The Bank of England has issued a warning that all £20 paper bank notes will no longer be valid for use by the autumn.
Following the recent withdrawal of the paper £10 and £5 banknotes, it’s been confirmed that from 30 September 2022, the more than £19 billion worth of old-style £20 and £50 banknotes that are still in circulation will see lose their legal tender status and become redundant.
It’s part of what’s being described as a shake-up to tackle fake money.
The Bank of England said it will continue to swap old notes for their face value, but households are urged to use the old notes up the autumn deadline.
Not only that, but according to the Royal Mint, there are also £105 million old one pound coins in circulation too, which is now five years after losing their tender status, but while they cannot be spent in shops, they can still be deposited at high street banks.
Since June 23, 2021, the entire collection of currently-printed banknotes is made of plastic – with the polymer £50 note featuring Alan Turing completing the collection, reports The Mirror.
A spokesperson for the Bank of England explained that “all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time”.
People can also post old notes to the bank in Threadneedle Street, in the City of London, to be paid into a bank account, by cheque or, “if you live in the UK and your exchange is worth less than £50”, swapped for new-style polymer ones.
The Bank of England explained that for anyone with a UK bank account, the easiest way to exchange paper money “will normally be to deposit them with your bank”.
“Polymer notes are safer than paper notes and last more than twice as long,” the Bank of England said.
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