There’s 97 days left to spend your paper bank notes.
If you’ve got any paper bank notes lying around the house- this is your sign to spend them up or head to the bank to swap them for the new polymer versions.
The Bank of England is warning that anyone who still has hold of paper £20 and £50 bank notes only has 100 days left to use them, reports The Manc.
While it’s true that by now, the majority of paper £20 and £50 banknotes in circulation across the UK have been replaced with new polymer versions, there is still believed to be a whopping £14 billion-worth unaccounted for, according to the Bank of England.
And there’s not long left to spend them or deposit them at your local bank.
It’s believed that, in current circulation, there are still more than £6 billion-worth of paper £20 banknotes featuring economist Adam Smith, and in excess of £8 billion-worth of paper £50 banknotes, which featuring entrepreneur Matthew Boulton and engineer James Watt.
In total, that accounts for 300 million individual £20 banknotes, and 160 million paper £50 banknotes.
The last day these notes will have legal tender status is 30 September 2022.
Anyone who finds they still have these notes are asked to use them, or deposit them at their bank or a Post Office before the end of that month.
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“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,” explained Sarah John, chief cashier at the Bank of England.
“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.”
Featured Image – Dreamstime
