As of today, old paper £20 and £50 banknotes are no longer legal tender in the UK.
The Bank of England made advance announcements that from Friday (September 30), these notes would be made redundant in order to tackle counterfeits. The paper notes are being swapped out for new, polymer versions.
Despite the Queen’s death, all polymer banknotes carrying a portrait of Queen Elizabeth II remain legal tender, and the public can continue to use these as normal.
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Amid the news of the notes being taken out of circulation, people rushed to banks across the country to exchange their notes before the deadline. The bank sent out a warning that long queues were forming, with expected waits of a number of hours in some places.
With the last day for spending these notes being Friday, what should you do if you still have some?
Luckily, your money is not lost. Many banks will still accept these notes as deposit, according to the Bank of England.
Alternatively, you can swap paper notes for polymer money at specific Post Office branches. You can check to see if your local branch provides this service on the Bank of England’s website.
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