BANK of England bosses have announced it will be withdrawing legal tender status for the paper versions of £20 and £50 notes this year.
It means that the notes will soon be unacceptable in shops all across the UK. The legal status will be withdrawn after September 30 with the Bank of England encouraging Brits to either use the ones they have now or deposit them at their local bank or Post Office branch.
The old notes have already been gradually replaced by polymer notes since February 20, 2020, and claim to have more security features to prevent counterfeits as well as more tactile features to help blind and partially sighted people identify the value of the note.
The Bank of England has stated that while the majority of £20 and £50 notes have already been replaced, there is still £6billion worth of paper £50 banknotes in circulation.
