The Bank of England has confirmed paper £20 and £50 notes will be withdrawn as legal tender. It means Britons have until September 30, 2022 to make use of them.
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After this date, paper £20 and £50 will not be legal tender, and therefore will not be able to be used.
The majority of paper £20 and £50 notes have already been removed from circulation.
However, it is likely many Britons will have these older notes in their homes, purses and wallets.
In fact, the central bank estimates there are over £6billion worth of paper £20 notes and over £8billion worth of paper £50 notes still in circulation.
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Others will instead choose to deposit their old notes if they do not want to spend them.
This can either be done at a bank or via the Post Office.
Chief Cashier of the Bank of England, Sarah John, 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.
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“However, a significant number remain in the economy, so we’re asking you to check if you have any at home.”
Paper £20 notes first started to be withdrawn from circulation on February 20, 2020.
This was the date when the polymer £20 first entered circulation as a new type of note.
Similarly, paper £50 notes were withdrawn on the same date the new £50 entered circulation – June 23, 2021.
As a result, there has been less time to withdraw paper £50 notes are more remain in circulation.
Any paper £20 and £50 notes also issued by Clydesdale Bank, the Royal Bank of Scotland and Bank of Scotland will also be withdrawn after September 30, 2022.
These banks have also advised the public to spend or deposit their old notes by the deadline.
The Bank of England has explained old versions of its notes can be presented at the central bank if a person so wishes.
This can be done either in person in Central London, or sent by post – but at the sender’s risk.
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