Bank of England issues warning over £20 and £50 notes

THE BANK of England has issued an urgent warning to anyone using £20 or £50 notes.

There are just 100 days left to use these bank notes before they will no longer be valid legal tender.

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Consumers have until September 30, 2022 to use paper £20 and £50 notes.

After this date, you will not be able to spend them.

The Bank of England has issued a reminder to anyone with forgotten banknotes in their wallet – it’s use it, or lose it.

It said anyone with paper notes should either spend them, or deposit them at a bank or Post Office before the deadline day.

The Bank is replacing old-style paper notes with polymer versions, which are more durable and difficult to counterfeit.

A £50 banknote featuring scientist Alan Turing came into circulation one year ago, and a £20 note featuring artist JMW Turner was launched in February 2020.

But there are still £14billion worth of the old style notes still in circulation.

There are £6billion of paper £20 notes featuring economist Adam Smith still circulating, and more than £8billion worth of paper £50 notes featuring engineers Boulton and Watt.

The Bank said that is equivalent to more than 300 million individual £20 notes and 160 million £50 ones.

Sarah John, chief cashier at the Bank of England, said: “Changing our banknotes from paper to polymer 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.”

Households should check any old bags or purses, coat pockets or even down the back of the sofa.

You can still use paper £20 notes as normal for now, alongside the newer plastic ones – but only until September 30.

As well as swapping them for newer versions at a bank or Post Office, you can also exchange them at the Bank of England itself.

These can be presented in person or sent by post (although you risk them getting lost) to: Dept Nex, Bank of England, Threadneedle Street, London EC2R 8AH.

You can find the full guidance on the Bank of England’s website.

But if you have one of the most rare and valuable £20 notes in your wallet, you might want to keep hold of it – it could be worth a lot more.

Meanwhile, Brits have been warned about fake £20 notes in circulation.

This post first appeared on thesun.co.uk