When the new £20 and £50 notes came into circulation replacing those issued in 2007, which featured economist Adam Smith, there was great debate about their size and the material on which they were printed. The new currency was made of polymer and was said to be longer lasting.
Now that we are all used to the new versions, the old paper notes are ready to be retired. And that date is looming.
According to the Bank of England, we only have until Friday, September 30, 2022 to use the old paper notes. As of today, Thursday, June 23, that's just 100 days and counting.
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So, what can you do if you have a note lurking in your purse, wallet, or even under the bed, harking back to the cashless days of the pandemic? If it is before the cut off, well simply spend it as you would normally. After September 30, well, you won't lose out. You can swap them at your bank by depositing them into your account, or the Bank of England will always exchange your old bank notes.
The Bank of England website states that: "Many banks will accept withdrawn notes as deposits from customers. The Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office." It adds that "You can always exchange withdrawn notes with us".
It is estimated that more than £6 billion worth of paper £20 notes are still in circulation, with an even larger figure for £50 notes - £8 billion. So, get checking your old wallets and purses, even down the back of the sofa for any strays. You never know, you may find a windfall in your home that you'd forgotten about.
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