One year left to spend paper banknotes

People are being encouraged to spend or bank their paper £20 and £50 banknotes before their legal tender status is withdrawn in a year’s time.

There are approximately £9 billion worth of paper £20 and £15 billion worth of paper £50 notes still in circulation.

As they are returned to the Bank of England, they are being replaced with the £20 notes featuring JMW Turner, and £50 notes featuring Alan Turing. The new banknotes are made from polymer.

The Bank of England will withdraw the legal tender status of the paper £20 and £50 notes after September 30, 2022, and it is encouraging anyone who has them at home to spend or deposit them at their bank or Post Office.

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.”