Why does our old currency become obselete?
Why can't the BoE just replace old notes and coins when they are paid into banks?
Seems like such an unnecessary hassle to me.
In the case of the £1 coin, they're recycling the old ones into the new ones - although I've heard that a significant % are fake, so I wonder whether we'll ever discover whether that's true, whether the fakes can be recycled, and what the real fake % is?
Also, it's a little like the "gate closing" signage for your flight when they publicise the deadline - they put it on the screens to get you out of the lounge/restaurant/shop and to the gate. However, in reality, the banks will honour your old currency for a very long time. My older brother sent me some 10 shilling notes a couple of years ago, and after I discovered there was no market for them I took them to my bank and got 50p for each.