We have taken measures to ensure that our services continue as normal. As a Money Service Business, Leftover Currency is deemed an essential business. This means we continue to exchange currency as normal, also during the November-December 2020 lockdown in the UK. Since the start of the first lockdown we have paid out over £500,000 to customers who sent in their leftover currency. This money was often a welcome extra for our customers, in some cases much-needed. We continue to serve anyone with unused travel money in their drawers.
Our Datchet office remains open as normal and we continue to receive post and self-delivered currency as usual. The London office is also accepting self-deliveries as normal. Postal services in the UK continue to work as normal. Royal Mail continues to deliver post as normal, with excellent results. Royal Mail has hired extra staff and opened additional processing centres.
Some of our staff is working from home, including the Finance and Customer Service teams.
For the answers to more questions, please visit our FAQ page. If you have any questions please don’t hesitate to contact us.
Despite the economic slump caused by Covid-19, we have exchanged over £100,000 pounds for charities so far in 2020. That is an amazing amount, topping all previous years!
This means a lot for the charities we work with and they are super grateful for the generous donations made by so many people who chose to give away the value of their leftover travel money to raise funds for good causes. A big Thank You to everyone who donated!
As we will explain further below, Turkey was going through a period of hyperinflation in the 1990’s and 2000’s. As a result, the value of the Turkish Lira dropped and the country was forced to mint coins in ever greater denominations.
To avoid having too many zeroes on the coins, the Turkish government decided to use the word ‘One Thousand’ instead, which in Turkish is ‘Bin’. From 1994 until 2004, coins were minted in denominations of 10 bin lira (₺10,000), 25 bin lira (₺25,000), 50 bin lira (₺50,000), 100 bin lira (₺100,000) and 250 bin lira (₺250,000).
The weakest currency in the world is the Venezuelan Bolívar. The value of the Venezuelan Bolívar is so weak that 50,000 units are worth less than one US dollar. This has consistently been the case, due to the hyperinflation in the South American country. The weakest currency of all times was the Zimbabwean dollar, for which 35 quadrillion units were equivalent to 1 US dollar. The Zimbabwean dollar was demonetized in 2015.
35 quadrillion = 35,000,000,000,000,000
Currency for which the exchange deadline has expired no longer has a monetary value. So-called ‘demonetised‘ banknotes and coins have no value except for the raw materials they are made off, and a possible collector value to . A banknote or coin’s collector value is determined by its condition, rarity and popularity among collectors.
At Leftover Currency we continue to exchange a number of currencies for which the exchange deadline has expired. Although we pay less than the old face value, we are still able to pay a fair amount for old demonetised currencies such as the Cypriot Pound, French Franc, Italian Lira, Greek Drachma or Maltese Pound.
Eight countries are part of the European Union but are not part of the Euro area: Bulgaria, Croatia, Czechia, Denmark. Hungary, Poland, Romania and Sweden. Denmark has negotiated an opt-out from the Euro. The other countries have committed to joining the euro area as and when they meet the conditions for entry to the euro area.
One of the entry conditions for a country to join the euro area is to participate in the second version of the European Exchange Rate Mechanism (ERM-II) for two years before joining the Euro. This requires the country to pass the ERM-II legislation. As a result, countries can decide not to approve ERM-II laws and thereby not meet the entry conditions for the euro area.
There is no deadline for the remaining EU countries to join the euro area. Some countries, such as Poland and the Czech Republic, have made it clear that they don’t plan to join anytime soon. Other countries, including Bulgaria, Croatia and Romania, are expected to join the Eurozone in the near future. We look at this in more detail in what follows.
Peruvian Intis were the currency of Peru between 1985 and 1991. The Inti was named after the Incan sun god and was introduced in 1985, replacing the Sol (sun) at a rate of 1000 soles to 1 inti.
The Sol had lost a lot of value because of high inflation in Peru. By dropping three zeroes and renaming the national currency, the Peruvian government hoped to normalise the monetary situation.
In 1985, the Banco Central de Reserva del Perú introduced banknotes in denominations of 10, 50, 100 and 500 intis. Peruvian coins in 1985 were 0.01, 0.05, 0.10, 0.20, 0.50, 1 and 5 intis. Peru’s new government led by Alan García saw good results at first, but it wasn’t long until inflation would come back with a vengeance.
The coronavirus (COVID-19) outbreak is ongoing in the United Kingdom. The British government has taken measures to contain and delay the spread of the infectious disease. Businesses in the UK remain open and staff members continue to attend work as normal. People with symptoms are asked to self-isolate. Where possible, staff members are encouraged to work from home.
The rules around the legal tender status of coins in the UK are set out in the Coinage Act 1971 and the Currency Act 1983. In England, Scotland, Wales and Northern Ireland, all coins minted by the Royal Mint and authorised by Royal Proclamation are legal tender.
The following coins are legal tender in the UK:
When choosing a currency calculator, make sure that the purpose of your query fits the purpose of the calculator. If you want to know a mid-market exchange rate, don’t use a currency calculator on a travel money website or one on a money transfer website.
Ask yourself what you want to use the currency converter for. If you want to trade currency on the foreign exchange market, you’ll need to consider using a paid-for currency rates service with real-time information without delays.