€500 note now worth €900?

07438991

Hi guys,

Was in work last weekend and have a regular customer come in and asked me and the owner if we had any €500 notes; he said that he would take whatever we had and pay us with €50 notes, but we had none.

Afterwards, I asked him why and he told me that a €500 note is now worth €900; that they were only issued in some countries when the euro was first introduced and they are rare/scarce and now worth €900 in other EU countries that did not issue them. He said he heard that people in other EU countries were willing to pay almost double for a €500 note on the radio and was deadly serious...

Just wondering if this is true or did anybody else hear this...?

wmpdd3

Doubt it, I see about 3 of them a week, where I work, we dont accept them but still they keep coming in.

ResearchWill

http://www.irishtimes.com/newspaper/ireland/2011/0418/1224294910293.html

Seems a Irish €500 note may be worth €800 I assume it would have to mint.

07438991

So if I have a few Irish issued €500 notes starting with the letter T or German issued notes starting with the letter X, how do I go about selling them for €700, €800 or €900...?

wmpdd3

€500 NOTE: There are few of them around so an Irish issue €500 is worth up to €800.

You have to find out is it is an irish issue one.

Sorry, are you saying the ones with 'T' are Irish issue?

tenchi-fan

They're worth more than their face value only if they're in mint condition. I'd imagine €900 would be a bit high even for one that was in such condition!

That being said, it sounds like your friend would have been ripped off if he chose to swap €500 for €500 in €50s. No doubt the €50's would either have been counterfeit or they'd be counted out to him only for him to find out later he was only given €450.

BQQ

Fuuuuuuuuuu!

Had 3 in mint condition and lodged them into my account.

unclebill98

If this was true then the Irish central bank would be able to bail Ireland out single handed..... They've plenty.

Chances are he was a note swapper.

Rebel1977

I hope you checked all the €50 notes incase they were not fakes.

07438991

It is an Irish Issued note if the code starts with a 'T' followed by a serial number.

What I don't understand is - is it only the Irish issued notes that are worth more or is it any issued note that is in mint condition?

07438991

07438991 wrote: »

What I don't understand is - is it only the Irish issued notes that are worth more or is it any issued note that is in mint condition? And how do you go about selling the notes?

So anybody any answers please...?

Jet Black

From the bottom of the link above...

€500 NOTE: There are few of them around so an Irish issue €500 is worth up to €800.

The Irish issue of all euro bank notes begins with the letter T, followed by the serial number. The prefix for a German-issued note, for example, is X.

At least 1.4 million €500 notes were printed for Ireland between 2002 and 2003, but “they weren’t popular”, says Kelly, because of their high value.

“You never get one in mint condition,” he says. In general when they were brought to a bank, the top and bottom were cut in the middle at the watermark to ensure they were authentic. That however made them worthless for collectors and they were withdrawn.

There are exceptions, including one at the stamp and coin fair in the RDS yesterday. It was in almost perfect condition, with slight “crimping” at the top, and is worth between €750 and €800. It too goes for auction on Wednesday along with a €100 note from 2002, valued at €400

PureClaas

This is more than likely got to do with collectors and not for actual transactions far as im aware. Cause it was a limited run. But far as i know you can order large denominations from the bank if your making a large cash withdrawal but takes a week or something

PureClaas

wmpdd3 wrote: »

Doubt it, I see about 3 of them a week, where I work, we dont accept them but still they keep coming in.

You know that practice is totally illegal?? You cant refuse legal tender by law. The english is always at this craic refusing to accept Irish Sterling

Also illegal.

Legal tender is legal tender myfriend. Its upto the shop keeper to ensure what they take in is not fake

rubadub

PureClaas wrote: »

You know that practice is totally illegal?? You cant refuse legal tender by law.

Shops certainly can refuse it. Its a common "taximan myth", I can't imagine a lawyer using the term "totally" before illegal!

ResearchWill

PureClaas wrote: »

You know that practice is totally illegal?? You cant refuse legal tender by law. The english is always at this craic refusing to accept Irish Sterling

Also illegal.

