The post office is preparing for a «last moment» of customers dropping off paper and £50 banknotes this week before they can no longer be used in shops or to pay for shops. You can still receive paper notes from companies or others until September 30, 2022. Focus on these important security features to confirm that a £20 or £50 note is genuine: In line with Royal House guidelines to minimize the environmental and financial impact of changing monarchs, existing banknotes will continue to circulate with Her Majesty Queen Elizabeth II. New banknotes are only printed to replace worn banknotes and to meet the general increase in demand for tickets. So far this month, more than £100 million worth of banknotes have been deposited at post offices. The Bank of England will be released after September 30. September 2022 to withdraw the legal tender status of £20 and £50 banknotes. After this date, companies will no longer accept these tickets as a means of payment. Martin Kearsley, director of the Post bank, said: «We are fully aware that people live busy lives and that some may postpone the deposit of their £20 and £50 notes at the last minute. After the deadline of 30 September 2022, you will no longer be able to use Bank of England paper notes in shops or use them to pay businesses.
Polymer banknotes have different security features. Find out how to check all our banknotes The Bank of England also points out that many banks will continue to accept old notes as deposits, while the post office can also accept them into any bank account you can access. After this date, many UK banks will accept withdrawn notes as customer deposits. Some post offices may also accept withdrawn banknotes as a deposit into a bank account that you can access with them. Friday is the last day Bank of England`s old-fashioned banknotes will be legal tender after being replaced with polymer versions The Bank of England has said polymer notes bearing a portrait of Queen Elizabeth II will remain legal tender and the public can continue to use them as usual. If you have £20 or £50 paper notes, we recommend using them or depositing them with your bank or post office before 30 September 2022. The Bank of England said: «Banknotes are resistant to dirt and moisture and therefore stay in better condition longer. These notes also have tactile features that allow blind and partially sighted people to use them.
That`s over 250 million individual £20 notes and over 110 million £50 notes. To send them by post, fill out a postal exchange form and send it with banknotes and photocopies of your identity card and proof of address. The 20-pound polymer note depicts artist JMW Turner, and the 50-pound polymer note depicts Bletchley Park codebreaker Alan Turing. The Bank of England said it would release images of updated banknotes with a portrait of King Charles III by the end of the year. The banknotes are expected to enter circulation in mid-2024. As of Friday, September 30, you will no longer be able to use your old paper tickets. That being said, your money won`t be lost. Her Majesty`s portrait will appear on the existing designs of the four polymer banknotes (£5, £10, £20 and £50). This will be a continuation of the current series of polymers and no further changes will be made to the banknote design. The new tickets will be printed with photos of entrepreneur Matthew Boulton and scientist James Watt. In 1775, the two formed a partnership to develop and market steam engines, and the designs were adopted worldwide. The metric unit of power is named in watts.
Keep the note in the light. Check if there is a brilliant «£20» or «£50» at the top of the Queen`s portrait. All polymer banknotes bearing a portrait of Her Majesty Queen Elizabeth II are legal tender and may continue to be used by the public as usual. A further announcement regarding the Bank of England`s existing banknotes will be made once the time of royal mourning has been observed. In March, Sarah John, chief cashier at the Bank of England, said: «In recent years we have replaced our paper banknotes with polymer because these designs are harder to counterfeit and at the same time more durable.» The Bank of England can deposit the money into a bank account, by cheque or (if you live in the UK and the amount is less than £50) into new banknotes. Current banknotes bearing the portrait of Her Majesty Queen Elizabeth II are legal tender and will not be withdrawn from circulation until they are worn or damaged. They will circulate with those of King Charles III. The Bank of England will always exchange old paper notes so that people who missed the deadline are not out of their pockets. The move comes after the bank introduced new £20 polymer plastic banknotes in February 2020 and £50 polymer banknotes in June 2021. The Bank of England will always exchange all withdrawn notes, including banknotes that we have withdrawn in the past. You can also exchange withdrawn banknotes with the Bank of England, including by post.
To do this, you must fill out a professional or individual exchange form. Send it along with your banknotes and photocopies of your ID card (photo ID and proof of address) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Soon, only polymer tickets will be accepted. This applies to both £50 and £20 notes. 257 million £20 banknotes worth £5.1 billion (as of 9. September 2022) and 118 million £50 notes worth £5.9 billion (as of 9 September 2022) are still in circulation. After September 30, 2022, you will no longer be able to use paper banknotes. However, the following options remain available: lick your pockets, wallets and the back of your sofa for your old £20 notes. £50 paper banknotes will no longer be accepted as legal tender from Friday 30 September 2022. The latest polymer banknote, printed in 2021, features an image by renowned mathematician and computer scientist Alan Turing.
He is known for deciphering the German code Enigma, which was instrumental in winning World War II. To exchange old banknotes after the deadline, you can mail them to the Bank of England. Although the majority of the £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of £20 worth of paper notes in circulation with economist Adam Smith and nearly £6 billion of £50 notes with engineers Boulton and Watt. That`s more than 250 million individual £20 banknotes and over 110 million £50 notes. Footnote [1] This is the last week that our paper banknotes can still be used. The Bank of England is withdrawing £50 notes from circulation, meaning old notes will no longer be accepted in shops or businesses. Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing.
Those with excess bills can deposit the money into their normal bank accounts at the post office. Alternatively, you can exchange paper notes for polymer silver at some post offices. You can check if your local branch offers this service on the Bank of England website. After Friday, people will still be able to deposit paper notes at their post office, and many UK banks will also accept banknotes as customer deposits. You can also exchange some withdrawn paper notes for polymer notes at a limited number of post offices, or you can exchange withdrawn notes with the Bank of England, including by post. Tomorrow, these paper tickets will no longer be legal tender and they will not be accepted in stores. Postmasters and their staff are available to give you human assurance that your old notes have been deposited into your bank account and will also issue a receipt.