/Paper £50 Notes Legal Tender

Paper £50 Notes Legal Tender

Although old 50-pound bills officially expire at the end of September, you can exchange your paper for a new polymer after that date. Many banks and some post offices accept old £20 notes as a deposit into a bank account. The 20-pound polymer note depicts artist JMW Turner, and the 50-pound polymer note depicts Bletchley Park codebreaker Alan Turing. When do old £50 notes expire? That`s the question most people ask themselves with paper notes in their wallets, as the new £50 polymer has been in circulation for some time. In March, Sarah John, chief cashier at the Bank of England, said: „In recent years we have replaced our paper banknotes with polymer because these designs are harder to counterfeit and at the same time more durable.” You can also use the £50 paper receipt after the expiry date at your local post office (opens in a new tab). After Friday, people will still be able to deposit paper notes at their post office, and many UK banks will also accept banknotes as customer deposits. This will officially be the last day you can use your old £50 notes in shops, pubs and restaurants. So far this month, more than £100 million worth of banknotes have been deposited at post offices. You can also exchange withdrawn banknotes with the Bank of England, including by post.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. Send it along 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.

Be sure to bring two identification documents (photo ID and proof of address) – which is mandatory when exchanging tickets over £700. You will then be offered a new note or the option to deposit the amount into your bank account. More than £100 million worth of banknotes have already been deposited this month. The Bank withdrew the legal tender GBP 5 and GBP 10 notes in May 2017 and March 2018 respectively. But after September 30, people will no longer be able to use paper tickets for payments in shops and other businesses. The bank is replacing paper notes with more durable plastic notes featuring artist JMW Turner and mathematician Alan Turing. The Bank of England can deposit the money into a bank account, by cheque or (if you live in the UK and the amount is less than £50) into new banknotes. Those with excess bills can deposit the money into their normal bank accounts at the post office. Alternatively, you can exchange paper notes for polymer silver at some post offices.

You can check if your local branch offers this service on the Bank of England website. The Bank of England has declared that polymer banknotes bearing a portrait of Queen Elizabeth II are legal tender and that the public can continue to use them as usual. Friday, September 30 is the deadline for Bank of England paper notes to become 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. To send them by post, fill out a postal exchange form and send it with banknotes and photocopies of your identity card and proof of address. Paper notes have been replaced by new polymer notes: the £20 note features JMW Turner and the £50 Alan Turing note. The Bank of England`s deadline for legal tender status of the £20 and £50 notes is 30 September. The new tickets will be printed with photos of entrepreneur Matthew Boulton and scientist James Watt. In 1775, the two formed a partnership to develop and market steam engines, and the designs were adopted worldwide.

The metric unit of power is named in watts. The new £50 note is the last British currency to be printed on polymer. The Bank of England switched to this material because it „makes them harder to counterfeit than paper notes.” The polymer material also makes the note harder to tear and more waterproof – it stops pressure stains or blurred lines that were common on old £50 paper. So far, £1.2 billion of paper banknotes have been deposited in the post office`s 11,500 branches – £372 million in £20-20 notes and £820 million in £50 notes. Soon, only polymer tickets will be accepted. This applies to both £50 and £20 notes. Paper notes worth more than £17 billion remain in circulation, the bank said. The new £50 note (opens in a new tab) features British World War 2 codebreaker and scientist Alan Turing as an iconic figurehead alongside the Queen. It was published earlier this year, in June 2021, to celebrate the mathematician`s 109th birthday. The banknote is made of plastic, making it harder to tear and more durable for long-term use. State-of-the-art security features have also been added to prevent fraudulent use.

Keep the note in the light. Check if there is a brilliant „£20” or „£50” at the top of the Queen`s portrait. Today (Friday 30 September 2022) is the last day that the old £20 and £50 notes can be used. The old £50 note shows the English manufacturer Matthew Boulton and the Scottish engineer James Watt. The two men teamed up to produce steam engines and first appeared on the note on November 2, 2011. After September 30, 2022, you will no longer be able to use paper banknotes. However, the following options remain available: Friday is the last day The Bank of England`s old-fashioned banknotes will be legal tender after being replaced by polymer versions. The Bank of England will always exchange old paper notes so that people who missed the deadline are not out of their pockets. The Bank of England has urged people to issue or deposit their £20 and £50 notes before the notes cease to be legal tender in six months.

From October, people with a UK bank account will still be able to deposit paper tickets into their account. The Bank of England is withdrawing £50 notes from circulation, meaning old notes will no longer be accepted in shops or businesses. Although the majority of the £20 and £50 paper banknotes in circulation have been replaced by new polymer versions, there are still more than £5 billion of £20 worth of paper notes in circulation with economist Adam Smith and nearly £6 billion of £50 notes with engineers Boulton and Watt. That`s over 250 million individual £20 notes and over 110 million £50 notes. Footnote [1] Swiss Post is preparing for a „last moment” when customers will drop off £20 and £50 notes this week before they can no longer be used in shops or to pay businesses. Tomorrow, these paper tickets will no longer be legal tender and they will not be accepted in stores. When the paper notes were returned to the Bank of England, they were replaced by the new 20-pound polymer notes with JMW Turner and the 50-pound polymer notes with Alan Turing. The Bank of England will always exchange all withdrawn notes, including banknotes that we have withdrawn in the past. Paper notes can also be exchanged by the Bank of England. Martin Kearsley, director of the Post bank, said: „We are fully aware that people live busy lives and that some may postpone the deposit of their £20 and £50 notes at the last minute. Cashiers at the Bank of England`s central branch on Threadneedle Street in London are happy to replace the old £50 notes. 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.