Bank of England’s September warning to anyone who uses £20 and £50 notes

Bank of England’s September warning to anyone who uses £20 and £50 notes . (PA)

Anyone still using paper £20 and £50 noted have just over three weeks until they will no longer be able to purchase good with their money.

The Bank of England says the banknotes will only be in circulation for a further 24 days

September 30 is the last day that the Bank’s paper £20 and £50 banknotes will have legal tender status.

It is encouraging anyone who still has them to use them or deposit them at their bank or a Post Office before the end of September.

While the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still more than £6 billion-worth of paper £20 banknotes featuring economist Adam Smith, and over £8 billion-worth of paper £50 banknotes featuring entrepreneur Matthew Boulton and engineer James Watt, in circulation.

That is more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

It is a year since the Bank first issued the polymer £50 banknote featuring Bletchley Park codebreaker and scientist Alan Turing.

The Bank of England’s chief cashier Sarah John said in June: “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.

“For the next 100 days, these can still be used or deposited at your bank in the normal way.”

MaTaZ ArIsInG

LATEST POSTS

Ayo Dada

SUBSCRIBE TO OUR NEWSLETTER NOW

0.00USD

Amount

TEXT AD: To advertise here – Email ad@matazarising.com

Support MATAZ ARISING’ journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to MATAZ ARISING, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

About the author

Ayo

I am an Educator and a proponent of Human Rights. There is so much poverty and disease around the world, especially in Africa, the richest continent on planet earth. This situation is brought upon the people of Africa as a result of extreme corruption, nepotism and bad governance by her leaders. I therefore decided to add my voice to making the continent of Africa, and the world at large a better place; thus the birth of MaTaZ ArIsInG.