The Bank of England will soon be withdrawing legal tender status of paper £20 and £50 banknotes, as it has given members of the public a warning about cashing them in.

After September 30, 2022, paper £20 and £50 banknotes will no longer be legal tender, with the Bank of England encouraging anyone who still has these to use them or deposit them at their bank or a Post Office during these last 33 days.

The decision from the Bank of England to take the paper notes out of circulation comes a year after issuing the polymer £50 banknote featuring the scientist, Alan Turing.

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The Turing £50 completed the collection of polymer notes, with all denominations (£5, £10, £20 and £50) now printed on polymer.

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

That’s more than 300 million individual £20 banknotes, and 160 million paper £50 banknotes.

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.”

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