By 
THE BANK OF ENGLAND has issued an important update, reminding Britons their £20 and £50 notes are soon set to become obsolete – prompting people to make use of these while they can.
Paper notes are common currency across the UK, and many people are used to paying with these on a day-to-day basis. However, in a vital alert, the Bank of England has said paper notes are set to be totally phased out. With many people still holding these in various places around the home, it is important to act.
In a Twitter post this week, The Bank of England highlighted the matter in the run up to Christmas.
It said: “Last Christmas to spend your paper £20 and £50 notes. Retailers can still accept your paper £20 and £50 notes.”
However, the central bank also highlighted the date at which this would no longer be the case.
The old £20 and £50 notes will officially be phased out by September 30, 2022.
They will be replaced by polymer alternatives as the latest notes to be phased out of paper.
Paper £5 notes were the first to be phased out, ceasing to be legal tender in May 2017.
Old £10 notes followed closely behind in March 2018, with replacements gradually coming into circulation.
The Bank of England has since introduced polymer £20 notes, first issued on February 20, 2020.
The new polymer £50 note was first placed into circulation on June 23, 2021.
The Bank of England’s website has urged action on paper £20 and £50 notes as the date for expiration nears.
It encourages people to spend them or deposit them at the bank ahead of the September 30, 2022 date.
The reason for the phasing out of paper notes within the UK is a clear one outlined by the central bank.
It has explained the newer notes have advanced security features, describing them as “our most secure set of polymer banknotes yet”.
The new £20 and £50 notes incorporate two windows and a two-colour foil, which should make them very difficult to counterfeit.
However, other than this, there are also added benefits to newer polymer notes, and the Bank of England added: “One of the benefits shared by all our polymer banknotes is that they last longer than paper notes and they stay in better condition during their use.
“This note, like the polymer £10 and £20 will contain a tactile feature to help vision impaired people identify the denomination.”
Although older notes will no longer be legal tender, Britons should not panic.
This is because the central bank will always accept them, and they can be exchanged for legal tender.
There are a number of ways people will be able to deal with their old notes other than spending them.
A local bank branch, if open, should be the best port of call, as it is not likely to inconvenience Britons. Here, individuals will usually be able to take their old notes up to the counter to be exchanged for the polymer alternatives.
Comments