The Bank of England has instructed people who have paper notes of £20 and £50 denominations to exchange them before September 30 next year.
“You may be asked to complete a form and need to provide two original identity documents for any exchange of £700 or more,” the bank said.
The currency notes are being replaced with new polymer notes introduced over the past few years. The new polymer £20 and £50 notes were issued on February 20 last year and June 23 this year, respectively. These notes are the Bank of England’s first polymer series.
The new £50 note features British WW2 codebreaker and scientist Alan Turing as the iconic figurehead alongside the Queen. The note is made of plastic, making it harder to rip and more durable for long-term use. Meanwhile, the new £20 features the artist JMW Turner.
The bank has issued a complete guideline for the exchange. The Bank of Scotland and Royal Bank of Scotland have also issued new polymer notes. Both of them will withdraw their paper £20 and £50 banknotes on the same date, September 30, 2022.
According to reports, the Bank of England estimates that there is £9 billion worth of paper £20 notes and £15 billion worth of paper £50 notes that are still in circulation.
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