When are the old paper £20 notes being phased out? Seven of the eight months since the new £20 note came out have been spent with coronavirus restrictions in place - but what does that mean if you still have unspent paper ones? for Euros. The website reads: ‘On 20 February 2020 we issued a new polymer £20 note. Video. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. Looking for laughter this weekend? It has said it … Sometimes they’ll include recommendations for other related newsletters or services we offer. "The impact of Covid-19 on spending" has affected the return rates says the Bank of England. The … Even though the new polymer £20 are also now available and can be withdrawn from cash machines, the old, paper £20 notes can still be used alongside the new ones for the time being. They have the same value as the equivalent banknotes of the Second Series of Euro banknotes. And there's one way to guarantee to get your old £20 note swapped – head to the Bank of England itself. Video, 'I couldn't breathe': The 26-year-old with Covid. New 'windowed' security thread introduced on 15 November 1984. As we transition to our new relationship we ALL need to take action to prepare. This currency was bought from Sainsburys. When you subscribe we will use the information you provide to send you these newsletters. People will still be able to use the paper £20 note until the Bank of England announces its official withdrawal. Our bank notes. The better news is there's no rush to spend them - with the Bank also promising 6-months notice before they are withdrawn. Save. The £5 notes were withdrawn in May 2017 and the £10 notes in March 2018, since when they have not been a legally accepted means of payment. VideoThe paper that helped the homeless. The Bank of England has said that unspent, paper, £20 notes are still legal tender. She said the shortfall in returned fivers was likely to be because, as notes of relatively low value, they were more likely to be lost or damaged - together with a desire to retain them as souvenirs. The BBC is not responsible for the content of external sites. A line on its website reads: “Don’t worry, you can … To exchange your banknotes in person you can take them to the following address: Bank of England Threadneedle Street London EC2R 8AH. William Shakespeare portrayed on the reverse. Your old £20 note is still a legal tender and will be accepted by all retailers - so, it's business as usual for now. The spokeswoman added: "All genuine Bank of England banknotes that have been withdrawn from circulation retain their face value for all time and can still be exchanged over the counter. iPlayerWhere is the missing Swedish journalist? .css-14iz86j-BoldText{font-weight:bold;}More than £24.5 billion in old fivers, tenners and twenty pound paper notes are still in circulation. On February 20, 2020, the Bank of England released a new, polymer, £20 note - to replace the existing paper ones. A relevant factor for all denominations, she said, is "the impact of Covid-19 on spending and how this feeds through into changes in the rate at which the old paper notes are being spent, deposited at financial institutions, and subsequently returned to the Bank". Even after then you can still exchange them for new £20 notes. The issuing of banknotes by Scottish banks was regulated by the Banknote (Scotland) Act 1845 until it was superseded by the Banking Act 2009. She said that 686 million paper £20 had been returned and they expect returns to increase "just prior to the date" it stops being a legally accepted means of payment - a decision on this date has not yet been made. The polymer notes last two-and-a-half times longer than traditional notes, and the bank is encouraging customers to exchange their paper notes. People can take or post any old notes to the bank in Threadneedle Street, in the City of London, to be exchanged for a new-style polymer one. Long watch: Is this Russian cult leader a fraud? A Bank of England spokeswoman told BBC Wales the number of £5 paper notes returned - 227 million - was lower than expected, while the number of £10 notes (708 million) was in line with expectations. Read about our approach to external linking. The new notes, which were released into circulation in September 2016 are accepted across the UK but paper notes issued by banks in Scotland and Northern Ireland will also still be legal tender. Some of the rarer notes, such as the $25 and $500, can be worth significantly more than face value. Related articles The £20 note is Britain's .css-1xgj2ad-InlineLink:link{color:#3F3F42;}.css-1xgj2ad-InlineLink:visited{color:#696969;}.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{font-weight:700;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}most common, and most forged, banknote, but the Bank of England said the new polymer £20 - which entered circulation in February - is its most secure ever banknote. Yes. "There is no fee for this service and there is no expiry on the period in which we will exchange old notes. There are guaranteed changes that will require both businesses and individuals to plan ahead - regardless of the outcome of negotiations with the EU. The Post Office will typically accept notes after they have ceased to be legal tender. All notes from the eighth series remain valid until further notice. 