Brits are being urged to swap old notes for new legal tender after the Bank of England revealed there are still £9billion worth of old notes that haven’t been cashed in yet.
September 30, 2022 was the last day that the Bank’s paper £20 and £50 banknotes had legal tender status.
You can no longer use those paper notes as payment anymore, however it isn’t too late to swap them for new notes.
Around 455million paper notes are currently in circulation, a Freedom of Information request from the BBC to the Bank of England revealed.
Post offices will be able to exchange old £5, £10, £20 or £50 notes up to £300worth at selected branches (Image: Gareth Fuller/PA Wire)
While the Royal Mint also revealed that there are £87million worth of old £1 coins still in circulation.
If you find old paper notes in your wallet or around the house don’t throw them out.
All “genuine” banknotes that have been withdrawn from circulation can be swapped for a newer equivalent, as they still retain their face value, the Bank of England explained.
You are able to swap notes at banks and some post offices.
Post offices will be able to exchange old £5, £10, £20 or £50 notes up to £300worth at selected branches. You can find your nearest branch offering the exchange service here and must bring photo ID.
Barclays, Halifax, Nationwide, Lloyds, Santander and Natwest are among the banks and building societies where you can still exchange old paper notes.
You can also exchange notes with the Bank of England by post.
They explain: “Be aware the banknotes are sent at your own risk. So please take appropriate measures to insure against loss or theft.
“Please complete a postal exchange form for individuals or businesses (available below). Send it with your banknote(s) and photocopies of ID (one photo ID and one proof of address for your permanent home address even if this is outside of the UK) for any exchange (mandatory for any exchange of £700 or more) to Department NEX, Bank of England, Threadneedle Street, London EC2R 8AH.
“Please do not send original ID documents in the post to us.
“We can pay your money into a bank account (this may take in excess of 30 days due to current volumes), by cheque or, if you live in the UK and your exchange is worth up to £300, in new banknotes.
“We do not send banknotes overseas.”
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