🔔 Just one year left to spend old £20 and £50 notes

The first polymer £20 notes were issued in February 2020 featuring the artist JMW Turner while the polymer £50 note featuring scientist Alan Turing was issued only a few months ago in June 2021.

However, regardless of how recently the new notes have been introduced, the old paper versions have an expiration date of 30th September 2022.

What is staggering is that there is £9 billion of old £20 still in circulation – equivalent to eight notes for every adult in Britain and £15 billion of £50 notes, equalling five notes each!

But, after the 30th September next year, these old notes will no longer be legal tender, so you’ll need to either spend them ahead of the deadline or deposit them at your bank or Post Office beforehand.

The Bank of England’s chief cashier Sarah John said: “In recent years we have been changing our banknotes from paper to polymer because this makes them more difficult to counterfeit, and means they are more durable.”

What does legal tender actually mean?

Legal tender is a form of money that courts of law are required to recognise as satisfactory payment for any monetary debt.

In the settlement of debt, both the debtor and the creditor are free to agree any form of payment, whether legal tender or otherwise, but if legal tender has been used, the debtor cannot successfully be sued for non-payment if they pay into court in legal tender.

So what can you do if you find a note after the deadline?

After the deadline your own bank may still accept the notes, although there is no legal obligation for them to do so. The Post Office may also accept withdrawn notes as a deposit into any bank account that you can access at the Post Office.

Failing that, you can exchange your notes at the Bank of England. And you don’t to travel to Threadneedle Street to do so, although you can pop in if you are in the vicinity.

Even though the old £5 notes stopped being legal tender in May 2017 and the £10 notes in March 2018, according to recent data from the Bank of England there are 114million £5 paper notes and 76million £10 notes still out there.

Of course, many of those could have been destroyed, as the Bank of England can only replace a damaged note if at least half of it exists.

Since the new polymer notes have been introduced, there has been a significant reduction in the number of claims for replacement of damaged notes – from 21,378 in 2015 to 14,360 in 2021. The number of claims for chewed or eaten notes has reduced from 5,364 in 2015 to just 1,580 in 2021.

You can also send your notes by post although the Bank does warn that to do so will be at your own risk, so you may want to insure against loss or theft. If you do send them by post, you’ll also need to complete some paperwork so visit the Bank of England’s website to download the relevant forms. You’ll also need to send photo ID and proof of address.

Overall, it makes sense to find and spend or bank you cash before the deadline. So get looking down the back of the sofa and in any old coat pockets, handbags and wallets that you may have forgotten about.