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Paper £20 and £50 banknotes

Paper £20 and £50 banknotes to be withdrawn from circulation.

The Bank of England (BoE) has reminded the public that it will be withdrawing the legal tender status of paper £20 and £50 notes after 30 September 2022.

According to the Bank, there are still over £6 billion worth of paper £20 notes and over £8 billion worth of paper £50 notes in circulation.

The BoE is encouraging anyone who still has paper £20 or £50 notes to use them or deposit them at their local bank branch or post office.

Commenting on the matter, Sarah John, Chief Cashier at the BoE, said: ‘Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable.

‘The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home.’

After 30 September only the polymer notes will have legal tender status.

What to do with paper notes after 30 September

Once the 30 September 2022 deadline has passed, you will no longer be able to use Bank of England paper notes in shops, or use them to pay businesses.

After this date, many UK banks will accept withdrawn notes as deposits from customers. Some Post Offices may also accept withdrawn notes as a deposit into any bank account you can access with them.

The Bank of England will always exchange any withdrawn notes, including paper notes we have withdrawn in the past.

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