Paper notes will be replaced with plastic versions, similar to the £5 and £10 notes we’re used to, which will be not only more durable but also more difficult to counterfeit.
Paper £20 and £50 notes will no longer be accepted in shops after September 30, but anyone with a UK bank account can still deposit them.
There are an estimated 163 million paper £50 banknotes and 314 million paper £20 banknotes still in circulation.
Anyone who has paper £20 or £50 notes must spend them by September 30th.
According to Sarah John, the Bank of England’s chief cashier, “changing our banknotes from paper to polymer in 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, so we’re asking you to check if you have any at home,” Jones, whose signature will appear on the new notes, added.
“These can still be used or deposited at your bank normally for the next 100 days.”
Paper twenties and fifties issued by Bank of Scotland, Clydesdale Bank, and Royal Bank of Scotland, as well as £20 and £50 notes issued by AIB Group, Danske Bank, Ulster Bank in Northern Ireland, and Bank of Ireland, will be phased out after September 30.
Paper £50 notes bear the face of economist Adam Smith, while paper twenties bear the portraits of entrepreneur Matthew Boulton and engineer James Watt.
Last year, the first plastic £50 banknotes with a picture of Alan Turing, the famous scientist and codebreaker, were issued.
The new notes are made of polymer, a thin, flexible plastic that makes currency last longer and is more difficult to counterfeit.
“The new polymer notes allow for enhanced security features, such as the see-through window and holograms,” according to the Bank of England. This makes them more difficult to forge than paper currency.
“They’re also more durable: a polymer fiver is expected to last two and a half times longer than a paper £5 note.” While our notes are more durable, they are not indestructible, so you should still take care of them.”
The Bank of England also claims that polymer notes are more environmentally friendly due to their longer lifespan, which is supported by The Carbon Trust, which confirmed that the carbon footprint of polymer £5 notes is 16% lower than that of paper fivers.
