When do the old £20 and £50 notes expire?

The Bank of England has announced it will be withdrawing legal tender status for the paper versions of £20 and £50 notes this year.

It means that the notes will soon be unacceptable in shops all across the UK. The legal status will be withdrawn after September 30 with the Bank of England encouraging Brits to either use the ones they have now or deposit them at their local bank or Post Office branch.

The old notes have already been gradually replaced by polymer notes since February 20, 2020, and claim to have more security features to prevent counterfeits as well as more tactile features to help blind and partially sighted people identify the value of the note.

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The Bank of England has stated that while the majority of £20 and £50 notes have already been replaced, there is still £6 billion worth of paper £50 banknotes in circulation.

Bank of England’s Chief Cashier 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, but a significant number remain in the economy, so we’re asking you to check if you have any at home."

Paper £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland, Bank of Scotland, Bank of Ireland (UK), AIB Group, Norther Bank Limited and National Westminster Bank, will also have their legal status withdrawn at the end of September with customers of these authorities also being advised to either spend or deposit the notes before the due date.

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