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GLOSSARY
Notes as legal tender definition
Published by a LexisNexis Banking & Finance expert
What does Notes as legal tender mean?
All notes issued by the bank of england are legal tender in England and Wales.
Bank notes are issued by the Bank of England in denominations approved by the Treasury. These bank notes are considered legal tender in England and Wales. Notes having denominations of less than £5 are legal tender in Scotland and Northern Ireland. If notes are called in by the Bank of England, they cease to be legal tender on the expiration of the calling-in.
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