Time is running out for people to use their £20 and £50 paper notes.
The Bank of England has issued a warning that the paper notes will cease to be legal tender this autumn, with the deadline for using them September 30. The Bank of England is encouraging everyone to either spend them or deposit them at their bank or Post Office.
Anyone who still has any paper £20 or £50 notes after the deadline will be allowed to exchange them by the Bank of England, reports Birmingham Live.
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The Bank of England’s Chief Cashier Sarah John said: “We want to remind the public that from today they only have six months left to spend or deposit their paper £20 and £50 notes. Over the past few years we have been changing our banknotes from paper to polymer, because these designs are more difficult to counterfeit, whilst also being more durable.
"A large number of these paper notes have now been returned to us, and replaced with the polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing. However if members of the public still have any of these paper notes in their possession, they should deposit or spend them whilst they can”.
The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit. The notes are also resistant to dirt and moisture and so remain in better condition for longer. These notes also have tactile features that allow the blind and partially sighted to use them.
The new polymer £20 was first released on February 20, 2020, and the polymer £50 note was issued on June 23 last year. They followed similar banknotes for the £5 and £10 some years ago. The fiver was released back in 2016, featuring Sir Winston Churchill.
There are thought to be approximately £9bn worth of paper £20 and £15bn worth of paper £50 notes still in circulation.
