The Bank of England has announced an official deadline date to turn in all of your old £20 and £50 banknotes.
All paper banknotes will be rendered useless on their expiry date, after which point, only newer polymer versions of the pound notes will be accepted.
So, if you have any old-school £20 or £50 notes in your purse, best to spend or exchange them sooner rather than later to avoid disappointment!
Notes made of polymer plastic are supposedly better than paper, because they last twice as long, they're more difficult to counterfeit, and they are more environmentally friendly.
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Polymer bank notes are also designed in a way that allows blind and partially sighted people to identify them.
The gradual transition to polymer banknotes started with the £5 note back in May 2017.
Now, paper £5 and £10 notes can no longer be accepted as legal tender.
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In a statement the Bank of England confirmed that the same will soon be the case for £20 and £50 notes.
According to the BofE, all paper £20 and £50 notes will be withdrawn as legal tender from September 30, 2022.
If, for some reason, you can't find the time to exchange your old cash for newer notes before this date, all hope is not lost.
While you might not be able to buy things with old bill after September 2022, you will still be allowed to trade in your old pound notes at banks and post offices.
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Paper banknote holders will also be able to post their old cash to the Bank of England to have it deposited into their account or exchanged for polymer.
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However, the Bank of England has already warned that they are not responsible for any loss or damage to cash posted to them, so it might be it's best to track your delivery.
While the paper £20 note featured Adam Smith and the paper £50 note featured James Watt, they are replaced by JMW Turner and Alan Turing respectively on their polymer replacements.
Featured Image Credit: Alamy