20 Notes No Longer Legal Tender

Paper notes can also be exchanged by the Bank of England. “We can deposit your money into a bank account (usually within 10 working days), by cheque or, if you live in the UK and your exchange is worth less than £50, in new tickets. We do not ship banknotes abroad. The bank responded on Twitter: “All genuine Bank of England banknotes that have been or will soon be withdrawn from circulation will retain their face value forever and can be exchanged with the Bank of England in London. After the Queen`s death, the nation`s coins and banknotes will be replaced over time by versions with the head of King Charles. However, the process should take at least two years and probably longer for the parts. The polymer notes were introduced by the bank in 2016 and ended 320 years of paper money in the UK, with the £5 note with Sir Winston Churchill being the first to be changed. The bank replaced paper notes with more durable plastic notes with artist JMW Turner and mathematician Alan Turing. The Bank of England website states: “You can exchange withdrawn notes with us at any time by post. Send it with your banknotes and photocopies of ID (photo ID and proof of address) for each exchange to the NEX Department, Bank of England, Threadneedle Street, London EC2R 8AH. Although they have been gradually replaced by the new polymer notes, there are still more 20-pound paper notes worth £6 billion and paper notes worth £8 billion in circulation. The Bank of England will revoke the legal tender status of the £20 and £50 notes after 30 September 2022. The bank suggested that customers mail their banknotes to them using a mail exchange form, unless they need them immediately. Before the September 30 deadline, paper notes can also be distributed in stores.

The last day to use the £20 and £50 paper notes is 30 September 2022. After that day, these paper tickets are no longer legal tender and will no longer be accepted in stores. The tickets depict JMW Turner, the English Romantic painter who worked in the late 18th and early 19th centuries and is known for works such as “The Fighting Temeraire” and “Rain, Steam and Speed – The Great Western Railway”. Old Bank of England notes may be presented in person at the Bank`s premises in London for exchange or sent by post (at the sender`s own risk) to The following address: Dept NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Britons have until Friday, September 30, 2022 to issue paper versions of the currency before they are withdrawn from circulation and are no longer accepted as legal tender. While the majority of 20- and 50-pound paper notes in circulation have already been replaced by the new polymer version, £20 paper notes worth more than £6 billion – with economist Adam Smith – remain in circulation, as well as more than £8 billion worth of £50 worth of paper notes – with entrepreneur Matthew Boulton and engineer James Watt. Download our free training material to check your banknotes. Focus on these two key security features to confirm that your notes are genuine: There are still £14 billion of paper notes in circulation in both denominations The bank has suggested that customers who don`t need to use paper money immediately can send their old notes to their offices. But those who choose to store money at home may have piled up paper notes that need to be issued or exchanged, and in March the Bank of England said there were still 20 notes worth £7 billion and £50 notes worth £10.5 billion still in circulation. Here`s everything you need to know when the old £20 notes are taken out of circulation and what happens after that deadline. But after the 30th. In September, people will not be able to use paper tickets for payments in stores and other businesses.

The bank`s Chief Treasurer, Sarah John, said: “The transition of our banknotes from paper to polymer in recent years has been an important development as it makes them more difficult to counterfeit and more durable. Paper notes worth more than £17 billion remain in circulation, the bank said. 30 September 2022 is the last day you can use our paper tickets worth £20 and £50. Holders of old paper banknotes, including those based outside the UK, contacted the bank on social media to ask if they ended up with worthless currency. Many banks accept withdrawn notes as customer deposits. Swiss Post can also accept withdrawn banknotes as a deposit to any bank account that you can access at the post office. And you can exchange withdrawn tickets with us at any time. Paper tickets of £20 and £50 will no longer be legal tender in just 100 days.