This is the last week that paper £20 and £50 banknotes can still be used.
The Bank of England will be withdrawing legal tender status of paper notes after 30 September 2022.
After this date businesses will no longer be accepting these banknotes as payment.
All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.
After 30 September 2022 you will not be able to use paper banknotes. However the following options will remain available:
- If you have a UK bank account, you will normally still be able to deposit them at your bank, or into your account at a Post Office.
- You can exchange certain withdrawn paper banknotes for polymer notes at a limited number of Post Office branches.
- You can exchange withdrawn banknotes with the Bank of England, including by post.
Although the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £5 billion worth of paper £20 featuring the economist Adam Smith, and nearly £6 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. That’s more than 250 million individual £20 banknotes, and more than 110 million paper £50 banknotes.
So far this month, over £100million worth of the notes have been deposited at Post Office’s 11,500 branches. Martin Kearsley, Post Office’s banking director, said staff ‘are on hand’ to help those who ‘put off depositing their paper notes until the last moment’.