Simply 100 days left to spend billions price of paper £20 and £50 banknotes

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Shoppers have simply 100 days to spend £16bn price of old-style paper banknotes earlier than they’re now not authorized tender.

Hundreds of thousands of £20 and £50 notes printed on paper stay in circulation however from 1 October solely the newer polymer variations can be utilized.

Anybody who has the previous foreign money should spend it by 30 September, the Financial institution of England stated, or deposit the notes at a financial institution or Submit Workplace.

The paper £20 notice options the economist Adam Smith whereas the £50 notice has portraits of entrepreneur Matthew Boulton and engineer James Watt.

Estimates recommend greater than 300 million paper £20 banknotes, and 160 million paper £50 banknotes are nonetheless in circulation.

Plastic £50 banknotes that includes an image of well-known Bletchley Park codebreaker and scientist Alan Turing have been first issued a 12 months in the past, following their introduction for £5, £10 and £20 denominations.

Financial institution of England chief cashier Sarah John stated: “Altering our banknotes from paper to polymer over latest years has been an vital growth, as a result of it makes them tougher to counterfeit, and means they’re extra sturdy.

“The vast majority of paper banknotes have now been taken out of circulation, however a major quantity stay within the financial system, so we’re asking you to test when you have any at house.

“For the following 100 days, these can nonetheless be used or deposited at your financial institution within the regular means.”

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