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Daily Record
Daily Record
Lifestyle
Daniel Morrow

Warning over Scottish £20 and £50 paper banknotes ahead of major change this year

A number of paper banknotes will be withdrawn in Scotland later this year.

Bank of Scotland, Clydesdale Bank and the Royal Bank of Scotland will withdraw their paper £20 and £50 banknotes on September 30.

This will come just over a year since the new £50 polymer notes - containing portraits of Sir Walter Scott and Flora Stevenson - went into circulation.

The date of the withdrawal of the paper notes will come as the Bank of England phases out its own £20 and £50 paper notes.

People will have to use their remain Bank of England paper notes by the end date, when they will no longer be legal tender.

Officials have urged the public south of the border to spend or deposit them at their bank ahead of the September 30 deadline.

But the Scottish paper notes will continue to be accepted, according to the Committee of Scottish Bankers.

They say: “All the Scottish banks will begin to withdraw paper notes from circulation as the polymer notes are issued.

£50 polymer notes have been in circulation since last year (PA)

“These notes will continue to be honoured, however, if you have any of these notes, you should take these to your branch/bank for credit to your account.”

Bank of Scotland have said that customers can deposit their paper notes into their accounts as normal after the September 30 deadline.

Non-Bank of Scotland customers will be able to exchange the paper notes to polymer version up to a value of £250.

The design of polymer notes is said to enhance protection against counterfeits.

“Polymer banknotes are manufactured from a transparent plastic film, specially coated with an ink layer that enables it to carry the printed design features of banknotes”, the CSCB explains.

“The material allowed the inclusion of ‘windows’ or clear portions in the design which enhance protection against counterfeits.”

The Bank of England has also explained that it is easier to spot a fake note with the polymer version when compared to the paper notes.

Sarah John, Chief Cashier at the Bank of England, said: “The polymer £50 note is the most secure Bank of England banknote yet, and the features of the note make it very difficult to counterfeit.

“All of our polymer banknotes can be checked by looking for two key security features: a hologram which changes image; and see-through windows. So if you can check one denomination of banknote, you can check them all.

“The new £50 notes, like the polymer £10 and £20 notes, contain a tactile feature to help vision impaired people identify the denomination.”

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