The bank withdrew £5 and £10 in paper banknotes as legal tender in May 2017 and March 2018 respectively. Alternatively, you can exchange paper notes for polymer money at some post offices. You can check if your local branch offers this service on the Bank of England website. The Bank of England has been moving towards the use of new plastic banknotes for many years, and once the old banknotes officially become invalid, people will no longer be able to issue Bank of England paper notes in shops or use them to pay businesses. Swiss Post accepts withdrawn banknotes as a deposit to any bank account. Head to your local branch to drop off the old £20 note. “His influence extended throughout his life and is still visible today. The Bank of England has confirmed that the tender with the portrait of King Charles will circulate in mid-2024, confirming: “The portrait of Her Majesty will appear on the existing designs of the four polymer banknotes. To avoid having old and invalid notes in your wallet, issue them or deposit the notes into your bank account. You can also exchange notes withdrawn from the Bank of England, including by post. To do this, you must fill out an exchange form for companies or individuals. The last day for the issuance of paper notes of 20 and 50 pounds is today, September 30, 2022.
After this date, £20 paper is no longer legal tender. The Bank of England also points out that many banks will continue to accept old banknotes as deposits, while the post office can also accept them on any bank account to which you can access cash notes worth £20 and £50 will no longer be legal tender after 30 September 2022. The Bank of England must announce up to six months in advance when an old bank will go bankrupt as a tender. This gives the audience enough time to pass their old note before it expires. Focus on these two most important security features to confirm that your notes are genuine: Sarah John, chief treasurer of the Bank of England, said banknotes switch from paper to polymer “because these designs are harder to counterfeit and at the same time more durable”. The 20 and 50 pound notes will be withdrawn from circulation on Wednesday, September 30, 2022. While the majority of 20- and 50-pound paper notes in circulation have been replaced by new polymer versions, there are still more than 6 billion pounds of paper notes in circulation with economist Adam Smith and more than 8 billion pounds of 50-pound notes with entrepreneur Matthew Boulton and engineer James Watt. That`s more than 300 million individual £20 notes and 160 million 50-pound paper notes. The 20-pound polymer notes put into circulation in February 2020 have replaced the old paper notes, prompting many to wonder when the old currency will expire. It came out with the old and with the new one in 2022, with the old expiry date of the £20 note and the old £50 note (opening in the new tab) taking place in 2022.
The Bank of England is withdrawing paper notes from circulation after the publication of the new £20 and £50 notes (opens in a new tab) in 2020 and 2021. This means that you have to spend them before the end date or exchange the tickets, otherwise you will not be able to use them as legal tender. The most recent plastic note to enter circulation was Alan Turing`s 50-pound note, which went into circulation last year on June 23, 2021. If you have old legal tender, such as a £5 or £10 paper note, you can exchange or deposit it using this method. Many banks accept withdrawn notes as customer deposits. Swiss Post can also accept withdrawn banknotes as a deposit to any bank account that you can access at the post office. And you can exchange withdrawn tickets with us at any time. Paper notes worth more than £17 billion remain in circulation, the bank said. The Bank of England has stated (will be opened in a new tab) that many banks will still accept “withdrawn notes as customer deposits”, just like the post office.
You can also exchange paper notes for the new polymer notes directly at the London-based Bank of England. The majority of paper notes have since been withdrawn from circulation, but a significant number remain in the economy, so we ask you to check if you have any at home. 30 September 2022 is the last day you can use our paper tickets worth £20 and £50. Paper editions of the £5 note were no longer valid from May 2017, while the £10 note was withdrawn in March 2018. In addition to improved security measures, the new £20 notes can “come to life” with a new Snapchat feature. Send the completed form with your banknotes and photocopies of the ID (photo ID and proof of address) to the NEX Department, Bank of England, Threadneedle Street, London EC2R 8AH. Sarah John, Chief Treasurer of the Bank of England, said: “The shift of our banknotes from paper to polymer in recent years has been an important development as it makes them more difficult to counterfeit and more durable. And you can exchange withdrawn tickets with us at any time. Paper tickets are currently still valid and can therefore be issued in stores or other places to accept cash. The new notes have advanced security features such as sea through the window, hologram images, raised dots, ultraviolet numbers, slide spots, relief printing, and numbers written in text so small that only a person using a magnifying glass can see it.
It`s been a year since the bank first issued the 50-pound polymer note with the Bletchley Park codebreaker and scientist Alan Turing. The Turing 50 completed the bank`s “family” of polymer banknotes with all their denominations – 5, 10, 20 and 50″, which are now printed on polymer. There is an alternation of images of Adam Smith along the strip of aluminum foil. The position of slide patches may vary in notes. To the right of the head cashier`s signature, the number “20” is engraved on the aluminum foil strip. â For the next 100 days, these can still be used or deposited in the normal way with your bank.â ANYONE who has 20-pound paper notes has only a few days left to issue them. From tomorrow, the old £20 and £50 paper notes will no longer be accepted as legal tender in the UK. The bank encourages anyone who still has it to use it before the end of September or to deposit it with their bank or post office. As of Friday, September 30, you will no longer be able to use your old paper notes. That being said, your money won`t be lost. From October, people with a bank account in the UK will still be able to deposit paper tickets into their account.
The Bank of England has urged people to issue or deposit their £20 and £50 notes before the notes become legal tender in six months. The old £20 notes expire on 30 September 2022. After this date, cafes, bars, shops and restaurants will no longer accept the £20 paper bill. This is precisely the same day as the old expiry date of the £50 note.
