ON the day when the British Tourist Authority warned restaurants and hotels not to cheat on dollar exchange rates, Americans could be sure of a fair rate in at least one place in Oxford on August 20, 1971.

The Northgate Tavern in Cornmarket Street was offering to change dollars at 2.50 to the pound - the rate before the foreign exchanges closed.

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Dick Farrell, the licensee said: "We are not a cash mart, but provided they buy something, we will give Americans 40p for their dollars."

And to make sure tourists did not miss his bargain offer, he splashed the news right across the windows of his premises.

The BTA said that some London hotels were demanding up to 2.86 dollars to the pound when settling bills or cashing traveller's cheques.