The notes will be replaced with the new JMW Turner £20 and Alan Turing £50 notes, which will be even harder to counterfeit
(Image: Getty Images/iStockphoto)
Anyone still using £20 and £50 notes should know that they have an expiration date, with the two notes becoming invalid in six months.
The deadline for using the banknotes is September 30, 2022.
The Bank of England will allow Brits to exchange their £20 and £50 notes after the September deadline. Birmingham live reports.
Chief Cashier Sarah John said: “We would like to remind the public that they only have six months from today to spend or deposit their £20 and £50 paper notes.
“In recent years we have switched our banknotes from paper to polymer because these designs are more difficult to counterfeit while also being more durable.
“A large number of these paper notes have now been returned to us and replaced by the Polymer £20 with artist JMW Turner and the Polymer £50 with scientist Alan Turing. However, if members of the public still have any of these paper coupons in their possession, they should deposit or spend them while they can.”
The notes will be replaced with the new £20 notes featuring JMW Turner and £50 notes featuring Alan Turing. The introduction of polymer banknotes enables a new generation of security features that make them even more difficult to counterfeit.
It follows similar £5 and £10 banknotes a few years ago. The five-piece was released back in 2016 starring Sir Winston Churchill.
If you miss this deadline, you have a few options.
How to exchange old banknotes
On the Bank of England (BoE) website has instructions for those who may still be holding on to old paper banknotes.
You can exchange them at the following locations.
At your bank: The BoE says the easiest way to exchange notes is to deposit them at your bank. To do this, you must go to your nearest bank branch in person.
At the Post Office: The Post Office may also accept collected bills as payment for goods and services, or as a deposit into any bank account they have access to.
At the Bank of England: You can send old notes to the BoE and they will then send you a check for the amount or equivalent in new polymer notes.
Send your banknotes and photocopies of your ID to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
You can also visit the BoE in person to share old notes. You may be asked to fill out a form and be required to provide two original ID documents.
The BoE can also exchange banknotes that are accidentally torn, damaged or mutilated – as long as they are genuine and not counterfeit.
When were the old £5 and £10 withdrawn?
The old paper £5 note, which was replaced by a new polymer version on September 13, 2016, is no longer legal tender as of May 5, 2017.
For the old £10 note – of which a new polymer version was released on September 14, 2017 – the cut-off date for use of that note was March 1, 2018.
https://www.mirror.co.uk/news/uk-news/warning-issued-anybody-who-still-26817814 Warning to those still using £20 and £50 paper notes as the deadline nears