Bank notes swap Queen for king deadline and limit.

[LifeInTheRaw]

Hi, I feel I must be going slightly (very) mad, as I felt sure that I read a few days ago, that the issue of all the new banknotes with the kings image would NOT affect any notes that still have the Queens image on.
That the old banknotes would eventually either wear out, or slowly be used up.

However, now I've just read that we have til the end of June, and we can only swap £300 worth... WTAF????

So if a person has more than the £300 limit, does that mean they in affect "lose" the value of the currency that exceeds the limit?

Please tell me I've got it wrong, and possibly my current ill health has addled my brain.

Please be kind, I'm feeling pretty fragile.

Where did you read that?

From the bank of England website

"Banknotes featuring the portrait of Queen Elizabeth II, will remain legal tender, and can continue to be used. There is no need to exchange current banknotes for the new King Charles III notes.

We recognise that people may be interested in seeing the new notes, and have therefore put in place temporary facilities to allow people to obtain a limited value of the King Charles III banknotes - there will be a limit per person."

Where did you read this? Facebook? It’s not true.

even when money does get taken out of circulation, you can still get the money through the Bank of England by exchanging the note.

Don’t worry - that’s only for people who (for some reason) want to exchange old notes for the new notes. The old notes will remain valid.

Top of this page explains

https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes

A quick Google on Bank of England website says that the Queen notes remain legal tender. No notice of withdrawal.

The £300 is really for collectors who want the new notes. There's no need to do anything. The QEII notes will remain valid.

I'm pretty sure that the queen's notes will be gradually phased put as they Wear out at the request of the king. Which makes sense as he is a life long environmentalist.

Nope, the old notes will remain legal tender for the foreseeable future. The £300 limit is only for people that actively want to exchange them for new ones, collectors etc.

I would ask though why you're so worried about this though that you're feeling fragile. If you've got so much cash out that you'd struggle to spend it by then, it really would be safer in a bank somewhere.

Edit: just realised we're already in June, don't know where this year is flying off to!

A big thank you to everyone that's posted.
I read the second notification re the £300 limit on the swap on the Daily Mirror updates.
I should think that because I'm not at all well, that somehow I have misinterpreted the offer a pp has mentioned, regarding giving people the early opportunity to have the Kings image notes...
I do feel much more at ease now.
Yes I suppose you could call me nuts to have paper money at home, but actually, I have a specific reason to have done this, and the notes are protected in a metal box.
I'm feeling fragile as my lovely other half is also struggling, as he's only five weeks post major op, and i was meant to be caring for him... so as much as possible, i am contributing to the necessary tasks, but when im 10/10 pain wise, it's pretty impossible to function...

There have been a lot of 'news headline' items lately where it's almost scaremongering.

This being one, saying your note with the Queen on will be obsolete very soon when no such thing is true.

Others about holidaymakers being fined mega amounts to car drivers being fined for every little thing.

Thank you BillyT, at least your post has made me feel not quite so stupid as I was making myself feel because of the mirror confusing post, and to some extent, because when your in pain on a daily basis, it's pretty difficult to be rational.
Appreciated 🙏🏻