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Paper £20 and £50 banknotes to be withdrawn on Friday

Tuesday 27th September, 2022

The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.

After 30 September 2022 you will not be able to use paper banknotes. However the following options will remain available:

• If you have a UK bank account, you will normally still be able to deposit them at your bank, or into your account at a Post Office.

• You can exchange certain withdrawn paper banknotes for polymer notes at a limited number of Post Office branches.

• You can exchange withdrawn banknotes with the Bank of England, including by post.

Although the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £5 billion worth of paper £20 featuring the economist Adam Smith, and nearly £6 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation. According to the BOE.

All polymer banknotes carrying a portrait of HM Queen Elizabeth II remain legal tender, and the public can continue to use these as normal, the BOE said.

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