THE old paper £20 hasn’t expired just yet, so you can still use it alongside its newer plastic counterpart.
But the Bank of England has now set a date for when the old notes will expire, so you will have to spend any you have by the deadline.
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The new plastic £20 note features artist JMW Turner and the old paper £20 has the face of economist Adam Smith on it.
Shoppers started seeing the new £20 note in their pockets from 20 February, 2020 when the note first went into circulation.
Plastic £20 notes joined the Churchill £5 and the Austen £10 already in circulation and both are now made of plastic instead of paper.
The latest addition to the line up of new safer and more secure notes is the new polymer £50 featuring Alan Turing which went into circulation on June 23 this year
These plastic designs are more durable than the paper versions and they are set to be less susceptible to fraud.
Can I use the old paper £20 note and when does it expire?
Paper £20 notes can continue to be used as normal for now alongside the new plastic £20 notes.
The deadline for using your old paper £20 notes is September 30, 2022.
You’ll need to spend it by then or deposit in a bank account.
The Bank of England gives at least six months’ notice before any old note is taken out of use and usually longer.
Withdrawal dates for the £20 and were both announced on 23 June, 2021 when the new £50 Alan Turing note was released.
The £50 note will also be withdrawn on September 30, 2022 too.
Until then, you can use either of the £20 and £50 notes – paper or polymer – when you’re paying in shops and other locations.
Laid end to end, that would stretch around the world almost seven times and weigh a total of 1,780 tonnes – that’s over 141 double-decker buses.
How do I exchange an old paper £20?
Anyone who misses the date for spending or depositing the old paper £20 note won’t lose out.
Even after the old £20 notes have been withdrawn from circulation, many banks will still accept them as deposits from customers.
The Post Office may also accept withdrawn notes as a deposit into any bank account.
And you can always exchange withdrawn notes directly with the Bank of England.
You can exchange your old notes 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 or are overseas.
For either post or in-person exchange you’ll need to ID and there other requirements too, including a form to fill in too.
You can find the full guidance on the Bank of England’s website.
The same goes for any other old notes you have knocking about that are no longer legal tender.
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.
When did the new £20 note go in to circulation?
The new polymer £20 notes were launched on February 20, 2020.
Polymer £20 notes are now available in cash machines and from banks, and will eventually fully replace the old paper £20, which features economist Adam Smith.
The new notes are made from a plastic polymer like the new £5 and £10 denominations, which is said to be more durable, cleaner and secure, than paper.
Who is on the new £20 note?
The new £20 note features British painter JMW Turner, and they are slightly smaller than the old paper £20 notes.
Joseph Mallord William Turner was born in April 1775 and is one of Britain’s most famous Romantic painters.
The public nominated the artist after Bank of England governor Mark Carney asked for a deceased cultural figure to be selected.
Here’s everything you need to know about the polymer £20 note.
Here’s how to check if your new £20 note is a “rare” one worth hundreds of pounds.
We have listed five of the rarest coins including a £1 error coin worth up to £3,000 – do you have one?
£20 banknote featuring artist JMW Turner to be released in February 2020
