After this date, many UK banks will accept withdrawn notes as customer deposits. Some post offices may also accept withdrawn banknotes as a deposit into a bank account that you can access with them. After September 30, 2022, you will no longer be able to use paper banknotes. However, the following options remain available: 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. Modern banknotes are printed under contract with De La Rue Currency in Loughton, Essex. [77] If you miss this deadline, the Bank of England has stated that many banks will accept “withdrawn notes as customer deposits,” as will the Post Office. The £20 and £50 paper notes will be phased out after the introduction of plastic banknotes. The Bank of England will withdraw the legal tender status of the £20 and £50 notes after 30 September 2022. After this date, companies will no longer accept these tickets as a means of payment.
Keep the note in the light. Check if there is a brilliant “£20” or “£50” at the top of the Queen`s portrait. The £5 and £10 notes have already been completely replaced, with the paper notes of these denominations having been withdrawn in 2017 and 2018 respectively. There is currently no time limit when it comes to exchanging your old banknotes through the Bank of England. You may need identification when exchanging notes. Until the mid-19th century, commercial banks were allowed to issue their own bank notes, and provincial bank notes were often in circulation. [72] The Bank Charter Act of 1844 initiated the process of restricting the issuance of bank notes to the bank; New banks were banned from issuing their own notes and existing central banks were not allowed to expand their issuance. When the provincial banking companies merged to form larger banks, they lost their right to issue banknotes, and the English private note eventually disappeared, giving the bank a monopoly on issuing banknotes in England and Wales. The last private bank to issue its own notes in England and Wales was Fox, Fowler and Company in 1921. [73] [74] However, the restrictions of the 1844 Act only affected banks in England and Wales, and today three commercial banks in Scotland and four in Northern Ireland continue to issue their own banknotes, which are regulated by the bank.
[11] The 20-pound polymer note, published in February 2020, features artist J. M. W. Turner. Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. If you are unable to meet this deadline, there is always a way to exchange your old £20 paper. However, you can exchange your old notes for new notes at any time before or after 30 September at the Bank of England. Some banks only take them if you have an account there and deposit the old paper notes into the accounts you hold with them. Britain was on the gold standard, meaning that the value of the pound sterling was determined by the price of gold, until 1931, when the Bank of England had to withdraw Britain from the gold standard due to the effects of the Great Depression that spread to Europe. [34] Browse your bags, wallets, and the back of your couch to find your old £20 bill. Current banknotes bearing the portrait of Her Majesty Queen Elizabeth II are legal tender and will not be withdrawn from circulation until they are worn or damaged.
They will circulate with those of King Charles III. 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. In 2006, more than £53 million worth of banknotes were stolen from a warehouse in Tonbridge, Kent. [76] 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). To exchange old banknotes after the deadline, you can mail them to the Bank of England. ANYONE with £20 paper notes has only a few days left to spend them.
The notes, worth more than £19 billion, are still in use, but from October they will no longer be accepted as payment. 20-pound notes made of waste paper expire on September 30, 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. Also in circulation are 105 million pounds of old one-pound coins, five years after losing their tender status, according to the Royal Mint. It came out with the old and with the new in 2022, with the old £20 note and the old expiry date of the £50 note (opens in a new tab) taking place in 2022. The Bank of England is withdrawing paper notes from circulation after the publication of the new £20 and £50 notes (opens in a new window) in 2020 and 2021. This means that you have to spend or exchange them before the end date, otherwise you won`t be able to use them as legal tender. Paper issues of the £5 note were no longer a valid offer in May 2017, while the £10 note was withdrawn in March 2018.
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.