Which 20 Pound Notes Are Still Legal Tender

Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. To avoid old and invalid notes in your wallet, issue them or deposit them into your bank account. The GBP 20 and GBP 50 notes will cease to be legal tender after 30 September 2022. It is important to know when the old £20 notes expire as the Bank of England`s payment date falls this year. In March, Sarah John, chief cashier at the Bank of England, said: “In recent years we have replaced our paper banknotes with polymer because these designs are harder to counterfeit and at the same time more durable.” After September 30, only our polymer banknotes will be legal tender. The Bank has a monopoly on the issue of banknotes in England and Wales. Scottish and Northern Irish banks retained the right to issue their own notes, but they had to be guaranteed one for one by deposits with the bank, with the exception of a few million pounds representing the value of the notes they had in circulation in 1845. The Bank decided in December 2002 to sell its banknote printing business to De La Rue, on the advice of Close Brothers Corporate Finance Ltd.[66] If you wish to exchange old notes, please visit the Bank of England website for more information. Until then, you can still use the old £20 notes as they are accepted as legal tender. “Many banks accept withdrawn notes as customer deposits.

To exchange old banknotes after the deadline, you can mail them to the Bank of England. However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. After this date, many UK banks will accept withdrawn notes as customer deposits. Some post offices may also accept withdrawn notes as a deposit into a bank account that you can access with them. Curse your pockets, purses and the back of your couch for your old £20 bills. The Bank of England has been moving towards the use of new plastic notes for many years, and once the old notes officially become invalid, people will no longer be able to issue Bank of England paper notes in shops or use them to pay businesses. We will revoke the status of our £20 and £50 notes after 30 September 2022. The new 20-pound plastic and polymer bills feature a new iconic image, as well as enhanced security features to prevent fraudulent activity.

It has already been described as “the safest banknote yet” because the new security features include a hologram and a transparent window – two features that are difficult to copy exactly. The new banknotes have advanced security features such as the sea through the window, hologram images, raised dots, ultraviolet numbers, slide spots, embossed printing, and numbers so small that only someone using a magnifying glass can see them. The Bank of England said: “Banknotes are resistant to dirt and moisture and therefore stay in better condition longer. These notes also have touch features that allow blind and visually impaired people to use them. The Bank of England also points out that many banks will continue to accept old banknotes as deposits, while the post office can also accept them into any bank account you can access. Go to your local branch to drop off the old £20 note. The bank is one of eight banks authorised to issue banknotes in the United Kingdom, has a monopoly on the issue of banknotes in England and Wales, and regulates the issue of banknotes by commercial banks in Scotland and Northern Ireland. [11] Old £20 notes expire on 30 September 2022. After this date, cafes, bars, shops and restaurants will no longer accept the £20 paper ticket. In particular, it is the same day as the expiry date of the old £50 note.

We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022. The success of inflation targeting in the United Kingdom is due to the Bank`s focus on transparency. [48] The Bank of England has been at the forefront of developing innovative means of public reporting, notably through its inflation report, which has been copied by many other central banks. [49] Banknotes are hailed by the Bank of England as “the safest banknote yet” thanks to their plastic material and are used by most people today. British £50 notes have also been reworked in plastic. The new 20-pound plastic and polymer banknotes feature a new iconic image, as well as enhanced security features to prevent fraudulent activity. It has already been described as “the safest banknote yet” because the new security features include a hologram and a transparent window – two features that are difficult to copy exactly. At the outbreak of World War I, the Currency and Bank Notes Act 1914 was passed, which temporarily gave the British Treasury the power to issue £1 and £10/- (ten shillings) notes. Treasury bills were legal tender and could not be converted into gold through the bank; They replaced the gold coin in circulation to prevent a run on the pound sterling and to allow the purchase of raw materials for the production of weapons. These banknotes featured an image of King George V (Bank of England banknotes did not show an image of the monarch until 1960). The wording of each banknote read as follows: During World War II, the German Bernhard Operation attempted to counterfeit denominations between £5 and £50, producing 500,000 banknotes each month in 1943.

The original plan was to parachute money into Britain to destabilize the British economy, but it proved more useful to use banknotes to pay German agents operating throughout Europe. Although most fell into Allied hands at the end of the war, counterfeits often continued to appear years later, resulting in the removal of £5 note denominations from circulation. If you are unable to meet this deadline, there is always a way to exchange your old £20 paper. Therefore, please take appropriate measures to insure yourself against loss or theft. The Bank of England must announce up to six months in advance when an old bank will fail in a tender. September 30, 2022 is the last day you can use our £20 and £50 paper tickets. The postmaster and his staff are at your disposal to give you the human certainty that your old notes have been deposited in your bank account and will also present you with a receipt. Most post offices have been open for a long time, even on Fridays.â In a limited number of post offices, you can exchange collected paper notes for polymer notes. Among the differences with the new polymer note, there is a new hologram image that alternates between the words “Twenty” and “Books”. There is also a small transparent window in the bottom corner of the note.