Bank of England issues last warning to anyone who uses £20 and £50 notes
There are little over three weeks left for anyone who is still using paper notes with amounts of £20 and £50 before they are no longer permitted to make purchases.
The banknotes will only be in use for another 24 days, according to the Bank of England.
The paper £20 and £50 banknotes issued by the Bank will no longer be considered legal currency after September 30.
Anyone who still possesses them is urged to utilize them before the end of September or to deposit them at their bank or a post office.
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There are still more than £6 billion worth of paper £20 banknotes featuring economist Adam Smith and more than £8 billion worth of paper £50 banknotes featuring businessman Matthew Boulton and engineer James Watt in circulation, even though the majority of the paper £20 and £50 banknotes in circulation have been replaced with new polymer versions.
There are 160 million paper £50 banknotes and more than 300 million separate £20 banknotes in circulation.
The polymer £50 banknote with an image of Bletchley Park codebreaker and scientist Alan Turing was initially released by the Bank a year ago.
Chief cashier Sarah John of the Bank of England stated in June that switching from paper to polymer in recent years has been a significant development since it makes banknotes more durable and difficult to counterfeit.
“While the majority of paper banknotes have been removed from circulation, a sizable portion are still present in the economy, so we ask you to see if you still have any at home.
“These can still be used or deposited at your bank normally for the following 100 days.”