Nobody/the governments/the innkeepers. It all comes down to how the exchanges are accounted for on re-patriation of the notes. Such a situation, however, would never arise, as you'd get the likes of George Souros buying billions of one currency to sell in the other country, and then reversing the transaction. This is why, when you look at exchange rates they are (with allowances for banks margins) the inverse of one another. So if 100P = 95p, then 100p cannot be 95P. It must be 105.2P (approx.) Otherwise one or other country will quickly become bankrupt due to exchange rate pressures. So the answer to the original question is that no such state of affairs could be allowed to arise.
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