Today, Friday 30th September, marks the deadline for the public to use the older paper versions of £20 and £50 banknotes. As of the end of today, these paper notes will no longer be considered legal tender in the United Kingdom, meaning shops and businesses are no longer obligated to accept them as payment.
The Bank of England initiated the withdrawal of these notes to complete the transition to more durable and secure polymer banknotes. The polymer £20 note, featuring artist J.M.W. Turner, entered circulation in February 2020, while the polymer £50 note, depicting scientist Alan Turing, was introduced in June 2021. This transition period was designed to allow ample time for the public and businesses to exchange or spend their older paper currency.
For those who still possess paper £20 or £50 notes after today's deadline, there are still options available. Most UK banks and building societies will continue to accept these notes as deposits into customer accounts. Additionally, the Post Office will also accept them for deposit. The Bank of England itself offers a direct exchange service for all withdrawn banknotes, either in person at its Threadneedle Street counter in London or by post.
The move to polymer notes is a significant upgrade in currency technology. These notes are made from a thin, flexible plastic material, making them more resistant to tears and spills than their paper predecessors. Crucially, they also incorporate advanced security features that make them much harder to counterfeit, thereby protecting the integrity of the UK's currency system.
The transition follows similar changes for £5 and £10 notes, which were replaced by polymer versions in 2016 and 2017 respectively. The Bank of England has consistently communicated these changes, urging the public to prepare for the deadlines. Despite widespread awareness campaigns, it is common for a significant volume of old notes to remain in circulation until the very last day.
This initiative aligns with the Government's broader efforts to modernise financial systems and combat financial crime, ensuring that the UK's currency remains secure and fit for purpose in the contemporary economic landscape.
Source: Bank of England