The Bank of England has announced that the £20 and £50 notes will no longer be legal tender on 30 September. Thus, the British have 100 days to use the available banknotes.
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“The Bank of England will remove the legal tender status of £20 and £50 paper notes after September 30, 2022. After this date, the £20 and £50 paper notes will no longer be legal tender. Therefore, we encourage everyone who still has them to use them or bring them to their bank or post office within the last 100 days,” the regulator’s website said in a statement.
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Paper banknotes that have gone out of circulation will be replaced with polymer ones, which have been issued in the country since 2016. £20 notes featuring artist William Turner have been issued in the country since 2020, and £50 notes featuring mathematician Alan Turing from 2021.
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“Replacing our paper banknotes with polymer ones has been a major development in recent years because it makes them harder to counterfeit and means they are more durable. Most paper banknotes have now been withdrawn from circulation, but a significant number remain in circulation, so please check if you have them at home. For the next 100 days, they can be used or stored at your bank in the normal way,” said Sarah John, Chief Cashier of the Bank of England.
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According to the regulator, there are 314 million £20 notes and 163 £50 notes in circulation.
