Urgent warning for anyone still using paper £20 or £50 notes to pay for things

People still using paper £20 notes to pay for things have been issued with an urgent warning.

In a year, paper £20 and £50 notes will have their legal tender status withdrawn by the Bank of England, making them unusable in shops.

The old school paper £20 note was replaced by a polymer JMW Turner one in 2020. At the same time, a £50 note made from the same material and featuring Alan Turing went into circulation.

READ MORE: Southeastern trains taken over by Government after £25m ‘serious breach’

Thinkstock generic image of Close up of woman hands holding £20 pound notes

Approximately nine billion worth of paper £20 notes and £15 billion worth of paper £50 notes are currently in circulation, it has been reported.

On September 30, 2022, The Bank of England will officially withdraw the legal tender status of both the paper £20 notes and the paper £50 notes.

However, members of the public will still be able to pay paper £20 and £50 notes into the bank, they will just not be able to pay for items with them.

0 GettyImages 1028621910

MyLondon’s brilliant new newsletter The 12 is packed with news, views, features and opinion from across the city.

Every day we’ll send you a free email at around 12pm with 12 stories to keep you entertained, informed and uplifted. It’s the perfect lunchtime read.

The MyLondon team tells London stories for Londoners. Our 45 journalists cover all the news you need – from City Hall to your local streets.

Never miss a moment by signing up to The 12 newsletter here.

The Bank of England’s chief cashier, Sarah John, said: “In recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable.

“The polymer £20 featuring the artist JMW Turner, and the polymer £50 featuring the scientist Alan Turing are now in wide circulation, and we are in the process of withdrawing their paper equivalents.”

Do you want the latest crime, sport, or breaking news in London straight to your inbox? Tailor your needs to suit you
here .

Read More
Read More

https://www.mylondon.news/news/uk-world-news/urgent-warning-anyone-still-using-21728460

Recommended For You