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Brits Warned To Spend £20 And £50 Notes Before They're Withdrawn Forever

Brits Warned To Spend £20 And £50 Notes Before They're Withdrawn Forever

We only have one year left to spend £50 and £20 notes, it has been revealed.

People are being advised that they only have one year left to spend their £20 and £50 paper banknotes, before they cease to be official legal tender.

It is believed that there are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation at the moment.

So, those hoarding them better get a move on, or they risk losing out.

As they are returned to the Bank of England, they are being replaced with the £20 notes featuring JMW Turner, and £50 notes featuring Alan Turing, made from polymer.

The paper notes are being discontinued (
PA)

The Bank of England will withdraw the legal tender status of the paper £20 and £50 notes after 30 September 2022, and it is encouraging anyone who has them at home to spend or deposit them at their bank or Post Office.

After 30 September 2022, people with a UK bank account will still be able to deposit the paper notes into their account. Some Post Offices may also accept the notes as payment for goods and services or as a deposit to an account accessed via them.

But eventually they will transition completely to the polymer alternatives.

£50 notes have also recently been changed (
PA)

The paper £20 features Adam Smith and the paper £50 features Matthew Boulton and James Watt.

The Bank of England will continue to exchange all the paper notes.

The Bank of England’s chief cashier, Sarah John, said: “In recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable.

“The polymer £20 featuring the artist JMW Turner, and the polymer £50 featuring the scientist Alan Turing are now in wide circulation, and we are in the process of withdrawing their paper equivalents.”

Time to get rifling through your wallet (
Shutterstock)

The new polymer £20 was first issued on 20February 2020, and the polymer £50 note was first issued on 23 June 2021.

The polymer banknotes are harder to counterfeit and resistant to dirt and moisture and so remain in better condition for longer, the Bank said.

The notes also have tactile features, helping blind and partially sighted people to use them.

Featured Image Credit: Flickr

Topics: Money, News