The Bank of England has issued a fresh warning over £20 and £50 notes which are currently in circulation. An estimated 163 million £50 notes and some 314 million £20 notes are still in people's purses and wallets, but soon they will no longer be accepted as a form of payment.
The Bank of England said people have 100 days left to spend or deposit the notes, until they'll no longer be in use. This is because they're set to be replaced by tougher, plastic versions.
Paper £5 and £10 notes were replaced in the same way in 2016 and 2017 respectively. A polymer £50 note featuring the portrait of Alan Turing entered circulation on 23 June 2021, meaning now the Bank's entire collection of currently-printed banknotes is made of plastic.
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A spokeswoman explained that "all genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time". People can also post old notes to the bank in Threadneedle Street, in the City of London, to be paid into a bank account, by cheque or, "if you live in the UK and your exchange is worth less than £50", swapped for new-style polymer ones.
If you have a UK bank account, the Bank of England said the simplest and quickest way to exchange paper £20 and £50 notes "will normally be to deposit them with your bank". Former Bank of England governor Mark Carney – who spearheaded their introduction – said: "Polymer notes are safer than paper notes and last more than twice as long."
'Plastic' banknotes are not without issues though. Some security features on early polymer notes, including the Queen’s face, could be rubbed off with pencil erasers, and notes can shrink to a quarter of their size if ironed while inside a pocket.
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