HOUSEHOLDS will need to spend their paper £20 or £50 notes in shops today – or deposit them into their bank accounts.
The Bank of England (BoE) is withdrawing the legal tender status of paper £20 and £50 banknotes after today, September 30.
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That means after today, they will be no longer be valid for use in shops, supermarkets and other establishments.
But you don’t have to spend them – you can deposit them at your bank or in a Post Office over the next few weeks.
The paper notes are being taken out of circulation as they are easier to counterfeit and are less durable, compared to the newer polymer ones.
As of June this year, there were still over £6billion worth of paper £20 notes featuring the economist Adam Smith in circulation.
That was in addition to the £8billion worth of paper £50 banknotes featuring the engineers Boulton and Watt.
All in all, 460 million £20 and £50 paper banknotes were out there.
Speaking ahead of today’s deadline, Sarah John, the Bank of England’s chief cashier, said: “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.
“The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.”
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Households should be checking down the back of their sofas and old wallets to see if they’ve got the old £20 and £50 notes.
You can also exchange them at the Bank of England itself rather than depositing them or spending them as well.
They can be presented in person or sent by post to Dept Nex, Bank of England, Threadneedle Street, London, EC2R 8AH.
However, one risk is they might get lost in the post.
You can find the full guidance on the Bank of England’s website.
Paper £20 notes started to be withdrawn from circulation on February 20, 2022, when the polymer £20 version entered circulation.
Paper £50 notes started to be withdrawn on June 23, 2021, for the same reason.
That’s why more £50 paper notes remain in circulation, as there’s been less time for households to spend them or deposit them in banks.
We previously revealed the most valuable and rare £20 notes.
And also, how to spot “rare” £20 notes and what serial numbers to look out for.
