New Bank Notes £20 and £50 bills – After 30 September 2022, The Bank of England will stop accepting paper £20 and £50 banknotes as lawful money. (£20 in us dollars is 24.33 as at 8/5/2022, £50 in us dollars is 60.82 as at 8/5/2022)
Bank of England News Release on 23rd June 2022 says, “The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. After this date, paper £20 and £50 banknotes will no longer be legal tender. So we are encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 100 days.”
Speaking ahead of the date, the 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. For the next 100 days, these can still be used or deposited at your bank in the normal way.”
There are still more than £6 billion in paper £20 notes featuring economist Adam Smith and more than £8 billion in paper £50 notes featuring businessman Matthew Boulton and engineer James Watt in circulation despite the fact that the majority of the paper £20 and £50 banknotes in use have been replaced with new polymer versions.
Bank of England further says, “Paper £20 and £50 notes issued by Clydesdale Bank, Royal Bank of Scotland, and Bank of Scotland will also be withdrawn after 30 September 2022, and these issuing authorities have advised retailers and the public to spend or deposit these notes by that date as well. The paper £20 notes issued by Bank of Ireland (UK) plc, AIB Group (UK) plc, Northern Bank Limited (trades as Danske Bank), and National Westminster Bank plc (trades as Ulster Bank in Northern Ireland) will also be withdrawn after 30 September 2022, and retailers and the public are also being advised to spend or deposit these notes ahead of the deadline.”
£20 and £50 bills-Polymer Notes
The polymer £50 banknote with an image of Bletchley Park codebreaker and scientist Alan Turing was initially released by the Bank a year ago. The Turing 50 completed the Bank’s “family” of polymer notes, which had previously included notes in the denominations of 5, 10, 20, and 50.
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