Legal tender is legal tender myfriend. Its upto the shop keeper to ensure what they take in is not fake

I believe that legal tender can not be refused only in the situation of settling a debt. As in a shop situation unless you are paying your monthly bill then the shopkeeper is entitled to refuse large notes. Also if I remember correctly coin can only be used up to a certain amount so you can't pay your parking fine in 1c coins.

galwayjohn89

PureClaas wrote: »

You know that practice is totally illegal?? You cant refuse legal tender by law. The english is always at this craic refusing to accept Irish Sterling

Also illegal.

Legal tender is legal tender myfriend. Its upto the shop keeper to ensure what they take in is not fake

Myth. You do not have to accept it.

galwayjohn89

ResearchWill wrote: »

Also if I remember correctly coin can only be used up to a certain amount so you can't pay your parking fine in 1c coins.

Yup it's maximum of 50 coins. I was planning to pay a stupid dart fine in 1c coins in protest but after checking with the bank I wasn't able to!

wmpdd3

PureClaas wrote: »

You know that practice is totally illegal?? You cant refuse legal tender by law. The english is always at this craic refusing to accept Irish Sterling

Also illegal.

Legal tender is legal tender myfriend. Its upto the shop keeper to ensure what they take in is not fake

Google 'contract law'

Unless another 'law' exists that I haven't come across in 15 years experience in retail.:D

PureClaas

Maybe so. Do ya have a filling station wmp and ill pop in a fill her up. Bet ya wont refuse the €500 note then. lol. I know all about contract law and i guess you got me there. But i do have a great laugh in the UK with retailers not wanting to accept Irish Sterling. I think its a joke to be honest people refusing legal tender. But i guess going into a shop buying a packet of penny sweets with a €500 note is also madness

tenchi-fan

PureClaas wrote: »

Maybe so. Do ya have a filling station wmp and ill pop in a fill her up. Bet ya wont refuse the €500 note then. lol. I know all about contract law and i guess you got me there. But i do have a great laugh in the UK with retailers not wanting to accept Irish Sterling. I think its a joke to be honest people refusing legal tender. But i guess going into a shop buying a packet of penny sweets with a €500 note is also madness

Oh, this moron again.

First, there's no such thing as "Irish sterling". Northern Irish banks are allowed to issue promissory notes which are not legal tender in the rest of the UK. Why do you insist on derailing threads with this nonsense?

Regarding filling up on petrol, technically you are correct. They shouldn't refuse your consideration as the service has already been delivered and you are settling using legal tender. However, if you handed over a €500 note in exchange for a pack of polo mints they would be within their rights to not go ahead with the sale as no contract exists (you offer to buy the polos and they refuse your offer).

Anyway, this thread was about the value of a €500 note... why do you insist on dragging every thread off topic?

PureClaas

tenchi-fan wrote: »

Oh, this moron again.

First, there's no such thing as "Irish sterling". Northern Irish banks are allowed to issue promissory notes which are not legal tender in the rest of the UK. Why do you insist on derailing threads with this nonsense?

Regarding filling up on petrol, technically you are correct. They shouldn't refuse your consideration as the service has already been delivered and you are settling using legal tender. However, if you handed over a €500 note in exchange for a pack of polo mints they would be within their rights to not go ahead with the sale as no contract exists (you offer to buy the polos and they refuse your offer).

Anyway, this thread was about the value of a €500 note... why do you insist on dragging every thread off topic?

Moron, say that to my face numb nutz lol

Im not intentionally dragging any thread off topic, I simply replied to a comment made like you have replied to mine.

So your telling me Northern Irish Sterling is not legal tender in the UK. So what is the UK?? United Kingdom i though, does Northern Ireland not fall under this?? Sterling is Sterling, it hold the same value. Retard. So now your gona tell me Bank of Scotland sterling is not Legal tender in the UK either. I think its Moron's like yourself that shouldn't be making stupid comments of the sort

ResearchWill

PureClaas wrote: »

Moron, say that to my face numb nutz lol

Im not intentionally dragging any thread off topic, I simply replied to a comment made like you have replied to mine.

