Bank of England warns millions of £20 notes will no longer be valid in months
dailystar.co.ukThe Bank of England has warned that millions of notes will no longer be valid from the autumn of 2022.Paper money banknotes are a familiar sight for many Brits having been in circulation since 1695, but there will soon be an overhaul in which paper £20 notes and £50 paper notes will no longer be circulated.Around 775 million paper banknotes are currently in circulation and are more easily forged, so the Bank hopes getting rid of them will tackle counterfeit money.Polymer plastic notes, which the UK has already introduced, are already the only legal tender for £5 and £10, and this will soon include £20 and £50 notes.All of the Banks of England's notes are now made of plastic after the most recent addition, the £50 note featuring war hero and mathematician Alan Turing, came into circulation in June 2021.The back of the £20 note, introduced in February 2020, features painter JMW Turner and one of his most famous works, The Fighting Temeraire.
It replaced the paper note featuring Scottish economist Adam Smith.So when will the notes expire?£20 and £50 paper notes will expire on September 30, 2022 and the Bank of England has issued a warning over £20 notes in particular.More than £19 billion worth of paper notes are currently in circulation and will stop being allowed in shops after the September deadline.Around 775 million paper notes are believed to still be in people's pockets, purses and wallets, and they should be aware that the new deadline for notes is fast approachingThe bank said: "September [30] 2022 will be the last day you can use Bank of England paper £20 and £50 notes.
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