Shoppers who prefer using cash will not be able to spend paper £20 and £50 notes in six months time. This is because the Bank of England has said that the paper notes will become void.
The central bank has said the deadline to use paper notes is September 30, 2022. This is because they will be permanently replaced with the polymer versions that were released into circulation some years ago.
You will still be allowed to exchange their £20 and £50 notes after the September deadline, Birmingham Live reports. The Bank of England’s Chief Cashier Sarah John said : “We want to remind the public that from today they only have six months left to spend or deposit their paper £20 and £50 notes. Over the past few years we have been changing our banknotes from paper to polymer, because these designs are more difficult to counterfeit, whilst also being more durable.
"A large number of these paper notes have now been returned to us, and replaced with the polymer £20 featuring the artist J.M.W. Turner, and the polymer £50 featuring the scientist Alan Turing. However if members of the public still have any of these paper notes in their possession, they should deposit or spend them whilst they can”.
The notes are being replaced with the new polymer £20 notes featuring J.M.W. Turner, and polymer £50 notes featuring Alan Turing. The introduction of polymer banknotes allows for a new generation of security features which make them even harder to counterfeit.
It comes following similar banknotes for the £5 and £10 some years ago. The fiver was released back in 2016, featuring Sir Winston Churchill.
