The Bank of England announced in advance that these notes would be phased out from Friday (30 September) to combat counterfeiting. Paper notes are replaced by new polymer versions. It is important to know when the old £20 notes expire, as the Bank of England‘s payment date is this year. From October, these notes will no longer be legal tender, which means that companies will no longer be able to accept them. The Bank of England has advised people to issue or deposit their old notes before September 30 to ensure they are not wasted. At the outbreak of the First World War, the Currency and Bank Notes Act 1914 was passed, giving Her Majesty‘s Treasury temporary 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 avoid a rush to the pound sterling and to allow the purchase of goods 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). Their old £20 note is still legal tender and will be accepted by all retailers until 30 September 2022. Economist Adam Smith appears on the original £20 note. While the new polymer note features artist JMW Turner. The romantic artist‘s self-portrait was painted in 1799 and is on display at Tate Britain in London.
As of Friday, September 30, you will no longer be able to use your old paper tickets. That being said, your money won‘t be lost. If you are not sure whether your note is still legal tender, you can visit the Bank of England website (which opens in a new tab). When the paper notes are returned to the Bank of England, they will be replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. If you miss the issue date or file a £20 paper, don‘t worry, you won‘t lose. After September 30, only our polymer bonds will be legal tender. Swiss Post accepts withdrawn banknotes as a deposit in any bank account. Go to your local branch to drop off the old £20 note.
If you have paper notes of £20 or £50, we recommend using them before 30 September 2022 or depositing them with your bank or post office. From deadline 30. By September 2022, you will no longer be able to use Bank of England paper notes in shops or use them to pay businesses. If you have an old legal tender, such as a £5 or £10 paper note, you can exchange or deposit it using this method. “The majority of paper banknotes have since been withdrawn from circulation, but a significant number remain in the economy, so we ask you to check if you have any at home. Curse your pockets, purses and the back of your couch for your old £20 bills. The Bank of England must give up to six months‘ notice when an old bank is abandoned as a means of payment. This gives the public a reasonable amount of time to spend their old note before it expires. The Bank of England has announced that the £20 note will be released after September 30. September 2022 will no longer be legal tender – and those £50 paper notes will also be withdrawn from circulation on that day. 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.
If you still have one of the elders in your possession, here‘s everything you need to know what you can do with it. Alternatively, you can exchange paper notes for polymer silver at some post offices. You can check if your local branch offers this service on the Bank of England website. The new banknote depicts Queen Elizabeth II on the obverse and JMW Turner, an 18th and 19th century British artist, on the reverse. His self-portrait, as it appears on the new £20, is currently on display at Tate Britain, where there will also be a new exhibition dedicated to Turner later this year. If you miss the date of issue or deposit of a £20 paper, don‘t worry, you won‘t lose. After this date, cafes, bars, shops and restaurants will no longer accept the £20 paper ticket. This is exactly the same day as the old expiry date of the £50 note. The Bank of England must announce up to six months in advance when an old bank will fail. This gives the audience enough time to transmit their old note before it expires.
The note is printed on special paper, which gives it a unique feel. On the front of the note, you may feel increased pressure. For example, in the words “Bank of England” and in the lower right corner around the number “20”. Many banks accept withdrawn notes as customer deposits. Most of the paper notes have been replaced by the new polymer versions printed with the face of the artist J M W Turner. However, there are still paper notes worth around £5 billion, with £20 in circulation. After September 30, only our polymer banknotes will be legal tender. You can still receive paper notes from companies or others until September 30, 2022. Focus on these important security features to confirm that a £20 or £50 note is genuine: the post office accepts withdrawn notes as a deposit into any bank account.
Go to your local branch to drop off the old £20 note. How to get the new £20 note and what to do with your old one We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022.