When do old £20 notes expire and can I still use the paper money?
THE old paper £20 hasn’t expired just yet, so you can still use it alongside its newer plastic counterpart.
But the Bank of England has set a date for when the old notes will expire, so you will have to spend any you have by the deadline.
The new plastic £20 note features artist JMW Turner and the old paper £20 has the face of economist Adam Smith on it.
Shoppers started seeing the new £20 note in their pockets from February 20, 2020 when the note first went into circulation.
Plastic £20 notes joined the Churchill £5 and the Austen £10 already in circulation and both are now made of plastic instead of paper.
The latest addition to the lineup of new safer and more secure notes is the polymer £50 featuring Alan Turing which went into circulation on June 23 this year.
These plastic designs are more durable than the paper versions and they are set to be less susceptible to fraud.
Can I use the old paper £20 note and when does it expire?
Paper £20 notes can continue to be used as normal for now alongside the new plastic notes.
The deadline for using your old paper £20 notes is September 30, 2022.
You’ll need to spend them by then, or deposit them in a bank account.
The Bank of England gives at least six months’ notice before any old note is taken out of use and usually longer.
Withdrawal dates for the £20 and £50 were both announced on 23 June, 2021 – the same day the new £50 Alan Turing note was released.
The £50 note will be withdrawn on September 30, 2022 too.
Until then, you can use either the paper or polymer £20 and £50 notes when you’re paying in shops and other locations.
How do I exchange an old paper £20?
Anyone who misses the date for spending or depositing the old paper £20 note won’t lose out.
Even after the old £20 notes have been withdrawn from circulation, the Post Office will accept withdrawn notes as a deposit into any bank account.
And you can always exchange withdrawn notes directly with the Bank of England.
You can do this with the cashier in person at the central bank located on Threadneedle Street in London.
You can also do it by post if you don’t live close or are overseas.
For a post or in-person exchange, you’ll need your ID. There are other requirements too, including a form to complete.
You can find the full guidance on the Bank of England’s website.
The same goes for any other old notes you have knocking about that are no longer legal tender.
Old paper £5 notes ceased to be legal tender from May 2017 and the paper £10 note was withdrawn in March 2018.
When did the new £20 note go into circulation?
The new polymer £20 notes were launched on February 20, 2020.
Polymer £20 notes are now available in cash machines and from banks, and will eventually fully replace the old paper £20, which features economist Adam Smith.
The new notes are made from a plastic polymer like the new £5 and £10 denominations, which is said to be more durable, cleaner, and secure than paper.
Who is on the new £20 note?
The new £20 note features British painter JMW Turner, and they are slightly smaller than the old paper notes.
Joseph Mallord William Turner was born in April 1775 and is one of Britain’s most famous Romantic painters.
The public nominated the artist after Bank of England governor Mark Carney asked for a deceased cultural figure to be selected.
More on notes and coins
Here’s everything you need to know about the polymer £20 note.
Here’s how to check if your new £20 note is a “rare” one worth hundreds of pounds.
We have listed five of the rarest coins including a £1 error coin worth up to £3,000 – do you have one?
* Read the full story...This article was originally published h
Who will be Next to leave the EU? Check out who is leading in our exclusive poll Poll
Comments
Post a Comment