Warning issued to anyone with paper £20 and £50 notes

24 June 2022, 11:04 | Updated: 28 June 2022, 08:44

Do you still have paper £20 notes in your wallet?
Do you still have paper £20 notes in your wallet? Picture: Getty
Heart reporter

By Heart reporter

People still in possession of the old paper £20 and £50 notes have just a few weeks left to spend them.

It might be time to give that old wallet a quick check-over, because we're running out of time to use up paper notes.

If you're in possession of the old £20 or £50, you have until September 30 of this year to spend them.

Many banks will accept withdrawn notes as deposits from customers, and The Post Office may also accept them as a deposits to bank accounts that you can access there.

The new £20 note - which is made of polymer - was first introduced in February 2020, and features two images - one of Queen Elizabeth II and one of painter J. M. W. Turner.

Polymer notes were introduced in 2020
Polymer notes were introduced in 2020. Picture: Getty

The current £50 entered circulation on 23 June, 2021, and features images of both the Queen and Alan Turing,

Former Bank of England governor Mark Carney said: "Polymer notes are safer than paper notes and last more than twice as long."

Sarah John, chief cashier at the Bank of England, said: "Changing our banknotes from paper to polymer has been an important development, because it makes them more difficult to counterfeit and means they are more durable.

The public has until the end of September to spent their old notes
The public has until the end of September to spent their old notes. Picture: Getty

"The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we're asking you to check if you have any at home."

Like the original notes, the polymer notes also feature a transparent window with the Queen's face hidden so as to counteract forgery.