Sarah John, Chief Cash Officer 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. This is the last week that our paper tickets can still be used. The polymer notes were introduced by the bank in 2016 and ended 320 years of paper money in the UK, with the £5 note with Sir Winston Churchill being the first to be changed. If you are not sure if your ticket is still classified as legal tender, you can visit the Bank of England website (which will open in a new tab). But even after the tickets are no longer legal tender, they don`t just disappear. According to the Bank of England (opens in a new tab), there are a total of 113 million paper notes worth £566 million and £73 million 10 paper notes worth £726 million. Many banks accept withdrawn notes as customer deposits. Swiss Post can also accept withdrawn banknotes as a deposit to any bank account that you can access at the post office. And you can exchange withdrawn tickets with us at any time.
You can do this in person if you accompany each other on weekdays between 9.30am and 3pm (if you are in London) or you can send your tickets to the bank (opens in a new tab). The old £10 note was officially put out of circulation on March 1, 2018 at 11:59 p.m. Now that the deadline has passed, you can no longer take out your notes in shops or restaurants. While the majority of 20- and 50-pound paper notes in circulation have already been replaced by the new polymer version, £20 paper notes worth more than £6 billion – with economist Adam Smith – remain in circulation, as well as more than £8 billion worth of £50 worth of paper notes – with entrepreneur Matthew Boulton and engineer James Watt. Today (30 March), the Bank of England issued its six-month reminder to consumers and businesses to withdraw legal tender status (WOLTS) from £20 and £50 paper banknotes on 30 September 2022*. The bank responded on Twitter: “All genuine Bank of England banknotes that have been or will soon be withdrawn from circulation will retain their face value forever and can be exchanged with the Bank of England in London.” They can also give you old tickets for charity. Many charities accept foreign currency coins, but some, like the Royal National Institute of Blind People, also accept coins that have also been withdrawn from circulation. After Friday, people will still be able to drop off paper notes at their post office, and many UK banks will also accept banknotes as deposits from customers. The Bank of England has warned people to expect long queues at its headquarters on Threadneedle Street in the City of London when they try to exchange paper notes worth £20 and £50. There is a huge value of £6 billion worth of £20 paper notes and more than £8 billion worth of £50 notes in our pockets, piggy banks and wallets, according to the Bank of England. Or if you`re in the mood for a trip to the Bank of England, you can even exchange your old notes in person. Although the old £5 and £10 paper notes are no longer legal tender, you can still pay with the paper versions of the £20 and £50 notes until 30 September 2022.
After this date, they will no longer be classified as legal tender. From October, these 20- and 50-pound polymer notes will be the only versions accepted by British companies, but the bank said some UK banks will also accept withdrawn notes if they are deposited by a customer, and some post offices will also accept them. Friday is the last day The Bank of England`s old-fashioned banknotes will be legal tender after being replaced by polymer versions Although the new Tenners arrived at last year`s deadline, paper money has continued to be legal tender so it can be spent freely. This equates to 300 million individual £20 banknotes and 160 million £50 paper banknotes. Consumers are vying to exchange their old paper tickets for new plastic versions, just over two weeks before they become legal tender by the end of September. Queues form at the Bank of England to exchange the old £20 and £50 before they cease to be legal tender and you can deposit obsolete banknotes or coins into your bank account for up to £300 via some local post offices from 15 September. Here are all the branches where you can exchange old banknotes, according to the Bank of England. It is possible that a street bank will stop exchanging them after the deadline, but the Bank of England is required to do so by law. Focus on these two most important security features to confirm that your banknotes are genuine: The Bank of England will revoke the status of 20-pound and £50 paper notes after 30 September 2022. After this date, companies will no longer accept these tickets as a means of payment.
“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. He said customers arriving after 2 p.m. may not be served because the counter where banknotes can be exchanged is only open between 9:30 a.m. and 3:00 p.m. The bank suggested that customers who don`t need to use paper money immediately can mail their old banknotes to their offices. In February 2020, new 20-pound notes were issued with artist JMW Turner, followed by the 50-pound polymer note with the Bletchley Park codebreaker and scientist Alan Turing in June 2021. If you have old paper notes that are no longer in circulation, your bank can exchange them for you. However, this is at the discretion of the banks after September 30. They can only be exchanged at UK banks. Old cotton paper notes have now expired and are no longer accepted as legal tender – here`s what that means and everything you need to know about the switch. 257 million paper notes worth £5.1 billion (as of 9 September 2022) and 118 million 50 pounds of paper worth £5.9 billion (as of 9 September 2022) are still in circulation.
Remember: mailing tickets is at your own risk, and there`s a chance they won`t arrive at their destination. If you send them by mail, be sure to send them by registered mail or special delivery. While there is no law that says you can`t keep old banknotes as souvenirs, you can no longer spend them in shops, restaurants, or to pay for services once they`re not legal tender. But you have options to make them expendable again.
