Clock is ticking on some paper notes at the Bank of England
- Published: Oct 24, 2021, 8 AM
Despite the announcement by the Bank of England last June that the legal tender status of its paper £20 and £50 notes would end on Sept. 30, 2022, £9 billion worth of paper £20 notes and £15 billion worth of paper £50 notes, totaling about $33 billion, still remain in circulation with just a year to go.
The two paper notes were replaced by new polymer designs, the £20 notes featuring J.M.W. Turner, and the £50 notes with Alan Turing. After Sept. 30, 2022, the polymer notes will be the only ones with legal tender status.
A Sept. 29 news release from the bank reiterated procedures for redeeming the soon to be obsolete currency. As the first and easiest step, the Bank of England encourages anyone who has these at home to either spend them or deposit them at their bank or post office. After Sept. 30, 2022, people with a bank account in the United Kingdom will still be able to deposit the withdrawn notes into their account. It adds that some post offices may also accept the old notes as payment for goods and services or as a deposit to an account accessed via them. The bank will continue to exchange all withdrawn notes.
Individuals outside the United Kingdom can exchange their old notes by mail. Since the sender assumes all risks in shipping, insured mail is suggested. A postal exchange form for individuals is downloadable on the Bank of England website. It should be sent with the bank notes and photocopies of IDs (one photo ID and one with proof of address) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH. Money can be paid for overseas exchanges by checks or into a bank account in which case the BIC/SWIFT Code and IBAN or account number needs to be provided. Remittances can be made only in English pounds, for which foreign banks may charge a fee.
For full details See https://www.bankofengland.co.uk/banknotes/exchanging-old-banknotes.
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