When Does the Old Twenty Pound Note Stop Being Legal Tender

We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022. Modern banknotes are printed under contract with De La Rue Currency in Loughton, Essex. [77] How to check if your new £50 note is a “rare” note worth hundreds of pounds. Read your pockets, wallets and the back of your sofa for your old £20 bills. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. 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] Until then, you can still use the old £20 notes as they are accepted as legal tender. If you want to exchange old banknotes, visit the Bank of England website for more information. There is not much time left to use the paper banknotes that are still in circulation. UNITED KINGDOM OF GREAT BRITAIN AND IRELAND – Banknotes are legal tender for the payment of any amount – Issued by the Lords Commissioners of His Majesty`s Treasury under the Parliament Act (4 & 5 Geo. V c.14). Paper notes worth £20 and £50 will no longer be put into circulation on Wednesday, September 30, 2022.

“Many banks accept withdrawn notes as customer deposits. However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. So what`s the last day you can spend your money, and what if you find one after the deadline? However, the Bank of England warns that people “should be aware that banknotes are sent at their own risk” and encourages people to “take appropriate measures to insure themselves against loss or theft”. In addition to improved security measures, new £20 notes can be “animated” with a new Snapchat feature. The £20 and £50 paper notes will be phased out after the introduction of plastic banknotes. Treasury bills were issued until 1928, when the Currency and Bank Notes Act 1928 restored the power to issue banknotes to banks. [75] The Bank of England announced on the 22nd. In November 1928, notes of more than ten shillings and one pound were issued for the first time. The last private bank in England to issue its own notes was Thomas Fox`s Fox, Fowler and Company Bank in Wellington, which grew rapidly until its merger with Lloyds Bank in 1927. They were legal tender until 1964. Nine banknotes are still in circulation; one is located at Tone Dale House, Wellington. The 20-pound polymer note entered circulation on February 20, 2020.

Paper issues of the £5 note were no longer a valid offer in May 2017, while the £10 note was withdrawn in March 2018. After September 30, only our polymer banknotes will be legal tender. The Bank of England will continue to exchange the old notes for face value, but people are warned to use the 775 million paper notes before September 30, 2022. In 2009, a Freedom of Information Act request to the UK Treasury sought details of the Bank of England`s 3% share held by anonymous shareholders whose identities the bank is not allowed to disclose. [59] In a response dated October 15, 2009, HM Treasury stated: “A portion of the 3% own shares used to compensate former owners of bank shares has not been redeemed. However, interest is paid twice a year, and it is not the case that it accumulates and is composed. [60] Also in circulation are £105 million of old one-pound coins, five years after losing their tender status, according to the Royal Mint. The GBP 20 and GBP 50 notes will cease to be legal tender after 30 September 2022. The Bank of England can deposit the money into a bank account, by cheque or (if you live in the UK and the amount is less than £50) into new banknotes. The £5 and £10 notes have already been completely replaced, with the paper notes of these denominations having been withdrawn in 2017 and 2018 respectively.

The other image that appears on the note is a painting by Turner called The Fighting Temeraire. It is a tribute to the ship HMS Temeraire, which participated in Admiral Nelson`s victory at the Battle of Trafalgar in the early 19th century. Among the differences from the new polymer note, there is a new holographic image that alternates between the words “Twenty” and “Pounds”. There is also a small transparent window in the bottom corner of the note. There is also a portrait of the Queen (opens in a new tab) printed on the window with “£20 Bank of England” in the margin. The new £20 note is slightly smaller than the paper edition and depicts the British painter JMW Turner. Paper notes have been replaced by new polymer notes: the £20 note features JMW Turner and the £50 Alan Turing note.