Older £20 and £50 paper notes will soon no longer be legal tender.
Brits will no longer be able to use older versions of the notes from from September 30 next year.
This means anyone who used cash to pay in shops will need to either spend the notes they have before then, or change them for new ones.
The new £20 note was released into circulation on February 20, 2020, and features the artist JMW Turner.
The image of Turner, chosen in 2016, is on display at the Tate Britain and the banknote also features his signature from his will.
Meanwhile, the new £50 was dedicated to World War Two codebreaker Alan Turing and was released on June 23, 2021.
Turing is best known for breaking the German Enigma code, leading to victory over Nazi Germany.
Historians believe Turing may have shortened the war by four years – saving tens of thousands of lives, says the Mirror.
Both the Turner £20 and the Turing £50 join the Winston Churchill £5 and Jane Austen £10 in the series of new polymer notes.
How long do I have to use old £20 and £50 notes?
Both the old paper £20 and £50 banknotes will expire on Wednesday, September 30, 2022.
This means this is the absolute last day you can spend them in stores – so you have just over one year to use them.
A note from the Bank of England reads: “30 September 2022 will be the last day you can use Bank of England paper £20 and £50 notes.
“After 30 September 2022, these paper notes will no longer be legal tender, so we encourage people to spend them or deposit them at their bank ahead of this date.”
If you miss this deadline, you do have some options…
How to exchange old bank notes
On the Bank of England (BoE) website, there are instructions for those who may still be clinging on to old paper banknotes.
You can look to exchange them at the following places…
At your bank: The BoE says the easiest way to exchange notes is to deposit them with your bank. You’ll need to visit your nearest bank branch in person to do this.
At the Post Office: The Post Office may also accept withdrawn notes as payment for goods and services, or as a deposit into any bank account you can access with them.
At the Bank of England: You can post old banknotes to the BoE and they’ll then send you a cheque for the amount, or the equivalent in new polymer notes.
Send your banknote(s) and photocopies of ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
You can also visit the BoE in person to exchange old notes. You may be asked to complete a form and need to provide two original identity documents.
The BoE may also exchange accidentally torn, damaged or mutilated notes – as long as they are genuine and not counterfeit.
When did the old £5 and £10 get withdrawn?
The old paper £5 note – which was replaced by a new polymer version on September 13, 2016 – stopped being legal tender on May 5, 2017.
As for the old £10 note – of which a new polymer version came out on September 14, 2017 – the cut-off date for using this was March 1, 2018.
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