Holders of these paper notes encouraged to deposit or exchange them prior to September 30 cut-off date

The Bank of England (BOE) will be withdrawing the legal tender status of paper £20 and £50 banknotes as after September 30, 2022.

After this date, paper £20 and £50 banknotes will no longer be legal tender.

According to the BOE, while the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes in circulation.

Holders of these paper notes have been urged to deposit or exchange these notes at commercial banks prior to the cut-off date.

It is also exactly one year since the BOE issued the polymer £50 banknote featuring the scientist, Alan Turing, on what would have been his 109th birthday. The Turing £50 completed the BOE’s family of polymer notes with all denominations (£5, £10, £20 and £50) now printed on polymer.

Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John explains that “changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable”.

She further explained: “The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”