The old-fashioned banknotes must be issued in a bank before the end of September or the deposited polymer notes were introduced by the bank in 2016 and ended 320 years of paper money in the UK, with the £5 note with Sir Winston Churchill being the first to be changed. The bank suggested that customers who don`t need to use paper money immediately can mail their old banknotes to their offices. After this date, 20 and 50 pound notes are no longer legal tender. Therefore, we encourage anyone who still has them to use them or deposit them with their bank or post office within the last 100 days. “We can deposit your money into a bank account (usually within 10 working days), by cheque or, if you live in the UK and your exchange is worth less than £50, in new tickets. We do not ship banknotes abroad. It came out with the old and with the new one in 2022, with the old expiry date of the £20 note and the old £50 note (opening in the 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 tab) in 2020 and 2021. This means that you have to spend them before the end date or exchange the tickets, otherwise you will not be able to use them as legal tender. The tickets depict JMW Turner, the English Romantic painter who worked in the late 18th and early 19th centuries and is known for works such as “The Fighting Temeraire” and “Rain, Steam and Speed – The Great Western Railway”.
That`s more than 300 million individual £20 notes and 160 million 50-pound paper notes. If you find old notes after deadlines, don`t worry! You can always go to the Bank of England in London to exchange them at the counter during working hours – or you can do it by post if you`re not in London. While the majority of 20- and 50-pound paper notes in circulation have already been replaced by the new polymer version, £20 paper notes worth more than £6 billion – with economist Adam Smith – remain in circulation, as well as more than £8 billion worth of £50 worth of paper notes – with entrepreneur Matthew Boulton and engineer James Watt. Paper £20 and £50 notes will soon no longer be accepted in shops and businesses, so people are making an effort to replace them with new plastic versions before the deadline. He said customers arriving after 2 p.m. may not be served because the counter where banknotes can be exchanged is only open between 9:30 a.m. and 3:00 p.m. It`s also been exactly a year since we issued the 50-pound polymer note with scientist Alan Turing on his 109th birthday. The £50 Turing completed our family of polymer banknotes, with all denominations (£5, £10, £20 and £50) now printed on polymer. The £20 paper note will no longer be accepted as legal tender after 30 September 2022, the same date as the old £50 notes will be withdrawn from circulation, and you can issue both until then. The bank responded on Twitter: “All genuine Bank of England banknotes that have been or will soon be withdrawn from circulation will retain their face value forever and can be exchanged with the Bank of England in London.” Holders of old paper banknotes, including those based outside the UK, contacted the bank on social media to ask if they ended up with worthless currency. From October, these 20- and 50-pound polymer notes will be the only versions accepted by British companies, but the bank said some UK banks will also accept withdrawn notes if they are deposited by a customer, and some post offices will also accept them.
The majority of paper notes have since been withdrawn from circulation, but a significant number remain in the economy, so we ask you to check if you have any at home. It`s been over two years since the £20 polymer went into circulation in the UK, but you might still have some of the old paper notes. The Bank of England must announce up to six months in advance when an old bank will go bankrupt as a tender. This gives the audience enough time to pass their old note before it expires. The Bank of England website states: “You can exchange withdrawn notes with us at any time by post. Your old £20 ticket is still legal tender and will be accepted by all retailers until 30 September 2022. He assured the client that there is no deadline for the exchange of notes. However, the fact that they are no longer accepted in stores or by companies has led to a rush to exchange them. The Bank of England also advises that many banks will continue to accept old banknotes as deposits, while the post office can also accept them on any bank account you can access.