The £20 and £50 paper notes will be phased out after the introduction of plastic banknotes. Although the majority of the £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of £20 worth of paper notes in circulation with economist Adam Smith and nearly £6 billion of £50 notes with engineers Boulton and Watt. That`s over 250 million individual £20 notes and over 110 million £50 notes. Footnote [1] To date, £20 and £50 notes worth £1.2 billion have been deposited at the post office`s 11,500 branches. If you are unable to meet this deadline, there is always a way to exchange your old £20 paper. The Bank of England will be released after September 30. September 2022 to withdraw the legal tender status of £20 and £50 banknotes. After this date, companies will no longer accept these tickets as a means of payment. It came out with the old and with the new in 2022, with the old £20 note and the old expiry date of the £50 note (opens in a new tab) taking place in 2022. The Bank of England is withdrawing paper notes from circulation after the publication of the new £20 and £50 notes (opens in a new window) in 2020 and 2021.
This means that you have to spend or exchange them before the end date, otherwise you won`t be able to use them as legal tender. So what`s the last day you can spend your money, and what if you find one after the deadline? Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. The 20-pound polymer note entered circulation on February 20, 2020. Paper issues of the £5 note were no longer a valid offer in May 2017, while the £10 note was withdrawn in March 2018. After that date, the £20 paper ceased to be legal tender. The Bank of England will always exchange all withdrawn notes, including banknotes that we have withdrawn in the past. After the deadline of 30 September 2022, you will no longer be able to use Bank of England paper notes in shops or use them to pay businesses. Martin Kearsley, the Post`s banking director, said: “We are aware that people live busy lives and that some may postpone the deposit of their £20 and £50 notes at the last moment. September 30 is the last day that the Bank of England`s £20 and £50 notes are legal tender.
Nach dem 30. September only our polymer banknotes are legal tender. If that`s not enough information, here`s everything you need to know about the 20-pound polymer bill. The Bank of England must give up to six months` notice when an old bank is abandoned as a means of payment. This gives the public a reasonable amount of time to spend their old note before it expires. After September 30, 2022, you will no longer be able to use paper banknotes. However, the following options remain available: However, the Bank of England warns that people “should be aware that notes are sent at their own risk” and encourages people to “take appropriate measures to insure themselves against loss or theft”. If you have an old legal tender, such as £5 or £10 notes, you can exchange or deposit them using this method.
After this date, many UK banks will accept withdrawn notes as customer deposits. Some post offices may also accept withdrawn banknotes as a deposit into a bank account that you can access with them. In March, Sarah John, chief cashier at the Bank of England, said: “In recent years we have replaced our paper banknotes with polymer because these designs are harder to counterfeit and at the same time more durable.” Many banks and some post offices accept old £20 notes as a deposit into a bank account. Swiss Post accepts withdrawn banknotes as a deposit in any bank account. Go to your local branch to drop off the old £20 note. Polymer banknotes were introduced due to their improved security features and longer shelf life. The new 20-pound plastic and polymer banknotes feature a new iconic image, as well as enhanced security features to prevent fraudulent activity. It has already been described as “the safest banknote yet” because the new security features include a hologram and a transparent window – two features that are difficult to copy exactly. Keep the note in the light. Check if there is a brilliant “£20” or “£50” at the top of the Queen`s portrait.
A Bank of England spokesman previously told The Sun: “Polymer notes are stronger than paper notes and last longer in normal daily use. To avoid old and invalid notes in your wallet, issue them or deposit them into your bank account. You can use the £20 print editions until 30 September 2022. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. 257 million £5.1 billion banknotes (as of 9 September 2022) and 118 million £50 billion notes (as of 9 September 2022) are still in circulation. All polymer banknotes bearing a portrait of Her Majesty Queen Elizabeth II are legal tender and may continue to be used by the public as usual. A further announcement regarding the Bank of England`s existing banknotes will be made once the time of royal mourning has been observed. The new £20 note is slightly smaller than the paper edition and depicts the British painter JMW Turner.