If you still have any paper £20 or £50 notes in your wallet, today is your last chance to use them.
After September 30, 2022, the Bank of England will be withdrawing the legal tender status from all paper £20 and £50 banknotes. Businesses and shops will not accept these notes as payment from October 1, 2022.
According to the Bank, more than £5 billion worth of paper £20 notes featuring economist Adam Smith were in circulation last week, as well as around £6 billion worth of £50 notes that feature the entrepreneur Mathew Boulton and the engineer James Watt.
That’s more than 250 million individual £20 banknotes, and more than 110 million paper £50 banknotes.
The returned paper banknotes have been replaced by new polymer £20 notes featuring artist JMW Turner, or polymer £50 notes featuring the father of modern computing, Alan Turing.
You’ll have the following options for paper banknotes after September 30:
You will be able to deposit them into your UK bank account or into your account at a Post Office.
A limited number of Post Offices will also allow you to exchange certain withdrawn paper notes for polymer notes. Find the full list of branches providing this new service here.
You can also exchange paper banknotes with the Bank of England, including by post.
The Bank has said, “All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.”