THE old paper £20 hasn’t expired yet so you can still use it alongside its newer plastic counterpart.
The Bank of England is yet to confirm when the old notes will expire, even though the new style has been in circulation since February 20, last year.
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The note joins the Churchill £5 and the Austen £10 in the first series of polymer notes, and a new polymer £50 featuring Alan Turing is soon to be issued on June 23 too.
These plastic designs are more durable than the paper versions and they are set to be less susceptible to fraud.
When do the old £20 notes expire?
Paper £20 notes can continue to be used as normal for now, as an end date for their use is yet to be announced.
According to the Bank of England, it plans to give six months’ notice before the paper £20 is taken out of use.
So that means even if they were to announce the withdrawal of the old note this month, you’d still have until around Christmas time this year to use the tender.
It took the bank about eight and a half months to withdraw the paper £5 from service after new notes were issued.
The £10 took slightly less time to be withdrawn, as it was issued mid-September 2017 and withdrawn at the beginning of March the following year.
The paper £20 note was first issued in 2007 and the Bank of England says there are around 2 billion in circulation.
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.
Even after the old £20 notes have been withdrawn from circulation, many banks will still accept them as deposits from customers.
The Post Office may also accept withdrawn notes as a deposit into any bank account.
And you can always exchange withdrawn notes directly with the Bank of England.
When did the new £20 notes come out?
The new polymer 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 notes?
The new £20 notes feature British painter JMW Turner, and they are slightly smaller than the existing 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.
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This post first appeared on thesun.co.uk
