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• You can exchange certain withdrawn paper banknotes for polymer notes at a limited number of Post Office branches.
• You can exchange withdrawn banknotes with the Bank of England, including by post.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.