Is Paper Money Still Legal Tender in Uk

The bank suggested that customers who do not need to use paper money immediately can send their old notes to their offices by post. 20-pound notes made of waste paper expire on September 30, 2022. After this date, cafes, bars, shops and restaurants will no longer accept the £20 paper ticket. In particular, it is the same day as the expiry date of the old £50 note. We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022. Holders of old banknotes, including those based outside the UK, contacted the bank on social media to ask if they were left with worthless money. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. “There is no deadline for the return of these paper tickets, neither at our premises nor at participating post offices.” It came out with the old and with the new in 2022, with the old £20 note and the old expiry date of the £50 note (opens in a 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 window) in 2020 and 2021.

This means that you have to spend or exchange them before the end date, otherwise you won`t be able to use them as legal tender. Consumers are rushing to exchange their old paper banknotes for new plastic versions, just over two weeks before they cease to be legal tender at the end of September. The Bank of England has warned people not to expect long queues at its Threadneedle Street headquarters in the City of London if they try to exchange paper notes worth £20 and £50. The notes, worth more than £19 billion, are still in use, but from October they will no longer be accepted as payment. The Bank has sought to reassure holders of paper banknotes outside the UK that they will not end up with worthless currency. The Bank of England must give up to six months` notice when an old bank is abandoned as a means of payment. This gives the public a reasonable amount of time to spend their old note before it expires. The old version of the 1-pound coin can still be deposited in major banks – but should not be spent in stores. The £20 paper will remain legal until the age of 30. September 2022.

It puts an end to more than 320 years of paper money in Britain. Polymer banknotes were introduced by the bank in 2016 and ended 320 years of paper money in the UK, with the £5 note depicting Sir Winston Churchill being the first to be exchanged. Consumers with a bank or postal account in the UK can deposit paper tickets. The old 20 and 50 pound notes will be redundant from 30 September to combat counterfeit money. The Bank of England will withdraw the legal tender status of the £20 and £50 notes after 30 September 2022. After this date, companies will no longer accept these tickets as a means of payment. Although the majority of the £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of £20 worth of paper notes in circulation with economist Adam Smith and nearly £6 billion of £50 notes with engineers Boulton and Watt. That`s more than 250 million individual £20 banknotes and over 110 million £50 notes. Footnote [1] The Bank of England clarified Thursday that paper money bearing the effigy of Queen Elizabeth II is still legal tender after her death.

She first appeared on the £1 note issued in 1960, and her image later appeared on other amounts of paper money, according to the Bank of England Museum. The image was also used as a measure to combat paper money counterfeiting. The end of Elizabeth`s seven-decade reign was marked by mourning messages from leaders of Britain and the world, including all living American presidents. All Bank of England polymer banknotes can be used as legal tender in the UK after 30 September. The Bank of England will always exchange all withdrawn notes, including banknotes that we have withdrawn in the past. All polymer banknotes bearing a portrait of Her Majesty Queen Elizabeth II are legal tender and may continue to be used by the public as usual. A further announcement regarding the Bank of England`s existing banknotes will be made once the time of royal mourning has been observed. The Bank of England informs paper note holders of their options. The Bank of England has stated (opens in a new window) that many banks will still accept “notes withdrawn as customer deposits”, as will the post office. You can also exchange paper notes directly at the London-based Bank of England for the new polymer notes. You can still receive paper notes from companies or others until September 30, 2022. Focus on these important security features to confirm that a £20 or £50 note is genuine: you can also exchange paper notes at face value for new polymer notes directly at the London-based Bank of England.

257 million £5.1 billion banknotes (as of 9 September 2022) and 118 million £50 billion notes (as of 9 September 2022) are still in circulation. This is the last week that our paper banknotes can still be used. The £5 and £10 notes have already been completely replaced, with the paper notes of these denominations having been withdrawn in 2017 and 2018 respectively. Details of the money still in circulation or hidden in homes were revealed in a BBC Wales Freedom of Information request. That`s over 250 million individual £20 notes and over 110 million £50 notes. There is no deadline for exchanging withdrawn paper notes, but as they are no longer accepted in shops, there has been a rush to exchange them in the UK, with the Bank of England warning people not to expect long queues at its Threadneedle Street headquarters in London. After September 30, only our polymer banknotes will be legal tender. The £20 and £50 notes were stripped of their legal tender status by the Bank of England. If you have £20 or £50 paper notes, we recommend using them or depositing them with your bank or post office before 30 September 2022. “Many of these paper notes have now been returned to us and replaced with the £20 polymer with artist J.M.W.

Turner and the £50 polymer with scientist Alan Turing. However, if the public still has one of these paper notes in their possession, they should deposit or issue it while they can. “If you can`t meet that deadline, there`s always a way to exchange your old £20 paper. Economist Adam Smith appears on the original £20 note. While the new polymer note features artist JMW Turner. The romantic artist`s self-portrait was painted in 1799 and is on display at Tate Britain in London. While the majority of £20 and £50 notes in circulation have already been replaced by the new polymer version, more than £6 billion of £20 paper notes – with economist Adam Smith – remain in circulation, as well as more than £8 billion of £50 paper notes – with entrepreneur Matthew Boulton and engineer James Watt. The withdrawal includes £20 notes issued by the Bank of Ireland (United Kingdom), AIB Group (United Kingdom) and Ulster Bank in Northern Ireland. Yes, old £20 notes are still legal tender. And you can always use those paper notes to make purchases in the moment.