£9billion in old paper bank notes across the UK still remain to be cashed in, despite them losing their status as legal tender last year.
However, all isn't lost, as there's still time to swap the old currency for the newer plastic notes. Paper £20 and £50 notes became the last old currencies to lose their legal tender status across the UK on September 30, 2022 - meaning that you can't go to the shop and spend them anymore.
The Mirror reports that these old paper notes were of course phased out by polymer plastic notes, due to their increased stability and structure - as well as being much harder to counterfeit. But according to a data study from the BBC through a Freedom of Information request made to the Bank of England - around 455million paper notes remain in circulation.
There's also thought to be in the region of £87million in old and outdated £1 coins still yet to see return, according to the Royal Mint. Of the 455million paper banknotes still in circulation there are around:
- 111million £5 notes
- 65million £10 notes
- 198million £20 notes
- 70million £50 notes
Thankfully, it's not too late to swap old notes over though, and you'll be given plastic polymer notes in return which you can legally spend.
How do you swap your old banknotes and coins?
Should you stumble across some old paper bank notes or coins during a spring clean, then you should refrain from throwing them away. The Bank of England notes how all 'genuine' banknotes have which been withdrawn from circulation still retain their face value - and can be exchanged for the newer equivalent.
You can do this by heading to your local bank, while some post offices and the central bank also can exchange them.
Banks no longer have to legally accept old paper notes and coins following the withdrawal, but the banks who do offer the service usually tend to have their own rules in place with regards to the procedure. Banks that allow you to exchange old notes usually allow you to simply deposit the money into an account held with them.
Some of the banks allowing exchanges include Barclays, Halifax, Lloyds, Nationwide, NatWest and Santander - but you should always check prior to make sure before heading down for the service. The Post Office also allows exchanges at participating sites, allowing up to £300 to be swapped in any two-year period.
You'll have to take a photo ID along with you to swap notes, so the Post Office can keep track of your conversions. All notes between £5 and £50 can be converted at the Post Office - and you can find your nearest participating branch, here.
Those near the capital can swap their old notes at the Bank of England on Threadneedle Street, which is usually open 9.30am until 3.00pm Monday to Friday. You should, however, be aware that the central bank often has very long queues.
A final method of switching out old notes comes in the form of post - however, this is to be done at your own risk, and the bank advises anyone considering it to put measures in place to reduce the likelihood of loss of theft. To swap by post, you'll need to fill out a relevant form and send it in with your notes.
You'll also need to send a photocopy of your ID and proof of your adress. The Bank of England currently has no time limit in place when it comes to exchanging old banknotes.
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