BRITS have less than a year left to use old £20 notes before they expire.After the deadline you will no longer be able to use the paper note in a shop, as it will be replaced by a plastic version.
1 New plastic £20 notes launched in 2020
The new plastic £20 note features artist JMW Turner and the old paper £20 has the face of economist Adam Smith on it.
Shoppers started seeing the new £20 note in their pockets from February 20, 2020 when the note first went into circulation.
Plastic £20 notes joined the Churchill £5 and the Austen £10 already in circulation and both are now made of plastic instead of paper.
The latest addition to the line-up of new safer and more secure notes is the polymer £50 featuring Alan Turing which went into circulation on June 23 this year.
These plastic designs are more durable than the paper versions and they are susceptible to fraud.
Can I use the old paper £20 note and when does it expire?
You can use paper £20 notes as normal for now, even though you might also have plastic notes.
The deadline for using your old paper £20 notes is September 30, 2022.
You’ll need to spend them by then, or deposit them in a bank account.
The Bank of England gives at least six months’ notice before any old note is taken out of use.
Withdrawal dates for the £20 and £50 were both announced on 23 June, 2021 – the same day the new £50 Alan Turing note was released.
The £50 paper note will be withdrawn on September 30, 2022 too.
Until then, you can use either the paper or polymer £20 and £50 notes when you’re paying in shops and other locations.
The paper £20 note was first issued in 2007 and the Bank of England says there are more than 2.2 billion in circulation.
Laid end to end, that would stretch around the world almost seven times and weigh a total of 1,780 tonnes – that’s over 141 double-decker buses.
How do I exchange an old paper £20?
Anyone who misses the date for spending or depositing the old paper £20 note won’t lose out.
Even after the old £20 notes have been withdrawn from circulation, the Post Office will accept withdrawn notes as a deposit into any bank account.
And you can always exchange withdrawn notes directly with the Bank of England.
You can do t …
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