There are now under 100 days left before The bank of England will be withdrawing legal tender status of the paper £20 and £50 banknotes.
After September 30th 2022 paper £20 and £50 will no longer be legal tender and BoE is encouraging consumers and businesses to use them or deposit in their bank or a Post Office before that date.
A large majority of paper £20 and £50 banknotes in circulation have been replaced with the polymer versions. The Bank of England estimates that over 300 million paper £20 and £160 million paper £50 are still in circulation, worth over £14 billion.
The banks Chief Cashier Sarah John said:
“Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy.”