Time run­ning out for old ten-pound notes

Western Mail - - BUSINESS IN WALES -

THE old £10 note must be spent by March next year af­ter the Bank of Eng­land re­vealed the date when it will cease to be le­gal ten­der.

A use-by date of March 1, 2018, has been slapped on £10 pa­per notes fol­low­ing the in­tro­duc­tion of the plas­tic ten­ner on Septem­ber 14. How­ever, old notes can still be spent ahead of the cut-off date or ex­changed at the Bank once this point has passed.

The Bank in­tro­duced the pa­per £10 note fea­tur­ing nat­u­ral­ist Charles Dar­win on Novem­ber 7, 2000. Around 55% of the £10 notes in cir­cu­la­tion are made from poly­mer, while 359 mil­lion are pa­per.

The new £10 ban­knote, fea­tur­ing a pic­ture of au­thor Jane Austen, is the first Bank of Eng­land note with a tac­tile fea­ture to help blind and par­tially-sighted users. Like the £5 note al­ready in cir­cu­la­tion fea­tur­ing Sir Win­ston Churchill, the new £10 ban­knote is made from poly­mer, which is more durable and ex­pected to last five years in to­tal.

The tran­si­tion to poly­mer has sparked con­tro­versy af­ter the Bank con­firmed that an “ex­tremely small amount” of tal­low – or an­i­mal fat – was used to pro­duce poly­mer pel­lets, which were part of the pro­duc­tion process.

Peo­ple who still have pa­per £5 notes can ex­change them at the Bank of Eng­land in per­son or by com­plet­ing a form and send­ing the note to Depart­ment NEX, Bank of Eng­land, Thread­nee­dle Street, London EC2R 8AH.

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