or held as savings, but may be overseas, tucked away in homes unreported or being used in the "shadow economy".

The money "is stashed somewhere, but the Bank of England doesn't know where, who by or what for - and doesn't seem very curious", said Meg Hillier, who chairs the committee.