By The Bank Of England has announced that the paper £20 note will no longer be legal tender after 30 September 2022 - and that paper £50 notes will also go out of circulation on this date too.
The new polymer £20 notes came into circulation on 20 February 2020. Although the new notes have gradually replaced the old ones which feature economist Adam Smith, it's estimated there are still more than £6 billion-worth of paper £20 banknotes in circulation, and £8 billion-worth of paper £50 banknotes.
If you still have one of the old ones in your possession, here's everything you need to know about what to do with it.
What shall I do with the old notes?
Your old £20 note is still a legal tender and will be accepted by all retailers until 30 September 2022.
If you find any old notes after the cut off dates - don't worry! You can always head down to the Bank of England in London to exchange them at the counter there during work hours - or you can do it by post if you are not in London.
The new £20 note
The new polymer £20 note is one of the most secure Bank of England note to come into circulation, featuring a string of security features which include two see-through windows, raised print and a two colour foil.
The new note will feature Queen Elizabeth II on the front and JMW Turner on reverse, an 18th and 19th century British artist. His self-portrait, as featured on the new £20, is currently on display at Tate Britain, where there will also be a new exhibition dedicated to Turner later this year.
Snapchat it
If you’re a snapchat user, you’ll be interested in knowing that the Bank of England has teamed up with the social media app to bring the £20 to life, allowing you to see a close up of Turner’s artwork. All you have to do is open the app, point the camera at the code and then tap – this will unlock the feature. Of course, you’ll need the new £20 note too!
How can I get the new £20 note?
The new £20 note will be available at ATMs, banks and building societies, and Post Offices across the country, the Bank of England expects half of all ATMs across the UK to be dispensing them within the next two weeks.
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