£50 & £20 paper notes to cease as legal tender on Friday

Businesses across Britain have been reminded that Friday will mark the final day that paper banknotes will be accepted as legal tender.

Following the 30th of September, the old banknotes will no longer be seen as legal tender, and will be completely replaced with polymer notes.

A statement from the Bank of England revealed: “Although the majority of paper £20 and £50 banknotes in circulation have been replaced with new polymer versions, there are still over £5 billion worth of paper £20 featuring the economist Adam Smith, and nearly £6 billion worth of paper £50 banknotes featuring the engineers Boulton and Watt, in circulation.

“That’s more than 250 million individual £20 banknotes and more than 110 million paper £50 banknotes.”

The bank also detailed that all polymer banknotes carrying a portrait of HM Queen Elizabeth II will remain legal tender.

It means that high volumes of consumers are likely to be intent on depositing their final notes before they cease to be tender.

Martin Kearsley, the Banking Director of the Post Office, commented: “We’re fully aware that people lead busy lives and some may put off depositing their paper £20 and £50 banknotes until the last moment.

“Postmasters and their staff are on hand to provide that human reassurance that your old notes have been deposited into your bank account and will provide a receipt too. Most Post Offices are open long hours including on Friday.”

The new £20 note features artist JMW Turner, whilst the new £50 note features Bletchley Park codebreaker Alan Turing.