The Bank of England has confirmed existing paper £20 and £50 banknotes still in circulation will cease to be legal tender as of 2022, following the launch of the new £50.
The bank advised those still in possession of the paper notes to spend or deposit them prior to that date, as it completes the full roll-out of polymer notes first begun in 2016.
“After 30 September 2022 Bank of England paper £20 and £50 notes will no longer be legal tender,” said a statement from the bank. “This means that shops and other businesses should stop accepting paper notes after this date.”
“We would encourage people to spend or deposit their remaining paper notes in advance of the withdrawal of legal tender status. Many banks will continue to accept paper notes as deposits from their own customers after 30 September 2022.”
The first £5 polymer note, featuring Winston Churchill, was released five years ago, followed in 2017 by the £10 note featuring Jane Austen, the £20 in 2020 which depicts JMW Turner, and the £50, released this month and featuring Alan Turing.