How much longer will paper £20 and £50 notes be legal tender?

The Bank of England said there are still billions of pounds worth of paper notes in circulation.

How much longer will paper Bank of England £20 and £50 banknotes be legal tender? iStockiStock

It won’t be long until your paper £20 and £50 notes cease to be legal tender.

The Bank of England will be withdrawing the status from the banknotes in just a month and a half.

The notes have been replaced with polymer versions, with £50s featuring the scientist Alan Turing and £20s an image of painter J. M. W. Turner on the reverse.

While the majority of paper £20 and £50 banknotes in circulation have been replaced with the new polymer versions, there are still over £6bn worth of paper £20s featuring the Scottish economist Adam Smith, and over £8bn worth of paper £50s featuring the engineers Boulton and Watt, in circulation.

The new £50 noteBank of England

After September 30, 2022, paper £20 and £50 banknotes will no longer be legal tender.

The Bank of England is encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 44 days.

Speaking ahead of the date, the Bank of England’s 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, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”