When Do Old £20 Pound Notes Cease to Be Legal Tender

Yes, old £20 notes are still legal tender. And you can always use those paper notes to make purchases in the moment. Old £20 notes will remain valid until the September 2022 expiry date indicated by the Bank of England. 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. There is also a portrait of the Queen (opens in a new tab) printed on the window with «£20 Bank of England» in the margin. If you want to exchange old banknotes, visit the Bank of England website for more information. Here`s how to check if your new £50 note is a «rare» note worth hundreds of pounds. Most of the paper notes have been replaced by the new polymer versions printed with the face of the artist J M W Turner.

However, there are still paper notes worth around £5 billion worth £20. In order to underwrite the loan, subscribers must be registered under the names of the Governor and the Bank of England Corporation. The bank received sole ownership of the state`s assets and was the only limited liability company authorized to issue banknotes. [18] Lenders gave the government cash (bullion) and issued banknotes against government bonds, which could be re-lent. The £1.2 million was raised in 12 days; Half was used for the reconstruction of the navy. The 20-pound polymer notes that entered circulation in February 2020 have replaced the old paper notes, prompting many to wonder when the old currency will expire. Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. Until then, you can still use the old £20 notes as they are accepted as legal tender. If you have £20 or £50 paper notes, we recommend using them or depositing them with your bank or post office before 30 September 2022. As of Friday, September 30, you will no longer be able to use your old paper tickets. That being said, your money won`t be lost.

From tomorrow, old paper banknotes worth £20 and £50 will no longer be accepted as legal tender in the UK. After the deadline of 30 September 2022, you will no longer be able to use Bank of England paper notes in shops or use them to pay businesses. Swiss Post accepts withdrawn banknotes as a deposit in any bank account. Go to your local branch to drop off the old £20 note. It is important to know when the old £20 notes expire as the Bank of England`s payment date falls this year. 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. All polymer banknotes bearing a portrait of Her Majesty Queen Elizabeth II are legal tender and may continue to be used by the public as usual.

A further announcement regarding the Bank of England`s existing banknotes will be made once the time of royal mourning has been observed. To exchange old banknotes after the deadline, you can mail them to the Bank of England. 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] You can also exchange withdrawn banknotes with the Bank of England, including by post. To do this, you must fill out a professional or individual exchange form. We will withdraw legal tender status from our £20 and £50 paper notes after 30 September 2022.

Details on the website read: «On February 20, 2020, we issued a new £20 polymer note. The Bank of England has confirmed that the tender with the portrait of King Charles will circulate in mid-2024, confirming that «Her Majesty`s portrait will appear on the existing designs of the four polymer banknotes». Send the completed form with your banknotes and photocopies of your ID card (photo ID and proof of address) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.