Last Christmas to spend old £20 and £50 notes before they expire

SHOPPERS can spend old bank notes this Christmas for gifts and treats at shops across the country.

But they will expire by the next festive season, making it the last for using the paper £20 and £50.

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New notes made of plastic are replacing the old paper money and both are currently in use.

The Bank of England has reminded shoppers that it’s the last Christmas that retailers will accept the old £20 and £50 notes.

The old paper £20 was first launched in 2007 and features the face of Adam Smith.

A polymer £20 was put into circulation in February 2020 and have the face of artist JMW Turner on one side, and of course the Queen on the other.

Shops accept both versions right now, but that will change from September 30, 2022.

That’s the date that the old note will expire and it’s also the date when old £50 notes will no longer be accepted.

The paper £50 was first put into circulation in 2011 and shows the entrepreneur Matthew Boulton.

A new fifty note made of polymer was released in June this year and features famous mathematician and second world war code breaker Alan Turing.

Plastic notes are replacing all paper notes as they are designed to last longer and are more secure as they are harder to fake.

There’s now less than one year left to spend old £20 or £50 notes, or pay then into your bank account.

Can I use old £20 and £50 paper notes after they expire?

Old £20 and £50 paper notes will no longer be accepted from September 30, 2022 onwards.

You’ll be able to use the new plastic notes after this date.

If you haven’t spent old notes before this date, or find any lurking in pockets or purses, then you won’t lose out.

You won’t be able to spend them but you can still exchange them.

Post Offices will still accept them as a deposit into bank accounts and you can always exchange notes directly with the Bank of England.

You can do this with the cashier in person at the central bank located on Threadneedle Street in London.

You can also do it by post if you don’t live close by.

For a post or in-person exchange, you’ll need your ID. There are other requirements too, such as a form to complete.

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

What about old £5 and £10 paper notes?

There are also new £5 and £10 notes in circulation made of plastic.

The new £5 features Winston Churchill and the new £10 shows Jane Austen.

Old paper £5 notes ceased to be legal tender from May 2017 and the paper £10 note was withdrawn in March 2018.

The old £5 featured Elizabeth Fry and the old tenner had the face of Charles Darwin on it.

If you come across the old version of these notes it’s not too late to exchange them.

You can do this through the Post Office or Bank of England as explained above.

You could have a “rare” £50 note – here’s how you can spot the right serial number.

This post first appeared on thesun.co.uk