So your telling me Northern Irish Sterling is not legal tender in the UK. So what is the UK?? United Kingdom i though, does Northern Ireland not fall under this?? Sterling is Sterling, it hold the same value. Retard. So now your gona tell me Bank of Scotland sterling is not Legal tender in the UK either. I think its Moron's like yourself that shouldn't be making stupid comments of the sort

The Bank of England may disagree with you


Are Scottish & Northern Irish notes legal tender?
In short ‘No’ these notes are not legal tender; only Bank of England notes are legal tender but only in England and Wales.
The term legal tender does not in itself govern the acceptability of banknotes in transactions. Whether or not notes have legal tender status, their acceptability as a means of payment is essentially a matter for agreement between the parties involved. Legal tender has a very narrow technical meaning in relation to the settlement of debt. If a debtor pays in legal tender the exact amount he owes under the terms of a contract, he has good defence in law if he is subsequently sued for non-payment of the debt. In ordinary everyday transactions, the term ‘legal tender’ has very little practical application.
From here http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16

Interesting info here http://www.bankofengland.co.uk/banknotes/about/scottish_northernireland.htm

I would love one of those super notes.

Richard

PureClaas wrote: »

So your telling me Northern Irish Sterling is not legal tender in the UK. So what is the UK?? United Kingdom i though, does Northern Ireland not fall under this??

Northern Ireland notes are not legal tender anywhere in the UK, including NI itself. Same for Scottish notes. That's because they are promissory notes issued by retail banks. Bank of England notes are different, because they are issued by the government. Even then, they are only legal tender in England and Wales.

Northern Irish and Scottish notes are legal currency, however.

Sterling is Sterling, it hold the same value. Retard. So now your gona tell me Bank of Scotland sterling is not Legal tender in the UK either. I think its Moron's like yourself that shouldn't be making stupid comments of the sort

Quite.

There is also a misunderstanding of the term "legal tender". It doesn't mean you a shopkeeper has to accept it. It means that if you owe someone money, they can't refuse legal tender. If you're buying something in a shop, you don't owe money, because you haven't entered into an agreement.

http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16

http://www.scotbanks.org.uk/legal_position.php

PureClaas

Richard wrote: »

Northern Ireland notes are not legal tender anywhere in the UK, including NI itself. Same for Scottish notes. That's because they are promissory notes issued by retail banks. Bank of England notes are different, because they are issued by the government. Even then, they are only legal tender in England and Wales.

Northern Irish and Scottish notes are legal currency, however.



Quite.

There is also a misunderstanding of the term "legal tender". It doesn't mean you a shopkeeper has to accept it. It means that if you owe someone money, they can't refuse legal tender. If you're buying something in a shop, you don't owe money, because you haven't entered into an agreement.

http://www.bankofengland.co.uk/banknotes/about/faqs.htm#16

http://www.scotbanks.org.uk/legal_position.php

Thanks for the reply Richard,

Understand the angle your coming from on the shopkeeper thing which falls under contract law so we'll scrap that were all on the same page here.

I was always of the opinion all the sterling was legal tender due to the fact that its all printed under licence or whatever rules apply.

As Bank Of England im sure are printed by the UK Central bank who also print under licence also so i dont see the difference.

I was of the opinion Sterling was sterling. The UK is United Kingdom, England Scotland Wales and Northen Ireland unfortunatly. Is it not the same agrument about different country marked Euro. Its all Euro, or is the difference here thats its all printed under the one licence by the one company

BuffyBot

Enough folks, enough.

Richard

PureClaas wrote: »

As Bank Of England im sure are printed by the UK Central bank who also print under licence also so i dont see the difference.

The thing is that whilst the Bank of Ireland and Bank of Scotland are high street banks which happen to produce sterling notes, the Bank of England is the UK's central bank - it was created before the UK and never changed its name to reflect the change in status.

The Bank of England also print Euro notes (I think) on behalf of other countries and Euro notes are also printed at many printers across Europe. The serial letter doesn't always mean the note was printed in that country, it just means it was issued by it. As others have said, Ireland is T. Germany is, for example, X.

But although the Euro notes have many more printers than sterling notes, the design is obviously identical, and they are all legal tender throughout the Eurozone.

Although when the Euro was founded, every country issued every note, that has changed now, and most countries only issue a few denominations with their serial prefix. Hence why some denominations with a particular serial prefix are rare.

BuffyBot

It's almost like I was talking to myself..