Fifty Pound Note Legal Tender

Sarah John, Chief Cashier at the Bank of England, said: “The conversion of our banknotes from paper to polymer in recent years has been an important development as it makes them harder to counterfeit and more durable. Friday is the last day The Bank of England`s old-fashioned banknotes will be legal tender after being replaced by polymer versions Paper notes have been replaced by new polymer notes: the 20-pound note represents JMW Turner and the £50 note represents Alan Turing. The majority of paper banknotes have now been withdrawn from circulation, but a significant number remain in the economy, so we ask you to check if you have any at home. After that date, the £20 and £50 notes will cease to be legal tender. Therefore, we encourage anyone who still has them to use them or deposit them with their bank or post office in the last 100 days. It is also exactly one year since we issued the £50 polymer note with scientist Alan Turing on his 109th birthday. The £50 Turing completed our polymer banknote family, with all denominations (£5, £10, £20 and £50) now printed on polymer. People have only 100 days left to use the £20 and £50 notes in circulation, the Bank of England said. The 20-pound polymer note entered circulation on February 20, 2020. The postmaster and his staff are available to give you peace of mind that your old notes have been deposited into your bank account and will also provide you with a receipt. Most post offices are also open late on Fridays. The post office is bracing for a “last minute” rush of customers depositing £20 and £50 paper banknotes this week before they can no longer be used in shops or to pay businesses.

From October, people with a bank account in the UK will still be able to deposit paper tickets into their account. The 20-pound polymer note depicts artist JMW Turner and the 50-pound polymer note depicts Bletchley Park codebreaker Alan Turing. You can still receive paper notes from companies or others until September 30, 2022. Focus on these important security features to confirm that a £20 or £50 paper ticket is genuine: simply bring two pieces of ID (photo ID and proof of address) – which is mandatory when exchanging tickets over £700. You will then be offered a new note or the option to deposit the amount into your bank account. Sarah John, chief teller at the Bank of England, said banknotes are switching from paper to polymer “because these designs are harder to counterfeit and at the same time more durable.” The polymer material also makes the note harder to tear and waterproof – it stops pressure stains or blurred lines that were common on £50 old paper. Paper notes can also be exchanged by the Bank of England. To exchange old banknotes after the deadline, you can mail them to the Bank of England. 314 million £20 billion paper banknotes worth £6.3 billion (as of 27/05/2022) and £163 million £8.2 billion £50 of paper (as of 10/06/2022) remain in circulation If you have £20 or £50 paper banknotes, we recommend that you register them before 30/05/2022.

September 2022 or deposit it with your bank or post office. Once the deadline of 30 September 2022 expires, you will no longer be able to use Bank of England paper notes in stores or use them to pay for businesses. But after September 30, people will no longer be able to use paper tickets for payments in stores and other businesses. The old £50 note shows English manufacturer Matthew Boulton and Scottish engineer James Watt. The two men teamed up to produce steam engines and first appeared on the note on November 2, 2011. Many banks and some post offices accept the old £20 notes as a deposit into a bank account. A new security feature of the polymer banknote is a hologram image that alternates between the words “fifty” and “books”. However, the Bank of England warns that people “should be aware that banknotes are sent at their own risk” and encourages people to “take appropriate measures to insure themselves against loss or theft”. While the majority of paper banknotes worth £20 and £50 in circulation have been replaced by new polymer versions, there are still more than £6 billion of banknotes in circulation with economist Adam Smith and more than £8 billion of paper banknotes with engineers Boulton and Watt.