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Luckily, there is no need to rush to the nearest shop. Building on the design theme of ‘Living in Nature’, which was developed by a panel of experts and people from across Northern Ireland, the £20 vertical note focuses on NI as a ‘dwelling place’. Yes, you can still use the old £20 notes as they are accepted as legal tender. Both types of banknotes circulate alongside each other in the Eurozone. What can you do with old, paper, £20 notes? explains more about how we use your data, and your rights. The Bank of England currently hasn’t said when old £20 notes will expire - this means that you can still use old £20 notes if you have any. Re: Are old euro notes still legal tender and usable in Spain? On 27 February 2019 we introduced our polymer £10 bank note followed by our polymer £20 bank note on 20th July 2020. The paper that helped the homeless. Old £1 coins: 122 million still not returned to Royal Mint, Long watch: Is this Russian cult leader a fraud? The Bank of England has said that unspent, paper, £20 notes are still legal tender. But if all that means you've not quite got round to spending any old, paper, £20 notes - there is some good news. 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The final denomination, the 100-franc note, was issued on 12 September 2019. Where is the missing Swedish journalist? In April 2016, the Swiss National Bank began phasing out the eighth banknote series and replacing it with the ninth. Video, 'I couldn't breathe': The 26-year-old with Covid, Vaccinated told to follow rules and PM's jab 'gamble', Health boss warns against vaccine queue jumping, A man who invited the world over for dinner, Star Wars supports host Arielle after racist abuse, Snow alert shuts four vaccination centres, UK coronavirus cases up by 33,552 on Saturday, Follow a family's search for justice. Early banknotes were monochrome, and printed on one side only. Please refer to … Or, you can decide to keep them. That means - at the time of writing - you have until at least April 2021 to spend them in shops. However, it is a long time since some of these banknotes actively circulated in Australia and many retailers and members of the public may be reluctant to accept them if they are not familiar … iPlayer, More than 122 million old £1 coins still missing, New £20 featuring painter Turner enters circulation. "Don’t worry, you can still use the paper £20 note for now," the Bank of England's site reads. We explain exactly how long you have left to use them, Get our daily coronavirus email newsletter with all the news you need to know direct to your inbox. Share on FacebookShare on TwitterShare by email More than a year after they ceased to be legal tender, there are still £1.5bn-worth of paper £5 and £10 notes that haven’t been cashed in. In the eight months since then, it's fair to say things have been a little unsettled - with lockdown seeing shops close, an accelerating move to contactless payments and a rise in online shopping just a few of the consequences for the global conronavirus pandemic  on the UK. That’s because the Bank of England has said that old £20 are still being considered legal tender. © 2021 BBC. The Bank of England hasn’t yet set a date to withdraw legal tender status from paper £20 notes, as it did with the paper £5 and £10 notes. One of the 20 Euros is different , I am now worried if this note is still legal currency, as I am off to France for a few days next week. Date ceased to be legal tender: 19 March 1993 Colour: Predominantly purple Size: 6 5/16" x 3 9/16" (160mm x 90mm) Design: Harry Eccleston. iPlayer, Looking for laughter this weekend? First £20 note to carry portrait of monarch and to use threaded paper. The $1, $2, $25, $500 and $1,000 bills still retain their face value even though they are no longer legal tender. VideoLong watch: Is this Russian cult leader a fraud? However, we give cash for withdrawn Canadian Dollar banknotes. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. The old paper £20 notes bearing the image of economist Adam Smith are being taken out of circulation, so notes returned to banks or to cash centres by retailers will not be used again. That phrase "I promise to pay the bearer on demand" is something that doesn't have a time limit on it, the Bank told Mirror Money. In fact, even if a note's ripped, smashed or otherwise vandalised, as long as there's enough left to identify what it was, they will swap it for a new one. The deadline to use your old Scottish £5 and £10 notes has been set for March 1 - meaning the paper notes will cease to be legal tender after that date. Manuela Pfrunder’s notes. Banknotes can also be exchanged by post.". The Bank of England says 115 million paper £5 notes, 83 million £10 paper notes and 1,157 million £20 paper notes have still not been returned. However, they are not legal tender in Scotland and Northern Ireland. Ulster Bank has revealed what its new £20 polymer note will look like when it enters circulation. I have £3,500 in £20 notes with Elgar's face on that will not be legal tender beyond the end of June. 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They will eventually stop being legal tender, but the Bank of England says it will give six months' notice before this. A line on its website reads: “Don’t worry, you can still use the paper £20 note for now.” And there won’t be a rush to get out and hand your notes over to a shopkeeper any time soon. While the paper £5 and £10 notes are no longer legal tender, they will always be accepted by the Bank of England. The date that paper £20 notes cease to be legal tender has not been decided. The new £20 note | Read more E ven if a bank refuses to accept discontinued notes, there is one final option. