100 days left to use old £20 and £50 UK banknotes

UK banknotes featuring King Charles will not be ready until 2024

New UK banknotes on the way. Credit: Creative Commons

The Bank of England is set to withdraw legal tender status of paper £20 and £50 banknotes after September 30 2022.

Following this date paper £20 and £50 UK banknotes will no longer be legal tender.

The Bank of England has encouraged the general public to either use these banknotes or deposit them at their bank or a Post Office during these last 100 days.

The Bank of England also stated that it had been exactly a year since they issued the polymer £50 banknote featuring the scientist Alan Turing, on what would have been his 109th birthday.

The Turing £50 completed the Bank of England’s family of polymer notes, with all denominations (£5, £10, £20 and £50) now printed on polymer.

There are currently an estimated £6 billion worth of paper £20 featuring the economist Adam Smith, and over £8 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation.

The Bank of England’s estimations mean that there are currently 300 million individual £20 banknotes, and 160 million paper £50 banknotes that have not been cashed in.

Speaking on the old UK banknotes ahead of the date, the Bank of England’s Chief Cashier Sarah John stated:

“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. For the next 100 days, these can still be used or deposited at your bank in the normal way.”

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.

Written by

Joshua Manning

Originally from the UK, Joshua is based on the Costa Blanca and is a web reporter for the Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.