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}Old £1 coins: 122 million still not returned to Royal Mint, Turning billions of £20 notes into compost, New polymer £20 featuring painter Turner enters circulation, £20 note: New design for Britain's most-forged banknote, New face of the Bank of England's £50 note is revealed as Alan Turing, Vaccinated people may spread Covid, warns Van-Tam. Click here to use the simple new transition checker tool and instantly get a personalised lists of actions for you, your family, and your business. The Bank of England's head office in London's note exchange desk lets anyone with an out of date note swap it for a current one – meaning anyone with an old note can head there and swap their paper tenners. iPlayerLooking for laughter this weekend? People can take or post any old notes … But if all that means you've not quite got round to spending any old, paper, £20 notes - there is some good news. Arctic freeze: Met Office issues five new warnings for snow with 6 inches expected after -10C night- will it fall in your area? I have just exchanged my English Money £200. The demise of the paper notes follows the official withdrawal in October 2017 of the old circular £1 coin, which has been replaced by a 12-sided version - about 122m round £1 coins have not been returned to the Royal Mint. All previous issues of Australian banknotes retain their legal tender status. What happens to the old paper £20 notes? Exchanging old notes On 20 February 2020 we issued a new polymer £20 note. Currency which has ceased to be legal tender (with the date withdrawn from circulation) includes: You can take them to your financial institution or send them to the Bank of Canada to redeem them. The Bank of England has persevered with the polymer material despite complaints from religious and vegan groups that it contains a small amount of tallow, which is derived from meat products. Yes, you are still be able to use the paper £20 note until they are withdrawn them from circulation. PM talks to Biden in first call since inauguration, Firms planned 800,000 redundancies last year, The man who invited the world over for dinner. There are currently two billion £20 notes in circulation. According to The Mirror, the old £20 notes are still legal tender and there's currently no rush to spend them either. You can unsubscribe at any time. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. Since the Bank of England are yet to confirm when the old £20 notes expire, people will be given six months’ notice of its withdrawal. With the expiry of the paper £5 and £10 notes, a string of banks and the Post Office gave people extra time to pay paper notes into their accounts - even when they stopped being legal tender. Paper £10 notes were withdrawn as a legal tender in March 2018 and paper £5 notes were scrapped way back in May 2017. 20. Yes, you can still use the old £20 notes as they are accepted as legal tender. 1 year ago. .css-1snjdh1-IconContainer{display:none;height:0.875em;width:0.875em;vertical-align:-0.0625em;margin-right:0.25em;}Long watch: Is this Russian cult leader a fraud? A … Even though the new notes have entered circulation, you can still spend your old notes. The Bank of England is yet to set a date for when the old £20 notes will no longer be valid, meaning you can still use them freely for now. Our. The $25 and $500 bills are some of the rarest ever produced in Canada. The Bank will give six months’ notice before it withdraws the old notes. The move to the new £20, £10 and £5 notes - depicting artist JMW Turner, author Jane Austen and Winston Churchill respectively - has been controversial. They were both replaced with plastic "polymer" versions. In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. The Clydesdale Bank began issuing £20 notes in 1838, the same year as the bank's founding. That’s because the Bank of England has said that old £20 notes are still being considered legal tender. How the pandemic has changed the world economy, The homeless addict who became a history professor, The drugs kingpin who joined the Probation Service, The paper that helped the homeless. From 23rd June 2013, Danske Bank branded £10 and £20 bank notes went into circulation in Northern Ireland. View images of old banknotes on Flickr; The current 10 cent, 20 cent, 50 cent, $1 and $2 coins are also legal tender. You will still be able to use the paper £20 note until we withdraw it from circulation. Since the Bank of England are yet to confirm when the old £20 notes expire, people will … The old Euro banknotes from the First Series remain legal tender. 'I couldn't breathe': The 26-year-old with Covid. We will announce the withdrawal date after we have issued our new polymer £20 note. England's deputy chief medical officer urges those who have had the jab to stick to lockdown rules. The 2015 Bulletin article 'Payments and the concept of legal tender' explains payments and the concept of legal tender in more detail. 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The UK's new twelve-sided £1 coin is the only £1 coin that is legal tender … Can Wales meet its Covid-19 vaccine targets? iPlayer, 'I'm so scared it could happen again' iPlayer, Where is the missing Swedish journalist? History. Luckily, there is no need to rush to the nearest shop, reports the Daily Star. The Bank of England has said … That’s because the Bank of England has said that old £20 are still being considered legal tender. The BBC is not responsible for the content of external sites. These older Canadian Dollar bills are no longer accepted for exchange by banks or bureaux de change outside Canada. … There are over two billion £20 notes in circulation – but don't worry, you can carry on spending your paper twenties as normal for the time being. But if all that means you've not quite got round to spending any old, paper, £20 notes - there is some good news. In 2011, polymer plastic notes replaced paper Canadian Dollar banknotes. 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